CROWNAMERICA REPORTS FIRST QUARTER RESULTS
CROWNAMERICA REPORTS FIRST QUARTER RESULTS DALTON, Ga., Dec. 23 /PRNewswire/ -- CrownAmerica, Inc.
(NASDAQ: CRNA), a leading processor of filament yarn for U.S. and international carpet manufacturers, today reported operating results for the first quarter of its 1992 fiscal year.
Lane Hamilton, president and chief executive officer, said net income for the quarter ended Dec. 2, 1991, reached $98,000, or $.09 per share, on revenues of $17,319,000. In the corresponding quarter a year earlier, CrownAmerica recorded net income of $1,158,000, or $1.10 per share, on revenues of $18,768,000. Net income for the first quarter of the previous year included an after tax profit of $900,000 from the sale of a plant in Valdosta, Ga. "We are encouraged with the performance of both our Dutch plant and our U.S. yarn processing facility," Hamilton said. "Our production levels at each plant have improved." Hamilton said all startup expenses associated with the recent expansion of its U.S. plant have been absorbed. "We're in a better position now than at this point a year ago." CrownAmerica, Inc. is engaged chiefly in the processing of heat-set filament yarn for the carpet industry through its Texture-Tex subsidiaries, which operate plants in Dalton, Ga., and near Heerlen in The Netherlands. CrownAmerica is based in Dalton. FINANCIAL HIGHLIGHTS For the Three Months Ended Dec. 2, 1991 Dec. 1, 1990 Revenues $17,319,000 $18,768,000 Net income 98,000 1,158,000 Net income per share $.09 $1.10 Weighted average shares outstanding 1,053,000 1,053,000 Included in the first quarter 1990 income is after tax profit on sale of the Valdosta plant of $900,000 and an exchange loss of $35,000. -0- 12/23/91 /CONTACT: Lane Hamilton, CrownAmerica, Inc., 404-278-1422/ (CRNA) CO: CrownAmerica, Inc. ST: Georgia IN: TEX SU: ERN
DF -- CH004 -- 4840 12/23/91 12:30 EST
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|Date:||Dec 23, 1991|
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