CCX, INC. ANNOUNCES 1992 FISCAL RESULTS
CCX, INC. ANNOUNCES 1992 FISCAL RESULTS CHARLOTTE, N.C., Oct. 6 /PRNewswire/ -- On Oct. 6, 1992, CCX, Inc.
(NYSE: CCX) announced its results of operations for its fiscal year ended June 30, 1992.
FINANCIAL HIGHLIGHTS For the years ended June 30, 1992 and 1991 (dollars in thousands except per share data) 1992 1991 Continuing operations: Net Sales $56,668 $57,041 Operating income (loss) 1,528 (2,001) Interest expense (3,467) (3,971) Other Income 848 175 Loss from continuing operations (1,091) (5,546) Income (loss) from discontinued operations 450 (5,655) Net loss $(641) $(11,201) Net Loss per share $(0.20) $(2.90) Continuing operations (0.31) (1.46) Discontinued operations 0.11 (1.44) Net Sales from continuing operations in 1992 were $56,668,000 and down slightly from 1991 levels of $57,041,000. Continued weak sales of the Company's insect screening products to the homebuilding and repair markets were partially offset by increased penetration of fiberglass mesh products to the building products market. Losses from continuing operations in fiscal 1992 were at $1,091,000 against a prior year loss of $5,546,000. Profitable operations were recorded at the divisional level and corporate expenses were reduced significantly. However, heavy interest expense, even after the effect of favorable rates, caused the resulting loss condition for continuing operations. Discontinued operations also saw a significant improvement and recorded a profit of $697,000 in 1992. This result was mainly due to improved profitability at the Braeburn Steel operation and compares favorably to a prior year loss from all discontinued operations of $2,908,000. In addition, for 1992, the loss on the disposal of discontinued operations was $229,000, down from a prior year loss of $2,747,000, which included, among other actions, disposal of the Company's security system and fencing operations. Net loss for all of CCX, Inc. in 1992 was $641,000 against a prior year loss of $11,201,000 for an overall improvement of $10,560,000 for the year. An accounting adjustment of $781,000 was recorded as other income in 1992 as a result of the Company's freezing of certain employee pension benefits. Besides the improvement in loss levels, the Company overcame the pressures of its seasonal sales pattern and recorded a positive cash flow of $1,413,000 from continuing and discontinued operations after the payment of all interest and before investing and financing activities. Overall cash flow after financing and investing activities however was a negative $1,756,000 and related mainly to the payment of principal and the paydown of the Company's demand notes which are operating as a revolving line of credit in fiscal 1992 and 1993. CCX, Inc. in its report to shareholders reported that fiscal year 1992 has been completed with the Company having undertaken certain positive steps toward achieving financial and operational stability. However, the Company's debt service continues to be a constraint to the Company's liquidity and profitability. The Company is confident that the progress made in 1992 marks a solid turnaround in the Company's performance. CCX, Inc. has continuing operations at Hanover, Pa. and Walterboro, S.C., that are engaged in the manufacture and sales of metal and fiberglass mesh used in insect screening and filtration applications as well as fiberglass woven and non-woven tapes used in roofing, wallboard and concrete reinforcement building products. It also manufactures and sells fiberglass mesh used in the growing market for exterior insulation facing systems that utilize an acrylic polymer replacement of stucco. The Company markets its products utilizing a comprehensive network of agents and direct sales personnel through hardware stores, home centers, pool and patio distributors, OEM window and door manufacturers, and direct OEM accounts. The Company has also developed a line of ultra-fine wire drawn aluminum products sold directly to filter, coaxial TV cable and marine cable producers. The Company's CCX Screening and Fiberglass Products Division ranks as one of the three largest U.S. producers in its industry and competes in domestic and international markets. The Company also has a discontinued operation in Lower Burrell, Pa. at it Braeburn Steel Division that provides specialty steel tolling conversion services for customers lacking die-forging and rolling mill capacity. The Company is traded on the New York and Pacific Coast Stock Exchange (Symbol CCX). -0- 10/6/92 /CONTACT: Nancy F. Sedan, CCX, Inc., 704-365-0560/ (CCX) CO: CCX, Inc. ST: North Carolina IN: CST SU: ERN
SB-MM -- CH002 -- 6985 10/06/92 10:34 EDT
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|Date:||Oct 6, 1992|
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