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SALEM ANNOUNCES DRAMATIC TURNAROUND IN SALES AND EARNINGS FOR FIRST QUARTER 1992

 SALEM ANNOUNCES DRAMATIC TURNAROUND IN SALES AND EARNINGS
 FOR FIRST QUARTER 1992
 WINSTON-SALEM, N.C., April 13 /PRNewswire/ -- Salem Carpet Mills, Inc. (NASDAQ: SLCR) has reported net sales for the first quarter ended March 28, 1992 of $101.9 million versus $83.0 million for the first quarter ending March 30, 1991, an increase of $18.9 million or 23 percent. Net loss for the first quarter of 1992 was $464 thousand or $.06 per share compared to a net loss of $4.7 million for the first quarter of 1991 or $.57 per share.
 W. Douglas Foster, Chairman and Chief Executive Officer, stated that the pretax loss which was reduced from $7.5 million to $652 thousand during the first quarter was gratifying and can be attributed to a number of corrective actions taken over the past eighteen months. During this recessionary period the Company focused heavily on lowering costs, improving product introductions and product mix and strengthening the sales organization. The sales increase of 23 percent reflects a significant increase in market share as the industry is expected to report an approximate 15 percent gain. Sales and profit results do reflect the usual industry first quarter seasonal softness and competitive pricing, particularly in the residential segment of the market. Foster concluded, "Considering the improving economic environment coupled with the recent internal improvements at Salem, we are optimistic that the Company's performance will continue to improve during the rest of the year."
 Salem designs, manufacturers and markets broadloom tufted carpet in a wide range of styles, colors and prices for the residential and commercial markets nationwide. The Company's manufacturing operations are vertically integrated from fiber and yarn processing through finished product. It has eight manufacturing plants in Georgia, South Carolina and Tennessee, distribution centers nationally and corporate headquarters in Winston-Salem, N.C.
 SALEM CARPET MILLS, INC.
 FINANCIAL HIGHLIGHTS
 (Unaudited)
 (In Thousands Except Share Data)
 First Quarter Ended
 March 28 March 30
 1992 1991
 Net Sales $ 101,900 $ 83,016
 Income (Loss) Before Taxes (652) (7,524)
 Provision for Taxes (188) (2,858)
 Net Income (Loss) (464) (4,666)
 Earnings (Loss) Per Common Share ($.06) ($.57)
 Weighted Average Shares Outstanding 8,153,967 8,143,701
 -0- 4/13/92
 /CONTACT: Thomas F. Lanier, Executive Vice President & C.F.O., Salem Carpet Mills, Inc., 919-727-1200/
 (SLCR) CO: Salem Carpet Mills, Inc. ST: North Carolina IN: TEX SU: ERN


CM -- CH013 -- 7859 04/13/92 14:39 EDT
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Publication:PR Newswire
Date:Apr 13, 1992
Words:407
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