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CROWLEY, MILNER AND COMPANY ANNOUNCES FISCAL 1991 YEAR-END RESULTS

 CROWLEY, MILNER AND COMPANY ANNOUNCES FISCAL 1991 YEAR-END RESULTS
 DETROIT, March 26 /PRNewswire/ -- Andrew J. Soffel, Crowley, Milner and Company (AMEX: COM) chairman, today announced the company's results for the fiscal year and fourth quarter ended Feb. 1, 1992.
 For the fiscal year ended Feb. 1, 1992, a net loss of $2,615,236 or $5.14 per share, was recorded compared with a net loss of $2,635,157, or $5.18 per share, for the prior fiscal year. Due to the company being in a net operating loss carryforward position, it was unable to tax effect the entire amount of the loss. Consequently, the net loss does not reflect the improvement of the pre-tax loss. On a pre-tax basis, the company recorded a loss of $2,960,236 or a 26-percent improvement from the $3,984,157 pre-tax loss recorded last year. Net sales for the year were down 7.5 percent to $103,905,801 from the $112,319,842 recorded last year.
 For the fourth quarter, a net loss of $236,563 or $.46 per share was recorded compared with a net loss of $167,422, or $.33 per share, last year. On a pre-tax basis, the company recorded a loss of $236,563 for the fourth quarter compared to the $244,422 pre-tax loss recorded in the fourth quarter last year. Net sales for the fourth quarter were $33,370,268, down 6.2 percent, from the $36,568,097 recorded in the fourth quarter last year.
 Soffel attributed the improved pre-tax performance for the year to operating expense reductions that offset lower margin dollars due to the sales decrease, and lower LIFO inventory reserve charges.
 -0- 3/26/92
 /CONTACT: Mark A. VandenBerg of Crowley, Milner and Company, 313-962-2400, Ext. 586/
 (COM) CO: Crowley, Milner and Company ST: Michigan IN: REA SU: ERN


KK -- DE010 -- 1887 03/26/92 10:35 EST
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Publication:PR Newswire
Date:Mar 26, 1992
Words:318
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