MORGAN PRODUCTS ANNOUNCES PROFITABLE THIRD QUARTER
MORGAN PRODUCTS ANNOUNCES PROFITABLE THIRD QUARTER LINCOLNSHIRE, Ill., Oct. 23 /PRNewswire/ -- Morgan Products, Ltd.
(NYSE: MGN) today announced net income for the third quarter 1992 of $22,000 or $.03 per share, compared to $733,000 or 9 cents per share reported for the third quarter 1991. Sales for the quarter were $106.1 million compared to $101.9 million for the comparable year ago period.
For the nine months ended Oct. 3, 1992, the company reported a loss of $255,000 or 3 cents per share on sales of $301.4 million, compared to a loss of $7,245,000 or 86 cents per share on sales of $267.1 million for the nine months of 1991. The loss in 1991, excluding the closed Heritage Hardwoods business, was $1,791,000 or 21 cents per share. Arthur L. Knight, president and CEO, said: "Results for the quarter are consistent with our Sept. 30, 1992, announcement. While disappointed by the lagging performance of our manufacturing operation, which was hurt by a dramatic fall off in July sales, I am encouraged that our distribution operations improved quarterly sales volume by 13 percent and earnings by 23 percent over 1991 levels." He also added, "Morgan Technologies Portfolio product continues to gain market acceptance but at a slower rate than we would like with a resulting $360,000 after-tax loss for the quarter." In conclusion, Knight said, "with the prospects of only modest economic improvement 1993, we are currently engaged in a detailed review to ensure a return to sustained profitable operations next year." Total debt as of Oct. 3, 1992, was $58.4 million, up slightly from the $57.2 million balance at the end of the third quarter 1991. Working capital was up $2.5 million at Oct. 3, 1992, compared to the same period in 1991. Morgan Products Ltd. is a leading manufacturer and distributor of specialty building products through its three business units: Morgan Distribution, Morgan Manufacturing. and Morgan Technologies. Morgan Distribution, a regional wholesale distributor, is comprised of 11 distribution/fabrication centers. Major products distributed include Morgan doors, Andersen premium window systems, Morgan mantels, Morgan stairway systems, Pease and Therma-Tru steel and composite doors, flush doors, molded doors, bi-fold doors and louvered doors. Morgan Manufacturing is a national manufacturer of premium solid wood interior and exterior doors and entrance systems and other specialty building products such as wood veneer and fireplace mantels. Products manufactured by the company are sold under the trade names "Morgan" and "Nicolai." Manufactured products are sold through the company's captive Morgan Distribution unit, independent distributors, home improvement chain stores and other retail outlets. Morgan Technologies is a developer and marketer of electronic and computer software services for the building products industry. MORGAN PRODUCTS LTD. (Unaudited) Periods ended Nine months Three months 10/3/92 9/28/92 10/3/92 9/28/91 Net sales $301,413,000 $267,095,000 $106,115,000 $101,884,000 Net income (loss) (255,000) (7,245,000) 220,000 733,000 Income (loss) per share ($0.03) (0.86) $0.03 $0.09 Average shares outstanding 8,489,904 8,458,693 8,490,913 8,474,070 -0- 10/23/92 /CONTACT: Arthur L. Knight, Jr., president and CEO, or Douglas H. MacMillan, vice president and CFO of Morgan Products, 708-317-2400, or Gerard Coffey of G.A. Kraut, 212-696-5600, for Morgan Products/ (MGN) CO: Morgan Products Ltd. ST: Illinois IN: CPR SU: ERN
PS-TS -- NY024 -- 4112 10/23/92 11:30 EDT
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|Date:||Oct 23, 1992|
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