HORIZON INDUSTRIES ANNOUNCES FIRST QUARTER RESULTS
HORIZON INDUSTRIES ANNOUNCES FIRST QUARTER RESULTS CALHOUN, Ga., Jan. 15 /PRNewswire/ -- Horizon Industries, Inc.
(NASDAQ: HRZN) today announced improved sales and earnings results for the first quarter of fiscal 1992, ended Dec. 28, 1991. For the quarter, net earnings were $929,000, or 17 cents per share, compared to $49,000, or 1 cent per share, in the same period last year. Net sales $77,925,000 were 17 percent higher than the $66,801,000 recorded in the prior year's first quarter. Book value at Dec. 28, 1991 was $54,482,000, or $9.91 per share.
Commenting on the results, Peter R. Spirer, chairman, stated, "It is gratifying to report sharply higher first quarter results which we believe are attributable to Horizon's successful 1991 product introductions. Even during a period of soft industry demand, customers respond favorably to fashion innovation and style differentiation, the cornerstones of Horizon's marketing thrust." Spirer continued, "Because of increased demand for our products, we maintained gross profit margins and improved profitability from the year-ago quarter. We expect continued improvement over last year's performance throughout fiscal 1992." Horizon Industries, Inc., headquartered in Calhoun, manufactures a broad range of residential and commercial carpet marketed worldwide through specialty retailers, department stores, and wholesale distributors. Its subsidiary, The Harbinger Company, Inc., manufactures specialized lines of commercial carpet for the corporate, hospitality and institutional markets. A uniquely styled collection of wool carpet for the high-end residential market is manufactured by the Helios Division. HORIZON INDUSTRIES, INC. (In thousands, except per share data, unaudited) Three months ended 12/28/91 12/29/90 Net sales $77,925 $66,801 Cost of sales and expenses 76,382 66,719 Earnings before taxes 1,543 82 Income tax expense 614 33 Net earnings 929 49 Earnings per common share $.17 $.01 Weighted average shares outstanding 5,489 5,462 -0- 1/15/92 /CONTACT: Dennis L. Fink of Horizon Industries, 404-629-7721/ (HRZN) CO: Horizon Industries, Inc. ST: Georgia IN: TEX SU: ERN
SM-SO -- NY068 -- 0093 01/15/92 15:03 EST
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|Date:||Jan 15, 1992|
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