CSC INDUSTRIES REPORTS THIRD QUARTER RESULTS
CSC INDUSTRIES REPORTS THIRD QUARTER RESULTS WARREN, Ohio, Nov. 20 /PRNewswire/ -- CSC Industries, Inc.
(NASDAQ: CPSL), reported its financial results for the third quarter of 1991 today. Net sales of $39,629,000 were down from last year's level of $45,851,000. This quarter's sales also represented a decrease over the previous quarter. Sales in the second quarter of 1991 totaled $40,757,000. Thus, sales were down 14 percent from last year's comparable period and down three percent from the previous quarter.
A net loss of $10,611,000 or $0.47 per share, occurred in the third quarter of this year compared to a net loss of $5,556,000 or $0.64 per share, last year. The third quarter's loss of $10,611,000 represented a slight decrease from the previous quarter's $10,684,000, or $0.47 per share. W. Lawrence Weeks, president and chief executive officer, noted that "despite a slight increase in fourth quarter bookings over those experienced in the third quarter, selling prices have continued to decline. There has been very little upturn in the manufacturing sector, and to survive in the intensely price competitive market in which we operate, we will need to accelerate our cost improvement efforts while maintaining our service to customers." CSC INDUSTRIES, INC. FINANCIAL RESULTS 1991 1990(A) Quarter ended September 30 Sales $ 39,629,000 $ 45,851,000 Net (Loss) (10,611,000) (5,556,000) Earnings per Share $(0.47) $(0.64) Nine Months ended September 30 Sales $128,989,000 $152,051,000 Net (loss) $(27,951,000) (16,605,000) Earnings per Share $(1.23) $(1.92) Shares Outstanding 22,744,915 8,632,381 (A) The consolidated statement of operations for the three-month period and nine-month period ended Sept. 30, 1991, has been restated to report, under the equity method of accounting, the results of the previously consolidated financial statements of Ohio Star Forge Co. ("OSF") due to the company's investment being reduced to approximately 25.5 percent on Dec. 21, 1990, due to the issuance of new common stock by OSF to Daido Steel Co., Ltd. -0- 11/20/91 /CONTACT: W. Lawrence Weeks of CSC Industries, 216-841-6500/ (CPSL) CO: CSC Industries, Inc. ST: Ohio IN: MNG SU: ERN
LC -- CL016 -- 5584 11/20/91 16:41 EST
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|Date:||Nov 20, 1991|
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