DYNAMIC HOMES REPORTS SECOND QUARTER RESULTS
DYNAMIC HOMES REPORTS SECOND QUARTER RESULTS DETROIT LAKES, Minn., Aug. 4 /PRNewswire/ -- Dynamic Homes, Inc.
today reported net sales of $1,727,000 for the second quarter of 1992, down from $1,964,000 in the year-earlier period. Net income came to $9,000 (no per-share amount), compared to $50,000 or $.02 per share in the second quarter of 1991.
For the first six months of 1992, net sales declined modestly to $2,966,000 from $3,074,000 a year ago. The company reported a net loss of $73,000 or $.03 per share for this period, a significant improvement from the net loss of $134,000 or $.06 per share in the first half of 1991. Vern Muzik, Dynamic's president, said the company's reduced net loss in this year's first half makes him optimistic about reporting higher earnings for the full year. He attributed the lower second quarter sales to weather-related site preparation delays that prevented shipment of a completed 38-room motel unit. If this major project had shipped on schedule, Muzik continued, the company's earnings would have significantly exceeded those posted in last year's second quarter. This project is currently scheduled for shipment in the third quarter. Orders for single-family construction have been affected by a slowdown in the mortgage approval process, reflecting the backlog of refinancing activity at many lending institutions. The impact of the reduced second quarter sales volume was partially offset by higher average selling prices for single-family and multi-family/commercial construction, stable gross margins and an 11 percent reduction in operating expenses. The company's order backlog totaled $2,116,000 at the end of the second quarter, up from $1,455,000 a year ago. This backlog should make the third quarter a strong period for the company. 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, Wisconsin and Wyoming. The company's common stock is traded on the local over- the-counter market. DYNAMIC HOMES, INC. CONDENSED STATEMENT OF OPERATIONS (In thousands, except per-share amounts) (Unaudited) Three Months Ended Six Months Ended 6/30/92 6/30/91 6/30/92 6/30/91 Operating revenues: Single-family housing $1,231 $1,234 $1,863 $1,807 Multi-family/commercial 330 522 828 990 Other 166 208 275 277 Total revenues 1,727 1,964 2,966 3,074 Operating expenses 1,696 1,897 3,011 3,171 Operating income (loss) 31 67 (45) (97) Non-operating (income) expense 22 17 28 37 Net income (loss) $9 $50 $(73) $(134) Net income (loss) per share -- $.02 $(.03) $(.06) Avg. shares outstanding 2,108,900 2,108,900 2,108,900 2,108,900 BALANCE SHEET DATA SIX MONTHS ENDED (In thousands, except per-share data) (Unaudited) 6/30/92 6/30/91 Current assets $1,608 $1,204 Net property and equipment 556 553 Working capital (99) (129) Total assets 2,244 1,844 Long-term debt 510 658 Stockholders' equity 27 (147) -0- 8/4/92 /CONTACT: Vern Muzik of Dynamic Homes, 218-847-2611/ CO: Dynamic Homes, Inc. ST: Minnesota IN: CST SU: ERN
KH -- MN003 -- 6601 08/04/92 11:06 EDT
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|Date:||Aug 4, 1992|
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