CROWNAMERICA, INC. ANNOUNCES RESULTS
CROWNAMERICA, INC. ANNOUNCES RESULTS DALTON, Ga., March 30 /PRNewswire/ -- CrownAmerica, Inc.
(NASDAQ: CRNA), a major processor of filament yarn for U.S. and international carpet manufacturers, today announced operating results for the second quarter and first half of its 1992 fiscal year.
Lane Hamilton, president of the Dalton-based firm, said revenues for the second quarter ended Feb. 29, 1992 were $14,312,000, as compared to $14,551,000 generated in the same period a year ago. During the second quarter of the current year, CrownAmerica had a loss of $387,000 or $.37 per share, as compared to a loss of $326,000 or $.31 per share, in the corresponding quarter a year earlier. Revenues for the six months ended Feb. 29, 1992 were $31,630,000, as compared to $33,319,000 posted in the first half of fiscal 1991. The Company recorded a loss of $289,000, or $.27 per share, as compared to net income of $832,000, or $.79 per share, reported in the first two quarters of fiscal 1991. Results for the first half of fiscal 1991 included an after tax profit of $900,000, or $.85 per common share, from the sale of a plant in Valdosta, Ga., and also an exchange loss of $35,000, or $.03 per common share. "Our results for the second quarter continued to be adversely impacted by the recession," Hamilton said. "This was particularly the case at our Dalton plant. The performance of Texture-Tex in The Netherlands was strong, and although the performance of our Dalton plant was weak, we look forward to an improvement in business as the U.S. economy strengthens." CrownAmerica, Inc., founded in 1884 as Crown Cotton Mills, is engaged principally in the processing of heat-set filament yarn for the carpet industry through its Texture-Tex division. The Company has plants in Dalton, Ga., and overseas near Heerlen in The Netherlands. CrownAmerica, Inc. (0) FINANCIAL HIGHLIGHTS For the three months ended February 29, 1992 March 2, 1991 Revenues $14,312,000 $14,551,000 Net income (loss) (387,000) (326,000) Net income (loss) per share ($.37) ($.31) Weighted average shares outstanding 1,053,000 1,053,000 For the six months ended February 29, 1992 March 2, 1991 Revenues $31,630,000 $33,319,000 Net income (loss) (289,000) 832,000 Net income (loss) per share ($.27) $.79 Weighted average shares outstanding 1,053,000 1,053,000 Included in net income for the first half of fiscal 1991 is after tax profit on the sale of the Valdosta, Georgia plant of $900,000 and an exchange loss of $35,000. -0- 3/20/92 /CONTACT: Lane Hamilton, CrownAmerica, Inc., 404-278-1422/ (CRNA) CO: CrownAmerica, Inc. ST: Georgia IN: TEX SU: ERN
DF -- CH008 -- 3114 03/30/92 17:52 EST
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|Date:||Mar 30, 1992|
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