KRELITZ INDUSTRIES ANNOUNCES THIRD QUARTER RESULTS
KRELITZ INDUSTRIES ANNOUNCES THIRD QUARTER RESULTS MINNEAPOLIS, March 17 /PRNewswire/ -- Krelitz Industries, Inc.
(NASDAQ: KRLZ) announced today that net sales from continuing operations for the nine months were $186,918,000, as compared to $195,598,000 last year. Loss from continuing operations was $1,010,000, or $.29 per share, compared to income of $618,000, or $.18 per share, for the same period last year.
Sales from continuing operations for the third quarter ended Jan. 31, 1992, were $63,369,000, compared with the $67,991,000 reported for the same period last year. Loss from continuing operations was $111,000, or $.03 per share, compared to income of $116,000, or $.03 per share, for the third quarter of last year. Sales increases from existing and new customers in the drug distribution business of approximately $23,900,000 did not fully mitigate the previously reported loss of a significant customer. The loss from continuing operations in the first nine months of fiscal 1992 was primarily attributed to lower gross profit margins and increased operating expenses as compared to last year. During the third quarter of fiscal 1992 the company recorded a $499,000 pre-tax gain on the sale of real estate. Krelitz Industries, Inc. is the largest independent drug wholesaler in the Upper Midwest. The company also distributes general merchandise and develops and markets computerized management systems. The company's common stock is traded nationally over-the-counter under the NASDAQ symbol: KRLZ. KRELITZ INDUSTRIES, INC. SELECTED CONSOLIDATED FINANCIAL DATA (In thousands, except per-share amounts) Three Months Ended Nine Months Ended 1/31/92 1/31/91 1/31/92 1/31/91 Net sales $63,369 $67,991 $186,918 $195,598 Operating income (loss) $(202) $776 $(680) $2,402 Income (loss) from continuing operations, net of taxes $(111) $116 $(1,010) $618 Gain from discontinued operations, net of taxes -- -- -- $17 Net income (loss) $(111) $116 $(1,010) $635 Income (loss) per share of common stock: Continuing operations $(.03) $.03 $(.29) $.18 Discontinued operations -- -- -- -- Net income (loss) $(.03) $.03 $(.29) $.18 Weighted average number of shares outstanding (restated for stock split) 3,474 3,474 3,474 3,474 -0- 3/17/92 R /CONTACT: Barry M. Krelitz, 612-936-0401, or Dennis J. Allingham, 612-347-9729, both of Krelitz Industries/ (KRLZ) CO: Krelitz Industries, Inc. ST: Minnesota IN: MTC SU: ERN
KH -- MN011R -- 8970 03/17/92 17:54 EST
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|Date:||Mar 17, 1992|
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