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CARRIAGE REPORTS SHARPLY HIGHER SALES AND EARNINGS FOR SECOND QUARTER

 CALHOUN, Ga., Jan. 14 /PRNewswire/ -- Carriage Industries, Inc. (NYSE: CGE) today reported net sales from continuing operations of $33.5 million for the second quarter ended Dec. 27, 1992, up from $25.8 million for the same period last year.
 Earnings from continuing operations for the quarter were $1,100,000, or $.25 per share, up from $348,000, or $.08 per share, in the prior year period.
 Net sales from continuing operations for the six months of fiscal 1993 were $66.6 million, up from $53.1 million last year. Earnings from continuing operations for the period were $2,345,000, or $.54 per share, compared to earnings of $740,000, or $.17 per share, in the comparable period last year. All numbers above have been restated to reflect Carriage's previously announced sale of Medart, its metal fabricating subsidiary.
 "These results mark the fourth consecutive quarter of sharply higher sales and earnings from continuing operations," said Steve Dickinson, president and chief executive officer. "Most of our markets are still improving and we expect our upward trend to continue. The quarter's net earnings would have been greater without one-time expenses totaling $594,000, or $.14 per share, primarily related to our proposed merger discussions with Dixie Yarns."
 Commenting on the progress of events for the proposed merger, Dickinson said, "We have set a record date of Jan. 26, 1993, for the voting of Carriage shares, and anticipate mailing a joint proxy statement/prospectus approximately one week later, with a shareholders' meeting tentatively scheduled for Friday, March 5, 1993."
 Carriage previously announced a definitive agreement with Dixie Yarns, Inc. (NASDAQ-NMS: DXYN) for the acquisition of Carriage by Dixie. The agreement provides that each share of Carriage common stock will be exchanged for $13.25 in value of Dixie common stock, with the 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 the approval of the shareholders of both companies and certain other conditions. Carriage's shareholder approval requires a majority vote excluding the shares held by Dixie.
 Dixie Yarns, a Chattanooga-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 $120 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 845 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)
 2nd qtr. ended 12/27/92 12/29/91
 (Unaudited)
 Net sales $ 33,499 $ 25,763
 Cost of sales 23,890 19,507
 Gross profit 9,609 6,256
 Selling, general and
 administrative expenses 6,713 5,094
 Operating income 2,896 1,162
 Interest expense 403 584
 Other expense 506 50
 Earnings from continuing operations
 before income taxes 1,987 528
 Income taxes 887 180
 Earnings from continuing operations $ 1,100 $ 348
 Loss from operations of segment held
 for sale (net of income taxes) --- 346
 Net earnings (loss) $ 1,100 $ 2
 Per Common Share Data:
 Earnings from continuing operations $ 0.25 $ 0.08
 Loss from operations of segment held
 for sale (net of income taxes) 0.00 0.08
 Net earnings (loss) $ 0.25 $ 0.00
 Weighted average number of
 common shrs. outstanding 4,418 4,203
 6 mos. ended 12/27/92 12/29/91
 (Unaudited)
 Net sales $ 66,593 $ 53,124
 Cost of sales 47,987 39,903
 Gross profit 18,606 13,221
 Selling, general and
 administrative expenses 12,923 10,652
 Operating income 5,683 2,569
 Interest expense 847 1,248
 Other expense 736 111
 Earnings from continuing operations
 before income taxes 4,100 1,210
 Income taxes 1,755 470
 Earnings from continuing operations $ 2,345 $ 740
 Loss from operations of segment held
 for sale (net of income taxes) --- 434
 Net earnings (loss) $ 2,345 $ 306
 Per Common Share Data:
 Earnings from continuing operations $ 0.54 $ 0.17
 Loss from operations of segment held
 for sale (net of income taxes) 0.00 0.10
 Net earnings (loss) $ 0.54 $ 0.07
 Weighted average number of
 common shrs. outstanding 4,371 4,196
 12/27/92 6/28/92
 (Unaudited) (Audited)
 Balance Sheet Data From Continuing Operations
 Accounts receivable, net $ 11,997 $ 17,087
 Inventories 26,397 20,649
 Current assets 41,920 42,692
 Current liabilities 18,811 19,731
 Working capital 23,109 22,961
 Total assets 86,747 84,875
 Long-term debt, excluding current
 installments 27,187 28,295
 Stockholders' equity 34,319 31,121
 -0- 1/14/93
 /CONTACT: Steven G. Jones, vice president-Finance of Carriage Industries, 706-629-9234/
 (CGE DXYN)


CO: Carriage Industries, Inc. ST: Georgia IN: TEX SU: ERN

BR-CF -- AT005 -- 4734 01/14/93 09:30 EST
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Date:Jan 14, 1993
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