GOLDTEX ANNOUNCES EARNINGS
GOLDTEX ANNOUNCES EARNINGS GOLDSBORO, N.C., Nov. 12 /PRNewswire/ -- Goldtex, Inc.
(NASDAQ: GLTX) today released its earnings for the quarter ending Oct. 25, 1992, which is the first quarter of the current fiscal year. For the quarter, the Company reported a net profit of $72,333 on sales of $6,186,020, compared to a net profit of $202,258 on sales of $6,626,610 in the same period in 1991. On a per share basis, the Company reported a net profit of $.03 in the 1992 period, compared to a net profit of $.09 in 1991.
Will Hopper, President, stated, "The Company's profitability in its first quarter was adversely affected by poor market conditions for the Company's printing services and printed products, as well as start-up costs incurred for its recently formed GFI Division. While the demands for the Company's dyeing and finishing services were very strong during the quarter, the weak demand for printed products and services resulted in a net decrease in sales volume of 6.6 percent during the quarter. The Company anticipates that there will be an improvement in the market conditions for printing and printing services as it moves through its fiscal year, however it does not expect a dramatic upturn due to the present recession affecting the economy in general and the printed apparel market particularly." Goldtex, Inc., headquartered in Goldsboro, N.C., is engaged in printing, dyeing and finishing of fabrics. -0- 11/12/92 /CONTACT: Wilbur O. Hopper, Goldtex, Inc., 919-736-7411/ (GLTX) CO: Goldtex, Inc. ST: North Carolina IN: TEX SU: ERN
SB -- CH012 -- 0385 11/12/92 16:42 EST
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|Date:||Nov 12, 1992|
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