Printer Friendly

LIDA REPORTS EARNINGS OF $0.04 PER SHARE ON 6.6-PERCENT INCREASE IN 1ST-QUARTER 1993 REVENUES; CHAIRMAN NOTES IMPROVEMENT OVER PRIOR QUARTER

 NEW YORK, April 23 /PRNewswire/ -- Lida, Inc. (NASDAQ-NMS: LIDA) today reported first-quarter net income of $318,000, or $0.04 per share, on 7.6 million shares outstanding, as compared with $1,784,000, or $0.23 per share assuming for comparative purposes that the 7.6 million shares currently outstanding had been outstanding in the first quarter of 1992. Revenues were $24.6 million, up 6.6 percent, as compared with the $23.1 million reported for the same quarter of 1992, the textile firm's chairman and chief executive officer, Isaac Kier, announced.
 "We are encouraged by our results in the first quarter. The gain in revenues is a positive indicator for the future," Kier said. "We returned to profitable levels after a fourth-quarter 1992 loss of $0.08 per share and revenues rose 17 percent from $21.1 million in the final quarter of 1992."
 "Although margins are much improved, we face an increasingly competitive business environment and they remain lower than we would like," Kier commented. "We see and will continue to pursue opportunities to increase efficiencies in our manufacturing operations."
 Lida is a leader in the design, manufacture and marketing of "topweight" fabrics, particularly Lycra-spandex blends, primarily used by its apparel-industry customers in the production of women's sportswear, swimwear and activewear.
 LIDA, INC.
 Consolidated Statement of Income
 (In thousands, except per-share data) (unaudited)
 First Quarter Ended
 Pro-forma
 4/4/93 3/31/92
 Net sales $24,616 $23,092
 Net income after taxes $318 $1,784
 Earnings per share $0.04 $0.23
 Average shares outstanding 7,600 7,600
 Lida completed its initial public offering in May, 1992. Results in first-quarter 1992 have been pro-forma adjusted to reflect the taxes which would have been paid if the company had been publicly held for all periods discussed and that all 7.6 million shares currently outstanding had been outstanding for all periods discussed.
 -0- 4/23/93
 /CONTACT: Isaac Kier, chairman and CEO, Lida, Inc., 212-391-0002/
 (LIDA)


CO: Lida, Inc. ST: New York IN: SU: ERN

SB-DH -- DE010 -- 9994 04/23/93 11:23 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 23, 1993
Words:349
Previous Article:KELLOGG COMPANY EARNINGS PER SHARE UP 7 PERCENT; STOCK REPURCHASE AUTHORIZATION INCREASED BY $200 MILLION
Next Article:AG SERVICES OF AMERICA, INC. ANNOUNCES THE PUBLIC OFFERING OF 7 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES DUE 2003
Topics:


Related Articles
IBM'S FIRST-QUARTER REVENUE, EARNINGS DECLINE FROM 1992 LEVELS
QUANTUM HEALTH RESOURCES REPORTS INCREASE IN FIRST QUARTER REVENUE, OPERATING INCOME; NONRECURRING COSTS OF ACQUISITION PARE NET INCOME
QUANTUM HEALTH RESOURCES REPORTS INCREASE IN FIRST QUARTER REVENUE, OPERATING INCOME; NONRECURRING COSTS OF ACQUISITION PARE NET INCOME
IONICS REPORTS RECORD FIRST QUARTER RESULTS
AUTOFINANCE GROUP INC. REPORTS INCREASES IN REVENUES AND EARNINGS FOR NINE MONTHS AND QUARTER ENDED MARCH 1993
LIDA REPORTS SECOND-QUARTER AND FIRST-HALF RESULTS
LIDA REPORTS THIRD-QUARTER AND NINE-MONTH RESULTS, SEES IMPROVEMENT IN CURRENT OPERATIONS
LIDA REPORTS FIRST-QUARTER RESULTS:
LIDA REPORTS THIRD-QUARTER RESULTS
ROYAL CARIBBEAN REPORTS RECORD 1994 PROFITS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters