BLESSINGS REPORTS RECORD SALES AND EARNINGS
FOR THE THIRD QUARTER ENDING OCT. 5, 1991
LIBERTY CORNER, N.J., Nov. 6 /PRNewswire/ -- Blessings Corporation (AMEX: BCO) reported today that net sales for the 12 weeks ended Oct. 5, 1991, totaled $27,998,700 compared with $26,433,200 for the comparable 12 weeks ended Oct. 6, 1990. Year-to-date net sales for the 40 weeks totaled $86,137,000 compared with $84,371,400 during the first three quarters in 1990. The revenue figures for both the quarter and the 40 weeks year-to-date represent new sales records for the company.
Net earnings during the quarter rose to $2,529,300 or $.52 per share on 4,878,635 shares outstanding versus $1,676,100 or $.35 per share on 4,886,446 shares during the third quarter in 1990. For the 40 weeks ending Oct. 5, 1991, net earnings reached $6,242,800 or $1.28 per share compared with $6,092,300 or $1.25 per share for the 40 weeks ended Oct. 6, 1990. Both earnings figures also represent records for the company with results for the third quarter fully 51 percent ahead of the comparable results for the third quarter of 1990, the prior record.
Ivan E. Becker, president and chief executive officer of Blessings, stated, "We are extremely heartened by the exceptionally fine results of the company in an otherwise lackluster economic environment. The Edison Plastics Division, which represents the principal activity of the company, achieved new levels of performance with all of its plants operating at virtually full capacity and maximum operating efficiency."
Becker cautioned that "shareholders should recognize that the extraordinary performance levels attained during the third quarter will be difficult to sustain. In addition, each of the operating units of the company, including the Geri-Care Products Division and the Advanced Compounding Division, have begun to note further easing in demand as we enter the final quarter of the year and economic uncertainty persists. Nevertheless, we look forward to closing the year in strong fashion and building next year upon the strengths which we have developed."
The company reported that at its meeting on Oct. 17, 1991, the board of directors of the company declared a dividend of $.125 per share on outstanding common stock payable on Dec. 2, 1991, to shareholders of record Nov. 4, 1991.
Periods 12 Weeks 40 Weeks
Ended 10/5/91 10/6/90 10/5/91 10/6/90
Net sales $27,998,700 $26,433,200 $86,137,000 $84,371,400
taxes on inc. 4,135,600 2,722,900 10,190,300 9,968,500
Net earnings $ 2,529,300 $ 1,676,100 $ 6,242,800 $ 6,092,300
per share $.52 $.35 $1.28 $1.25
Average number of
shares of common
stock outstndg. 4,878,635 4,886,446 4,878,688 4,886,770
/CONTACT: James P. Luke, executive vice president and secretary/treasurer of Blessings, 908-719-2300/
(BCO) CO: Blessings Corporation ST: New Jersey IN: HEA SU: ERN GK-JT -- NY032 -- 1651 11/06/91 11:24 EST