CEDAR GROUP REPORTS FIRST QUARTER RESULTS
CEDAR GROUP REPORTS FIRST QUARTER RESULTS PHILADELPHIA, June 2 /PRNewswire/ -- Cedar Group, Inc.
(NASDAQ-NMS: CDRG) today announced that sales for the first quarter ended April 30, 1992, were approximately $3,009,309 vs. sales for the preceding year's first quarter of approximately $3,340,968, a decrease of approximately 10 percent.
Profits for the first quarter were approximately $11,000 vs. the preceding year's first quarter loss of approximately $169,000. A spokesman for the company indicated that even with lower sales, the company was able to increase margins and reduce expenses, thereby enabling it to reverse what had been six previous quarters of losses. The company's previously announced settlement with a former shareholder that was to have occurred in the first quarter has not yet been finalized. Final negotiations are taking place and a closing is expected to occur during the second quarter of fiscal 1993, which ends July 31, 1992. Management said it expects the settlement to generate a pre-tax gain of approximately $560,000 as a consequence of the discharge of a significant debt owed by the company. /delval/ -0- 6/2/92 /CONTACT: Stephen S. Simyak of Cedar Group, 215-843-2561/ (CDRG) CO: Cedar Group, Inc. ST: Pennsylvania IN: SU: ERN
MK-LJ -- PH010 -- 6164 06/02/92 10:47 EDT
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|Date:||Jun 2, 1992|
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