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CARRIAGE REPORTS SHARPLY HIGHER SALES AND EARNINGS FOR FIRST QUARTER

CARRIAGE REPORTS SHARPLY HIGHER SALES AND EARNINGS FOR FIRST QUARTER
 CALHOUN, Ga., Oct. 13 /PRNewswire/ -- Carriage Industries, Inc. (NYSE: CGE) today reported net sales from continuing operations of $33.1 million for the first quarter ended Sept. 27, up from $27.4 million for the same period last year.
 Net earnings from continuing operations for the quarter were $1,245,000, or $.29 per share, up dramatically from $393,000, or $.09 per share, in the prior year period. All numbers above have been restated to reflect Carriage's previously announced plan to divest Medart, its metal fabricating subsidiary.
 "These results mark the third consecutive quarter of sharply higher sales and earnings from continuing operations," said Steve Dickinson, president and chief executive officer. "Most of the markets we serve are still in the beginning stages of recovery and with an improving economy we expect to see our upward trend continue."
 Carriage recently announced an agreement in principle with Dixie Yarns, Inc. (NASDAQ-NMS: DXYN) for the merger of Carriage into Dixie. The agreement


provides that each share of Carriage common stock will be exchanged for $13.25 in value of Dixie common stock, with exchange ratio being based on the average closing price of Dixie stock for a 20-day trading period just prior to consummation. However, such average trading price shall not be less than $10 per share nor more than $13 per share. Carriage and Dixie each reserve the right to reconsider the transaction if such average closing price of Dixie stock is below $10 or above $13. The merger is subject to reaching a definitive agreement, the approval of the directors and shareholders of both companies, and the approval of appropriate governmental authorities. Carriage's shareholder approval requires a majority vote excluding the shares held by Dixie.
 Dixie Yarns, a Chattanooga, Tenn.-based company, manufactures and markets yarns and threads as well as processes yarns into knit fabrics. Dixie has annual sales of approximately $500 million and 6,000 employees.
 Carriage, with fiscal 1992 sales of $119 million from continuing operations, is a vertically integrated manufacturer of carpet for specialized markets. The company is a leading supplier to the manufactured housing, recreational vehicle, small boat and exposition trade show industries. Carriage also produces carpet for the contract/residential, hospitality/commercial and home center/needlebond markets.
 Corporate offices and most of Carriage's 800 carpet employees are in Calhoun, Ga. Sales offices and distribution centers are strategically located across the United States. The company's transportation subsidiary operates one of the largest trucking fleets in the carpet industry.
 CARRIAGE INDUSTRIES, INC.
 (In thousands, except per share data)
 1st qtr. ended 9/27/92 9/29/91
 (Unaudited)
 Net sales $ 33,094 $ 27,362
 Cost of sales 24,097 20,396
 Gross profit 8,997 6,966
 Selling, general and
 administrative expenses 6,211 5,559
 Operating income 2,786 1,407
 Interest expense 443 665
 Other expense 231 60
 Earnings from continuing operations
 before income taxes 2,112 682
 Income taxes 867 289
 Earnings from continuing operations $ 1,245 $ 393
 Loss from operations of segment held
 for sale (net of income taxes) --- 88
 Net earnings $ 1,245 $ 305
 Per Common Share Data:
 Earnings from continuing operations $ 0.29 $ 0.09
 Loss from operations of segment held
 for sale (net of income taxes) 0.00 0.02
 Net earnings $ 0.29 $ 0.07
 Weighted average number of
 common shrs. outstanding 4,324 4,190
 9/27/92 6/28/92
 (Unaudited) (Audited)
 Balance Sheet Data
 Accounts receivable, net $14,134 $17,087
 Inventories 22,068 20,649
 Current assets 41,422 42,692
 Current liabilities 20,359 19,731
 Working capital 21,063 22,961
 Total assets 84,598 84,875
 Long-term debt, excluding current
 installments 25,967 28,295
 Stockholders' equity 32,573 31,121
 -0- 10/13/92
 /CONTACT: Steven G. Jones, vice president-Finance of Carriage Industries, 706-629-9234/
 (CGE DXYN) CO: Carriage Industries, Inc.; Dixie Yarns, Inc. ST: Georgia IN: TEX SU: ERN


BR-BN -- AT005 -- 9176 10/13/92 09:38 EDT
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Publication:PR Newswire
Date:Oct 13, 1992
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