CCX, INC. ANNOUNCES RESULTS
CCX, INC. ANNOUNCES RESULTS CHARLOTTE, N.C., Nov. 13 /PRNewswire/ -- On Nov. 13, 1992, CCX, Inc.
(NYSE: CCX) announced its results of operations for its first quarter ended Sept. 30, 1992.
FINANCIAL HIGHLIGHTS For the quarters ended Sept. 30, 1992 and 1991 (dollars in thousands except per share data) Three Months Ended Sept. 30 1992 1991 Continuing operations: Net sales $14,649 $13,565 Operating income 173 684 Interest expense (740) (1,037) Other income 75 861 (Loss) income from continuing operations (492) 508 Income from discontinued operations 195 158 Net (loss) income $(297) $666 Net (loss) income per share $(0.08) $0.16 Continuing operations (0.13) 0.12 Discontinued operations 0.05 0.04 Net Sales for continuing operations of the company during the
three months ended Sept. 30, 1992 were $14,649,000 an increase of $1,084,000 or 8.0 percent over the same period of the prior year.
The Company reported a net loss from continuing and discontinued operations for the three months ended Sept. 30, 1992 of $297,000 as compared to a profit of $666,000 for the same period of the prior year. The prior year first quarter profit included a one-time SFAS 88 pension credit of $819,000. For the current period higher sales, lower interest expense and improved profitability of the Company's discontinued operations were positive profit enhancing categories that were unable to offset the negative effects of lower margins and higher startup selling and manufacturing expenses. The Company remains focused on improving sales by penetrating existing markets and expanding to new markets and new products. With the corporate and divisional consolidation and re-structuring complete, the Company is now working to realize further manufacturing process cost improvements through its implementation of a Total Quality System Program at its operations. CCX, Inc. has continuing operations at Hanover, Pa. and Walterboro, SC, 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 its 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- 11/13/92 /CONTACT: Nancy F. Sedan, CCX, Inc., 704-365-0560/ (CCX) CO: CCX, Inc. ST: North Carolina IN: CST SU: ERN
SB-MM -- CH005 -- 0671 11/13/92 11:52 EST
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|Date:||Nov 13, 1992|
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