DYNAMIC HOMES REPORTS FIRST QUARTER RESULTS
DYNAMIC HOMES REPORTS FIRST QUARTER RESULTS DETROIT LAKES, Minn., May 11 /PRNewswire/ -- Dynamic Homes, Inc.
today reported revenues of $1,239,000 for the first quarter of 1992, an increase of 12 percent from $1,110,000 a year ago. The company's net loss for this period came to $82,000 or $.04 per share, a significant improvement from the loss of $184,000 or $.09 per share in the first quarter of 1991.
Vern Muzik, Dynamic's executive vice president, said the substantially reduced first quarter loss indicates that the company's turnaround is proceeding on plan. He said the improved results are particularly encouraging since the first quarter is the seasonally weakest construction period of the year. Muzik attributed the company's increased sales volume to higher average selling prices for single-family and multi-family/commercial construction as well as moderately higher production. He said operating expenses remained relatively stable, reflecting ongoing efforts to contain costs and enhance productivity. The company's construction backlog stood at $2,121,000 at the end of the first quarter, up 83 percent from $1,156,000 a year ago. Muzik said favorable interest rates are continuing to generate significant volumes of customer inquiries and quoting activity. He said positive market conditions and further improvements in the company's operations make him believe 1992 will be a good year for Dynamic. 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. Consolidated Statement of Operations (Unaudited) Three Months Ended March 31 1992 1991 Operating revenues: Single-family housing $632,000 $573,000 Multi-family/commercial 498,000 468,000 Other 109,000 69,000 Total operating revenues 1,239,000 1,110,000 Operating expenses 1,315,000 1,274,000 Operating income (loss) (76,000) (164,000) Non-operating (income) expense 6,000 20,000 Net income (loss) $(82,000) $(184,000) Net income (loss) per share $(.04) $(.09) Average shares outstanding 2,108,900 2,108,900 BALANCE SHEET DATA March 31 (Unaudited) 1992 1991 Current assets $1,518,000 $1,168,000 Property & equipment (net) 536,000 516,000 Working capital (37,000) (93,000) Total assets 2,136,000 1,775,000 Long-term debt 565,000 710,000 Stockholders' equity 17,000 (197,000) -0- 5/11/92 /CONTACT: Vern Muzik of Dynamic Homes, 218-847-2611/ CO: Dynamic Homes, Inc. ST: Minnesota IN: CST SU: ERN
AL -- MN016 -- 8697 05/11/92 13:55 EDT
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|Date:||May 11, 1992|
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