Printer Friendly

DRS INDUSTRIES EARNS $355,000 FOR THE OCTOBER QUARTER

 NEW YORK, Dec. 8 /PRNewswire/ -- DRS Industries, Inc. (NASDAQ: DRSS), announced earnings for the quarter ended Oct. 31, 1993, of $355,000, or $.02 per share, compared to a loss of $8,401,000, or $1.05 per share, for the quarter ended Oct. 31, 1992. For the six months ended Oct. 31, 1993, DRS earned $100,000, or $.01 per share, compared to a loss of $8,243,000, or $1.20 per share, for the six months ended Oct. 31, 1992.
 DRS also announced completion of the final phase of its balance sheet restructuring program. The program, completed in two phases, included the exchange of $8,652,000 of debt for convertible preferred stock, the sale of $7.5 million in common stock through a private offering, and the repayment of $2,843,000 of debt. The net effect of the balance sheet restructuring program was to increase the company's stockholders' equity by more than $15 million to $6,567,000.
 The results for the Oct. 31, 1993 quarter include a $143,000, or $.01 per share, credit from the utilization of net operating loss carryforwards. The results for the Oct. 31, 1992 quarter include a loss of $7,005,000, or $.87 per share, from discontinued operations.
 The results for the six months ended Oct. 31, 1993 include a $41,000 credit from the utilization of net operating loss carryforwards. Family Bargain, DRS' principal operation, is included in the results as of June reflecting its emergence from bankruptcy. The results for the six months ended Oct. 31, 1992 include a loss of $6,487,000, or $.95 per share, from discontinued operations.
 John Selzer, chief executive officer, said: "DRS is pleased to report to our shareholders that we have returned to profitability. After completing a comprehensive debt restructuring, we have streamlined our structure and have focused the company around the growth and profit prospects of Family Bargain."
 -0- 12/8/93
 /CONTACT: John A. Selzer, 212-980-9670/
 (DRSS)


CO: DRS Industries, Inc. ST: New York IN: REA SU: ERN

LG-TW -- NY037 -- 1683 12/08/93 10:30 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 8, 1993
Words:350
Previous Article:TRANS-LUX ABSORBS ONE-TIME TAX CHARGE, BUT CONTINUES TO ANTICIPATE INCREASED EARNINGS FOR 1993
Next Article:U.S. LONG DISTANCE NEGOTIATES NEW TERMS TO ITS LOAN AGREEMENT WITH BELL ATLANTIC CAPITAL CORP.
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters