EMONS HOLDINGS REPORTS PROFITABLE FIRST QUARTER
EMONS HOLDINGS REPORTS PROFITABLE FIRST QUARTER YORK, Pa., Nov. 11 /PRNewswire/ -- Emons Holdings, Inc.
(NASDAQ: EMHO) today announced a significant improvement in results for the quarter ended Sept. 30, 1992.
Emons reported net earnings of $74,477 for the first quarter of fiscal 1993 (ending Sept. 30, 1992) as compared to a net loss of $392,972 for the three months ended Sept. 30, 1991. The company recorded $9,990 (less than $.01 per share) in earnings applicable to common stock, after preferred dividend requirements, for the first quarter of fiscal 1993, as compared to a loss applicable to common stock of $459,241 or $.09 per share, for the prior year's first quarter. Revenues increased 6.5 percent to $2.93 million from $2.75 million. Robert Grossman, chairman and president, stated that he was particularly pleased with the profitable first quarter. He added that this dramatic improvement in results occurred because of improved levels of business, reduced costs, and the renegotiation of the St. Lawrence and Atlantic Railroad's operating and loan agreements during June 1992. Railroad revenues increased 15.5 percent primarily due to an 11 percent increase in carloads of freight for the current quarter. Operating and administrative costs were down $223,000 from last year's first quarter because of the cost reduction and the job consolidation program instituted in fiscal 1992. Also, the restructure of the St. Lawrence and Atlantic Railroad had a significant impact by improving revenues and reducing operating costs and interest expense. The company's stepped-up marketing program was partly responsible for the improved revenues. Grossman further stated that he expects the remainder of fiscal 1993 to show substantially improved results over last year, in spite of the economy, but he cautioned that general economic conditions are still uncertain. 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) Three months ended Sept. 30 1992 1991 Revenues $2,927,348 $2,749,209 Net earnings (loss) 74,477 (392,972) Preferred dividend requirements 64,487 66,269 Earnings (loss) applicable to common stock 9,990 (459,241) Average common shares and common share equivalents outstanding 5,548,839 5,050,112 Earnings (loss) per common share and common share equivalents --- $(.09) /delval/ -0- 11/11/92 /CONTACT: Robert Grossman, chairman and president of Emons Holdings, 717-771-1701/ (EMHO) CO: Emons Holdings, Inc. ST: Pennsylvania IN: TRN SU: ERN
CC-MK -- PH010 -- 9780 11/11/92 13:43 EST
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|Date:||Nov 11, 1992|
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