CCX ANNOUNCES RESULTS OF OPERATIONS
CCX ANNOUNCES RESULTS OF OPERATIONS CHARLOTTE, N.C., May 15 /PRNewswire/ -- On May 15, 1992, CCX, Inc.
(NYSE: CCX) announced its results of operations for its third quarter and nine months ended March 31, 1992.
FINANCIAL HIGHLIGHTS For the third quarter and nine months ended March 31, 1992 and 1991 (dollars in thousands except per share data) Three Months Ended Nine Months Ended March 31 March 31 1992 1991 1992 1991 NET SALES & RESULTS OF OPERATIONS Net sales (Continuing operations) $14,913 $14,083 $39,361 $38,915 Income (loss): Continuing operations $ (546) $(2,003) $ (743) $(3,765) Discontinued operations 309 (720) 515 (1,650) Net loss $ (237) $(2,723) $ (228) $(5,415) INCOME (LOSS) PER WEIGHTED COMMON SHARE Income (loss): Continuing operations $ (0.15) $ (0.52) $ (0.22) $ (0.98) Discontinued operations 0.08 (0.18) 0.13 (0.41) Net loss $ (0.07) $ (0.70) $ (0.09) $ (1.39) Net sales of $14,913,000 for the third quarter ended March 31, 1992 increased $830,000 or 5.9 percent from $14,083,000 for the same period in the prior year. Net sales of $39,361,000 for the nine months ended March 31, 1992 increased $446,000 or 1.1 percent from $38,915,000 for the nine months ended March 31, 1991. The Company noted that its aluminum and fiberglass screening products sales to OEM window and door manufacturers and to pool and patio enclosure manufacturers were off due to sluggish general economic conditions and more particularly to the low level of new housing starts. The Company is addressing the market growth of the screening maintenance or do it yourself (DIY) market distribution network as it moves away from traditional hardware stores to the large home center stores. The Company reported that there are positive indications that the external economic environment is improving and that the Company has production capacity and inventory in place to meet this anticipated demand. The Company also reported that it is increasing its market share in two important growth markets for fiberglass re-enforcement mesh products. These markets are the domestic and international building cladding systems markets that use acrylic stucco finishes on commercial and residential buildings. Organizational adjustments as well as marketing and engineering additions are being made to support these markets. Results of operations for the third quarter of fiscal 1992 or three months ended March 31, 1992 was a net loss of $237,000 which is an improvement over the prior year quarter loss of $2,723,000 and an improvement of $420,000 over the second quarter fiscal 1992 loss of $657,000. Results of operations for the nine month period ended March 31, 1992 was a net loss of $228,000 and an improvement of $5,187,000 over the prior year nine month period loss of $5,415,000. The improvement was sited as being related to improved manufacturing costs, reduced selling, general and administrative expenses and interest expense, and profitable results from its discontinued operations. The Company is hopeful that historically heavy seasonal demand for screening in the fourth fiscal quarter will materialize and add to the momentum being achieved with its fiberglass mesh products sales. The continuing operations of the Company consist solely of the Screening and Fiberglass Building Products Division. This division markets its products as Hanover Wire Cloth and CCX Fiberglass and is engaged in the manufacturing and sale of aluminum and fiberglass insect screening as well as fiberglass mesh building products used in roofing tapes, concrete wallboard reinforcement and external insulation facing systems (EIFS). The Company is traded on the New York and Pacific Coast Stock Exchanges (Symbol-CCX). -0- 5/15/92 /CONTACT: Nancy F. Sedan, Assistant Corporate Secretary, CCX, Inc., 704-365-0560/ (CCX) CO: CCX, Inc. ST: North Carolina IN: CST MNG SU: ERN
CM -- CH002 -- 0683 05/15/92 11:02 EDT
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|Date:||May 15, 1992|
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