Printer Friendly

MELAMINE CHEMICALS, INC. REPORTS SIX MONTHS RESULTS

 DONALDSONVILLE, La., Jan. 14 /PRNewswire/ -- Melamine Chemicals, Inc. (NASDAQ: MTWO), today announced the unaudited results of its operations for the quarter and six months ended Dec. 31, 1993.
 Net losses for the six months ended Dec. 31, 1993 were $3.2 million, or $.58 per share, as compared to net losses of $1.4 million, or $.26 per share a year ago. For the three months ended Dec. 31, 1993, net losses were $1.9 million, or $.35 per share, as compared to net losses of $538,000, or $.10 per share, for the same period in fiscal 1993.
 Fred Huber, president and chief executive officer, stated that the larger losses for the first six months compared to the prior year are the consequence of sales prices falling 10% and increased production costs caused by an extended second quarter maintenance shutdown. In early October 1993, the Company began its annual maintenance shutdown which was extended to reduce inventory levels and to help improve the Company's cash position.
 During the most recent quarter, sales prices remained unchanged from the previous quarter. It is hoped that the bottom of the price spiral has been reached and that prices in the next few quarters will show improvement.
 Melamine Chemicals, Inc. is engaged in the production and marketing of melamine, a specialty chemical having numerous industrial and commercial applications. The Company is actively engaged in the development of new melamine process and application technology. The Company is one of only two producers of melamine in North America and one of the three largest producers worldwide.
 MELAMINE CHEMICALS, INC.
 Comparative Operating Results
 (Thousands of dollars except share and per share data)
 For the periods Quarter Six Months
 ended Dec. 31, 1993 1992 1993 1992
 Net Sales $9,269 $10,281 $17,683 $19,170
 Net (Losses) (1,936) (538) (3,176) (1,427)
 (Losses) Per Share (.35) (.10) (.58) (.26)
 Average Shares
 Outstanding 5,450,000 5,450,000 5,450,000 5,450,000
 -0- 1/14/94
 /CONTACT: Fred Huber, president and CEO, or Wayne D. DeLeo of Melamine Chemicals, 504-473-3121; or Ron Como & Associates, 212-227-3010/
 (MTWO)


CO: Melamine Chemicals, Inc. ST: Louisiana IN: CHM SU: ERN

MP-TW -- NY041 -- 2147 01/14/94 16:08 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 14, 1994
Words:373
Previous Article:ENDOGEN, INC. ANNOUNCES SECOND QUARTER RESULTS
Next Article:STEVEN G. STAVES NAMED PRESIDENT, STERLING HEALTH USA
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters