CANAL CAPITAL REPORTS SECOND QUARTER RESULTS
CANAL CAPITAL REPORTS SECOND QUARTER RESULTS NEW YORK, June 9 /PRNewswire/ -- Canal Capital Corporation today
reported a net loss of $463,000 or 11 cents per common share, for the six months ended April 30, 1992, as compared with a net loss of $1,453,000 or 35 cents per common share, for the same period in 1991.
The 1992 loss was due primarily to reduced operating income from Canal's art operations, which generated a loss of $677,000 for the first half of fiscal 1992 as compared to a loss of $57,000 for the same period in 1991.
Additionally, included in the 1992 results is a second quarter extraordinary gain on the retirement of debt of $857,000 or 20 cents per common share. In the first half of fiscal 1992 Canal continued to reduce the level of its art inventory. In the third quarter of 1992, Canal will shift its antiquities operations to its London gallery and will continue certain consignment and joint venture agreements in the United States.
Revenues, which include gross sales from Canal's art and real estate operations, as well as the income or loss from the company's investing operations, were $3,833,000 for the first half of fiscal 1992, as compared to $2,438,000 for the same period in 1991. This increase is due to significantly higher sales volumes in fiscal 1992 from Canal's art operations and the inclusion in the fiscal 1991 revenues of operating losses from investing operations of $719,000. For the second quarter of fiscal 1992, the company reported net income of $374,000 or 9 cents per common share on revenues of $2,221,000 as compared to a net loss of $1,214,000 or 29 cents per common share on revenues of $514,000 for the same period in 1991. CANAL CAPITAL CORPORATION AND SUBSIDIARIES Consolidated Operating Results Periods ended Six months Three months April 30 1992 1991 1992 1991 Revenues $3,833,000 $2,438,000 $2,221,000 $514,000 Income (loss) from cont. opers. (1,320,000) (1,453,000) (483,000) (1,214,000) Extraordinary gain on retirement of debt 857,000 -- 857,000 -- Net income (loss) (463,000) (1,453,000) 374,000 (1,214,000) Net income (loss) applic. to common shares (494,000) (1,514,000) 368,000 (1,254,000) Net income (loss) per common shares $(0.11) $(0.35) $0.09 $(0.29) -0- 6/9/92 /CONTACT: Reginald Schauder of Canal Capital, 212-826-6040/ CO: Canal Capital Corporation ST: New York IN: SU: ERN
CK-TS -- NY027 -- 8319 06/09/92 11:17 EDT
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|Date:||Jun 9, 1992|
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