CEDAR GROUP REPORTS RESULTS
CEDAR GROUP REPORTS RESULTS PHILADELPHIA, Dec. 17 /PRNewswire/ -- Cedar Group, Inc.
(NASDAQ-NMS: CDRG) today announced sales for its third quarter ended Oct. 31, 1991, of $3,977,566 which is a 17 percent increase over the preceding year's quarter sales, and a 4 percent increase over the previous quarter's sales.
Sales through the third quarter were $11,122,179 which is a 4 percent decrease over the previous year's nine months sales. Net income for the third quarter was $60,165 as compared to $6,129 for the previous year's third quarter. Through the third quarter the company has incurred a loss of $512,562. This loss included, however, approximately $432,000 of costs associated with the settlement of a litigation with a Chinese supplier and $100,000 of non-recurring charges. CEDAR GROUP, INC. Three months ended Oct. 31 1991 1990 Net sales $3,977,566 $3,374,966 Income from operations 179,237 160,861 Net income (loss) 60,165 6,129 Earnings (loss) per share $.02 $.00 Nine months ended Oct. 31 1991 1990 Net sales $11,122,179 $11,703,614 Income from operations 327,219 865,830 Extraordinary and non-recurring charges (532,139) --- Net income (loss) (512,562) 314,414 Earnings (loss) per share ($.17) $.10 /delval/ -0- 12/17/91 /CONTACT: Stephen S. Simyak of Cedar Group, 215-843-2561/ (CDRG) CO: Cedar Group, Inc. ST: Pennsylvania IN: SU: ERN
KA-LJ -- PH005 -- 2853 12/17/91 10:00 EST
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|Date:||Dec 17, 1991|
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