CREST INDUSTRIES REPORTS FIRST QUARTER RESULTS
CREST INDUSTRIES REPORTS FIRST QUARTER RESULTS MIAMI, Aug. 18 /PRNewswire/ -- Crest Industries, Inc.
(NASDAQ: CRII), a leading supplier of home improvement products, today reported operating results for the first fiscal 1993 quarter ended June 30. Net sales were $16.5 million compared to net sales of $19.6 million in the comparable period last year. Net income for the first fiscal quarter, 1993 was $106,000 or $0.03 per share versus net income of $102,000 or $0.03 per share for the first fiscal quarter 1992.
Commenting on the results, Ronald Kepes, president and CEO stated: "We are very encouraged by our first quarter operating results which represent not only a return to profitability for Crest, but the ability of our company to implement effective cost cutting measures that have increased net income even with a decline in net sales. The decline in sales was mainly attributable to our ceiling fan division, which continues to be affected by some of our customers preferring to import directly from foreign manufacturers. We believe that the first quarter results signal a brighter future for Crest in the coming year." Crest Industries is one of the leading national suppliers of home improvement products to major home improvement and discount store chains. CREST INDUSTRIES INC. AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited) Three Months Ended June 30 1992 1991 Net sales $16,452,831 $19,582,321 Cost of goods sold 14,348,466 17,055,675 Gross profit 2,104,365 2,526,646 Operating expenses 1,944,040 2,269,448 Income from operations 160,325 257,198 Other expenses 54,474 155,237 Income before income tax provisions & extraordinary items 105,851 101,961 Income tax provision 36,000 40,059 Income before extraordinary item 69,851 61,902 Extraordinary item, reduction of income taxes due to net operating loss carryforward 36,000 40,059 Net income 105,851 101,961 Net income per share Income before extraordinary item $0.02 $0.02 Extraordinary item 0.01 0.01 Net income 0.03 0.03 Weighted average number of outstanding shares of common stock and common stock equivalents 3,452,519 3,380,000 -0- 8/18/92 /CONTACT: Ronald Kepes, president and CEO, or Gary Rodney, vice president and CFO of Crest Industries, 305-592-5699, or Susan Sherman of Cameron Associates, 212-644-9560, for Crest Industries/ (CRII) CO: Crest Industries, Inc. ST: Florida IN: HOU SU: ERN
SH-PS -- NY061 -- 1055 08/18/92 15:30 EDT
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|Date:||Aug 18, 1992|
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