Printer Friendly

EMONS HOLDINGS, INC. REPORTS THIRD QUARTER EARNINGS

 YORK, Pa., May 11 /PRNewswire/ -- Emons Holdings, Inc. (NASDAQ: EMHO) today announced a profitable third quarter and nine-month period, continuing the substantial turnaround for fiscal 1993.
 Emons reported net earnings of $94,056 for the three months ended March 31, 1993, as compared to a net loss of $534,070 for the three months ended March 31, 1992. Including preferred dividend requirements, the company reported earnings applicable to common stock of $33,611 or $.01 per share for the third quarter of fiscal 1993, as compared to a loss of $598,557 or $.11 per share for the third quarter of fiscal 1992. Revenues increased 10 percent to $2.85 million from $2.59 million.
 For the nine-month period ended March 31, 1993, the company reported net earnings of $267,245 as compared to a net loss of $1,478,406 for the nine months ended March 31, 1992. After preferred dividend requirements, the company reported earnings applicable to common stock of $85,909 or $.02 per share for the nine months ended March 31, 1993, as compared to a loss of $1,671,866 or $.31 per share for the prior year's nine-month period.
 Robert Grossman, chairman and president, state that this was the third profitable quarter in a row and a continuation of the substantial turnaround from last year. He said he is particularly pleased with these results in light of the fact that certain industries that the company's railroads serve, namely the paper industry, have still not experienced any significant improvement in business. He added that the improvement in results is directly attributable to the cost reduction and revenue enhancement actions implemented last fiscal year. Railroad revenues increased 11 percent or $257,000 for the current quarter over last year's third fiscal quarter, while operating and administrative expenses decreased 12 percent or $298,000 and interest expenses declined 24 percent or $86,000. The increase in railroad revenues was largely the result of a 5 percent increase in average revenues per carload due to rate increases and the mix of carloads and the renegotiated operating and marketing agreement of the St. Lawrence & Atlantic Railroad. Carloads were flat for the quarter. Grossman cautioned that certain segments of the economy are still struggling, but he is optimistic about the company's long-term growth prospects due to the company's success in business development and marketing activities in bringing new business to the company's railroads.
 Emons Holdings, Inc., a freight transportation and distribution services company headquartered in York, owns and operates short-line railroads, rail/truck transload facilities and provides companies with logistic services for movement and storage of their freight.
 Emons Holdings' shares of common stock and convertible preferred stock are traded in the Over-the-Counter securities market and the common shares are listed on NASDAQ under the symbol "EMHO."
 EMONS HOLDINGS, INC. (Unaudited)
 Periods ended Three months Nine months
 March 31 1993 1992 1993 1992
 Revenues $2,850,498 $2,587,252 $8,671,353 $8,115,625
 Net earnings (loss) 94,056 (534,070) 267,245 (1,478,406)
 Preferred dividend
 requirements 60,445 64,487 181,336 193,460
 Earnings (loss) applicable
 to common stock 33,611 (598,557) 85,909 (1,671,866)
 Average shares
 outstanding(A) 5,529,369 5,650,638 5,543,898 5,342,787
 Earnings (loss) per
 common share(A) $.01 $(.11) $.02 $(.31)
 (A) Earnings (loss) per share for the three and nine months ended March 31, 1993 and 1992, are based upon the weighted average number of common share equivalents outstanding during each of these periods. Common share equivalents which are anti-dilutive and the conversion of convertible preferred stock which is anti-dilutive are not included in the calculation of earnings (loss) per share.
 /delval/
 -0- 5/11/93
 /CONTACT: Robert Grossman, chairman and president of Emons Holdings, 717-771-1701/
 (EMHO)


CO: Emons Holdings, Inc. ST: Pennsylvania IN: TRN SU: ERN

MK-MP -- PH005 -- 6913 05/11/93 09:59 EDT
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:May 11, 1993
Words:656
Previous Article:SECURITY TAG REVENUES & PROFITS INCREASE
Next Article:JAMES P. HEFFERNAN ELECTED TO COLUMBIA GAS SYSTEM BOARD
Topics:


Related Articles
EMONS HOLDINGS REPORTS FIRST QUARTER RESULTS
EMONS HOLDINGS REPORTS THIRD QUARTER RESULTS AND REACHES AGREEMENT IN PRINCIPLE TO MODIFY BUSINESS AND FINANCING TERMS OF RAIL SUBSIDIARY
EMONS HOLDINGS REPORTS THIRD QUARTER RESULTS AND REACHES AGREEMENT IN PRINCIPLE TO MODIFY BUSINESS AND FINANCING TERMS OF RAIL SUBSIDIARY
EMONS HOLDINGS REPORTS YEAR-END AND FOURTH QUARTER RESULTS
EMONS HOLDINGS REPORTS PROFITABLE FIRST QUARTER
EMONS HOLDINGS OMITS PREFERRED DIVIDEND
EMONS HOLDINGS REPORTS SECOND QUARTER EARNINGS
EMONS HOLDINGS REPORTS YEAR-END AND FOURTH QUARTER RESULTS
EMONS HOLDINGS REPORTS FIRST QUARTER EARNINGS
EMONS TRANSPORTATION GROUP REPORTS SECOND QUARTER RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters