ROBESON REPORTS PROFITS FOR FISCAL 1991
ROBESON REPORTS PROFITS FOR FISCAL 1991 PLAINFIELD, N.J., Jan. 22 /PRNewswire/ -- Robeson Industries Corp.
(NASDAQ: RBSN), a marketer of household appliances and accessories, today reported a profit for its 1991 fiscal year after a loss for the prior year.
For the year ended Feb. 22, 1991, net income was $104,725 or $.04 a share on revenues of $27,987,567, compared with a net loss of $10,827,060 or $4.32 a share on revenues of $42,377,451 a year earlier. John Raab, president and CEO, said the net loss for fiscal year 1990 included a restructuring charge of $5,675,187 that principally reflected a writedown of certain inventory, property and equipment as well as the expenses for a cost reduction program. Net income for the 1991 fiscal year included extraordinary credits from a tax loss carryforward of $.01. Raab noted that net sales for the 1991 fiscal year were off 34 percent because of the elimination of certain products with little or no margins and non-reliance on inventories. He also pointed out that this year Robeson has achieved sharp reductions in selling, general and administrative expenses as well as interest expense. Robeson is a leading manufacturer and marketer of household appliances which has developed a series of value added accessories and combination kitchen appliance sets. ROBESON INDUSTRIES CORP. Consolidated Statement of Operations Fiscal Year February 1991 February 1990 Sales $27,987,567 $ 42,377,451 Income (loss) before extraordinary credit 80,632 (10,827,060) Extraordinary credit 24,093 -- Net income (loss) $ 104,725 $(10,827,060)(A) Income (loss) per share before extraordinary credit $.03 $(4.32) Extraordinary credit .01 -- Net income (loss) per share $.04 $(4.32) (A) -- Includes restructuring charge of $5,675,187 or $2.21 per share. -0- 1/22/92 /CONTACT: John Raab, president of Robeson, 908-756-2001; or Stan Froelich of Cameron Associates, 212-644-9560, for Robeson/ (RBSN) CO: Robeson Industries Corp. ST: New Jersey IN: HOU SU: ERN
GK-OS -- NY086 -- 2422 01/22/92 15:16 EST
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|Date:||Jan 22, 1992|
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