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CONTINENTAL MATERIALS FIRST QUARTER SALES IMPROVE, BUT LOSS INCREASES

 CONTINENTAL MATERIALS FIRST QUARTER SALES IMPROVE, BUT LOSS INCREASES
 CHICAGO, May 6 /PRNewswire/ -- Continental Materials Corp. (AMEX: CUO) today reported a net loss of $831,000, or 71 cents per share, for its first quarter ended April 3 compared with a loss of $193,000, or 16 cents per share, a year ago. Net sales improved approximately 4 percent to $15,742,000, from $15,117,000 a year ago, in what is historically the company's slowest quarter of the year.
 The increased operating loss reflects a sales mix change in favor of the construction materials segment which traditionally experiences lower gross profits. Lower sales volume and pricing pressure in the heating, air conditioning and refrigeration segment also contributed to the increased loss. The results for the prior year's first quarter included the reversal of $200,000 of tax contingencies reflecting the settlement, in favor of the company, of state tax audits for the years 1979 through 1981.
 The combined sales volume of the company's two construction materials subsidiaries, Transit Mix Concrete Co. and Castle Concrete Company of Colorado Springs, Colo., improved dramatically as did their margins. This increase was the result of mild weather and an improving local economy.
 The combined volume and operating results of the company's heating, air conditioning and refrigeration segment declined significantly from year-ago levels. This segment comprises the operations of Williams Furnace Co. of Colton, Calif.; Phoenix Manufacturing, Inc. of Phoenix, Ariz.; and Imeco, Inc. of Polo and Dixon, Ill. Sales declined at Williams and Phoenix due to mild weather and weak activity in the markets served. Imeco's sales and order backlog improved from depressed levels in the prior year's first quarter.
 CONTINENTAL MATERIALS CORP.
 SUMMARY OF SALES AND EARNINGS
 THREE MONTHS ENDED
 APRIL 3, 1992 MARCH 29, 1991
 Net sales $15,742,000 $15,117,000
 Operating loss $ (985,000) $ (111,000)
 Interest expense, net (443,000) (573,000)
 Other income 88,000 88,000
 Loss before income taxes $(1,340,000) $ (596,000)
 Credit for income taxes 509,000 403,000
 Net loss $ (831,000) $ (193,000)
 Net loss per share $(0.71) $(0.16)
 Average shares outstanding 1,174,000 1,174,000
 -0- 5/6/92
 /CONTACT: Keith Owens of Lesnik Public Relations, 708-291-1080, for Continental Materials/
 (CUO) CO: Continental Materials Corp. ST: Illinois IN: CST SU: ERN


PS -- NY035 -- 7001 05/06/92 10:40 EDT
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Publication:PR Newswire
Date:May 6, 1992
Words:397
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