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CROWNAMERICA REPORTS FIRST QUARTER RESULTS

 DALTON, Ga., Jan. 7 /PRNewswire/ -- CrownAmerica, Inc., a leading processor of filament yarn for U.S. and international carpet manufacturers, today reported operating results for the first quarter of its 1993 fiscal year.
 Lane Hamilton, president and chief executive officer, said revenues for the first quarter were $13,844,395, as compared to $17,319,000 recorded in the same period a year ago. The company reported a loss of $338,470, or $.32 per share, in the first quarter of fiscal 1993, as compared to net income of $98,000, or $.09 per share, in the first period of fiscal 1992.
 "The sluggish U.S. economy of the past year continued to have an adverse impact on our company's Dalton yarn processing operation in the first quarter of fiscal 1993," Hamilton said. "Further compounding our negative results was the unexpectedly poor performance of our European plant. We are working diligently to improve productivity at our overseas plant and are putting increased emphasis on improving operating efficiencies of our Dalton plant."
 Last week, CrownAmerica and Aladdin Mills, Inc. reached an agreement in principle for Aladdin to purchase the land, building and a majority of the machinery and equipment of CrownAmerica's Texture-Tex plant in Dalton. CrownAmerica said it expects to retain approximately $6 million in proceeds from the transaction after payment of taxes and capital expenditures for relocation.
 The unsold portion of Texture-Tex equipment, along with additional to be purchased, would be moved to floor space in another building presently owned by the company.
 "We will continue serving our existing customers with an expanded operating schedule," Hamilton said. He also said that the company would be expanding its product lines through the addition of new equipment.
 CrownAmerica, Inc., through its Texture-Tex subsidiaries, has for a number of years been a leading supplier of processed filament yarns for the carpet and allied industries. The company is headquartered in Dalton and also operates a Texture-Tex subsidiary near Heerlen in The Netherlands.
 CROWNAMERICA
 Financial Highlights
 3 mos. ended 12/1/92 12/2/91
 Revenues $13,844,395 $17,319,000
 Net income (loss) (338,470) 98,000
 Net income (loss) per share ($.32) $.09
 Weighted average shares outstanding 1,053,000 1,053,000
 -0- 1/7/93
 /CONTACT: David Hamilton of CrownAmerica, 706-278-1422/


CO: CrownAmerica, Inc. ST: Georgia IN: TEX SU: ERN

BN-RA -- AT004 -- 2539 01/07/93 09:43 EST
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Publication:PR Newswire
Date:Jan 7, 1993
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