FOXMOOR RECORD NETS 21 CENTS PER SHARE FOR 12 MONTHS
FOXMOOR RECORD NETS 21 CENTS PER SHARE FOR 12 MONTHS DENVER, Sept. 29 /PRNewswire/ -- Foxmoor Industries Ltd.
(NASDAQ: FOXI) today announced audited results of operations for the fiscal year ended June 30, 1992.
Comparing fiscal 1991 to fiscal 1992 the company had the following comments. Contract assignment sales increased 7 fold from $1.1 million to $7.8 million. Total revenues were up 185 percent from $116,000 to $331,000. Earnings from operations increased 140 percent from $52,000 to $125,000. Net income went from a loss of $230,000 or (27 cents) per share to a gain of $206,000 or 21 cents per share. Last year's net income included an extraordinary one-time write-down of certain assets. A major broker/dealer has taken an interest in Foxmoor by purchasing 250,000 $2 warrants for its own account. Ross Corace, president of Foxmoor, said that the company has been approached by a major end-lender for Foxmoor's projects. That lending institution wishes to introduce Foxmoor to other contractor clients in order to expand each company's business. This means a substantial increase in potential business for Foxmoor. Furthermore, Corace commented that he expects earnings to continue to expand dramatically provided that new capital is made available to Foxmoor. FOXMOOR INDUSTRIES LTD. (Audited Results of Operations) 12 Months Ended June 30, 1992 1991 Contract assignment sales $7,831,000 $1,100,000 Revenues 274,000 59,000 Interest income 49,000 56,000 Investment income 8,000 1,000 Total revenues 331,000 116,000 Operating expenses 125,000 52,000 Earnings from operations 206,000 64,000 Write-off --- (94,000) Net income 206,000 (230,000) Net income per share $.21 $(.27) Weighted average shares outstanding 977,350 927,750 Foxmoor Industries is in the financial services industry (trades on NASDAQ under the symbol - FOXI) and finances work-in-progress for the home improvement industry to established contractors and dealers. -0- 9/29/92 /CONTACT: John R. Lefebvre of Shareholder Relations, 303-457-2852, for Foxmoor Industries/ (FOXI) CO: Foxmoor Industries Ltd. ST: Colorado IN: FIN SU: ERN
BB -- DV003 -- 4251 09/29/92 09:30 EDT
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|Date:||Sep 29, 1992|
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