Printer Friendly

EMONS HOLDINGS REPORTS FIRST QUARTER EARNINGS

 YORK, Pa., Nov. 9 /PRNewswire/ -- Emons Holdings, Inc. (NASDAQ: EMHO) today announced net earnings of $35,669 for the first quarter of fiscal 1994 (ended Sept. 30, 1993), as compared to net earnings of $74,477 for the three months ended Sept. 30, 1992.
 Before taxes, the company earned $83,000 for the current quarter, down from $99,000 in last year's first quarter. After preferred dividend requirements, which are not being paid, the company recorded a $24,776 loss applicable to common stock for the first quarter of fiscal 1994, as compared to earnings applicable to common stock of $9,990 in the prior year's first quarter. Operating revenues increased 2 percent to $2.97 million from $2.91 million.
 Robert Grossman, chairman and president, stated that the results, which had improved dramatically throughout the last fiscal year, were down in this first quarter due to several factors, the most significant being a 6.5 percent decline in carloads from 8,270 to 7,730. This decline was offset by an 8.3 percent increase in average revenues per carload due to rate increases and a change in the mix of business. The resulting 2 percent increase in revenues was more than offset by a 4 percent increase in operating expenses due to increased track maintenance expense, higher operating expenses for the logistics services operations, higher salaries and wages, and expenses associated with development of the company's proposed intermodal terminal in New England. The provision for income taxes also increased substantially primarily due to provisions for state income taxes. Grossman added that carloadings were down for the quarter because of a temporary plant shutdown for renovations of an on-line paper mill in New England, the continued softness of the paper industry and lower agricultural-related carloadings on Yorkrail due to last year's local bumper grain crop for animal feed ingredients. These decreases were partially offset by an increase in other business due to the company's marketing program, a selective improvement in the economy and the growth of the company's rail/truck transload operations.
 Grossman further stated that he expects continued softness in the paper industry to affect carloadings in the second fiscal quarter but is optimistic about long-term trends in carload activity due to the company's marketing program and a general increase in inquiries resulting from a greater awareness of companies in the role railroads can play in reducing their freight transportation costs.
 Emons Holdings, a freight transportation and distribution services company headquartered in York, owns short-line railroads and rail/truck transfer facilities and provides its customers with logistics 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)
 Three months ended Sept. 30 1993 1992
 Revenues $2,969,341 $2,912,381
 Income before state income taxes 83,169 99,477
 Net income 35,669 74,477
 Preferred dividend requirements 60,445 64,487
 Earnings (loss) applicable to common stock (24,776) (9,990)
 Average common shares outstanding 5,620,433 5,553,876
 Earnings (loss) per common share --- ---
 /delval/
 -0- 11/9/93
 /CONTACT: Robert Grossman, chairman and president of Emons Holdings, 717-771-1701/
 (EMHO)


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

MK-LJ -- PH023 -- 2233 11/09/93 11:42 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:Nov 9, 1993
Words:566
Previous Article:VISHAY ANNOUNCES A 44-PERCENT INCREASE IN NET EARNINGS FOR THE THIRD QUARTER
Next Article:NEWELL COMPLETES ACQUISITION OF GOODY PRODUCTS INC.
Topics:

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