DYMANIC HOMES REPORTS 1991 EARNINGS
DYMANIC HOMES REPORTS 1991 EARNINGS DETROIT LAKES, MINN., March 5 /PRNewswire/ -- Dynamic Homes, Inc.
today reported net sales of $7,311,000 for 1991, an increase of 13 percent from $6,484,000 in 1990. Earnings totaled $112,000 or $.05 per share, up significantly from $9,000 (no per share amount) in 1990.
Vern Muzik, Dynamic's executive vice president, said the company's 1991 performance was its best in recent years. Dynamic's improved earnings, he said, resulted from higher volumes of single-family and multi-family/commercial construction. Muzik said these increases reflected further strengthening of Dynamic's regional network of builders, the success of the new SUNRISE line of homes and lower mortgage rates. He said Dynamic's 1991 results also benefited from the growing effectiveness of various sales and marketing programs. For the fourth quarter of 1991, Dynamic reported net sales of $2,088,000, virtually unchanged from $1,990,000 in the year-earlier period. Fourth quarter earnings amounted to $127,000 or $.06 per share, up 41 percent from $90,000 or $.04 per share in the fourth quarter of 1990. Dynamic's construction backlog stood at $1,584,000 by late February 1992, up 33 percent from $1,187,000 at the same time last year. Muzik said the current backlog, along with a generally positive outlook for additional orders, makes him believe Dynamic's results for the first quarter of 1992 should be improved in comparison to the first three months of 1991. Dynamic Homes, Inc. is a leading regional builder of modular single- family homes, multi-family dwellings and commercial buildings such as motels. These products are marketed through a network of more than 60 active builders in Minnesota, Iowa, North and South Dakota and Wisconsin. The company's common stock is traded on the local over-the- counter market. DYNAMIC HOMES, INC. CONDENSED STATEMENT OF OPERATIONS (Audited) (In thousands, except per share data) Three Months Ended 12 Months Ended 12/28/91 12/29/90 12/28/91 12/29/90 Operating revenues: Single-family housing $1,543 $1,640 $5,022 $4,652 Multi-family/commercial 346 195 1,579 1,265 Other 199 155 710 567 Total revenues 2,088 1,990 7,311 6,484 Operating expenses 1,943 1,869 7,119 6,389 Operating income (loss) 145 121 192 95 Non-operating (income) expense 18 31 80 86 Net income (loss) $127 $90 $112 $9 Net income (loss) per share $.06 $.04 $.05 -- Average shares outstanding 2,108,900 2,108,900 2,108,900 2,108,900 -0- 3/5/92 /CONTACT: Vern Muzik of Dynamic Homes, 218-847-2611/ CO: Dynamic Homes, Inc. ST: Minnesota IN: CST SU: ERN
KH -- MN004 -- 5363 03/05/92 10:27 EST
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|Date:||Mar 5, 1992|
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