Printer Friendly

SHEFFIELD INDUSTRIES REPORTS 81 PERCENT INCREASE IN NET INCOME IN FISCAL SECOND QUARTER ENDED DEC. 27, 1991

 SHEFFIELD INDUSTRIES REPORTS 81 PERCENT INCREASE IN NET INCOME
 IN FISCAL SECOND QUARTER ENDED DEC. 27, 1991
 MIAMI, Feb. 10 /PRNewswire/ -- Sheffield Industries, Inc. (NASDAQ: HOSE) announced today an 81 percent increase in net income, before extraordinary item, and a 19 percent increase in sales in the second quarter of fiscal 1992 ended Dec. 27, 1991, compared with the quarter ended Dec. 28, 1990.
 Sales in the second quarter were $8,443,108 compared with $7,094,022 in the prior year's second quarter. Net income, before tax benefit from loss carryforward, was $265,416 in the quarter ended Dec. 27, 1991, compared with $146,502 in the year-earlier quarter. Net income was $354,897 in the current quarter compared with $205,571 in the prior year's quarter, an increase of 73 percent. Earnings per share, on 1,647,221 weighted average share, in the second quarter of fiscal 1992 were 16 cents, before the loss carryforward tax benefit and 22 cents after this extraordinary item. This compares with earnings per share of 14 cents before and 20 cents after tax benefit in the prior year's second quarter in 1,019,500 weighted average shares.
 Net sales in the first 26 weeks of fiscal 1992 were $15,360,921 compared with $14,245,602 in the first 26 weeks of fiscal 1991. Net income, before extraordinary item, was $453,876, or 30 cents per share, in the current year compared with $222,261 or 22 cents per share, in the first 26 weeks of fiscal 1991. Net income, after tax benefit, was $566,685, or 38 cents per share, in the first half of fiscal 1992 compared with $281,330, or 28 cents per share in fiscal 1991's first half, an increase of 101 percent. Weighted average share in the two periods were 1,506,425 in the first 26 weeks of fiscal 1992 and 1,019,500 in fiscal 1991.
 Sheffield Industries manufactures more than 60 styles of ladies hosiery including plain and textured pantyhose, knee-highs and tights primarily under the private labels of its customers which include K-Mart, Wal-Mart, J.C.Penney, Rite-Aid, F.W. Woolworth, PharMor, Family Dollar, Payless Shoe Source and Sears. Sheffield also manufactures and markets "Fruit of the Loom" pantyhose, knee-highs and childrens' tights, and fashion-oriented products in its "Chic" brand label program.
 SHEFFIELD INDUSTRIES, INC.
 (Unaudited)
 Periods ended: 13 weeks 26 weeks
 12/27/91 12/28/90 12/27/91 12/28/90
 Net sales $8,443,108 $7,094,022 $15,360,921 $14,245,602
 Income before
 extraordinary item 265,416 146,502 453,876 222,261
 Extraordinary item
 -- tax benefit from
 loss carryforward 89,481 59,069 112,809 59,069
 Net income 354,897 205,571 566,685 281,330
 Income per share:
 Bef. extraord. item $.16 $.14 $.30 $.22
 Extraordinary item .06 .06 .08 .06
 Income per share $.22 $.20 $.38 $.28
 Wtd. avg. shares
 outstanding 1,647,221 1,019,500 1,506,425 1,019,500
 -0- 2/10/92
 /CONTACT: Mitchell A. Hammer, president of Sheffield Industries, 305-624-8493/
 (HOSE) CO: Sheffield Industries, Inc. ST: Florida IN: TEX SU: ERN


CK-TS -- NY058 -- 8332 02/10/92 13:29 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 10, 1992
Words:534
Previous Article:MOODY'S CONFIRMS 'Aa' RATING FOR STATE OF OREGON GENERAL OBLIGATIONS
Next Article:PENN STUDENTS SEND VALENTINES 'CONDOMGRAMS AS PART OF AIDS AWARENESS WEEK
Topics:


Related Articles
SHEFFIELD INDUSTRIES ANNOUNCES 100 PERCENT INCREASE IN EARNINGS PER SHARE BEFORE EXTRAORDINARY ITEM IN FISCAL FIRST QUARTER
DIONEX REPORTS RESULTS FOR SECOND FISCAL QUARTER
FEDFIRST BANCSHARES, INC. ANNOUNCES FISCAL SECOND QUARTER RESULTS
SOUTHWEST SECURITIES GROUP ANNOUNCES SECOND QUARTER RESULTS
BURLINGTON REPORTS IMPROVED RESULTS FOR FIRST QUARTER OF FISCAL 1992
FILENE'S BASEMENT REPORTS RECORD EARNINGS FOR THE FOURTH QUARTER AND FISCAL YEAR
SONIC REPORTS INCREASE IN SECOND QUARTER EARNINGS
SHEFFIELD INDUSTRIES REPORTS RECORD SALES AND EARNINGS FOR FISCAL THIRD QUARTER ENDED MARCH 27, 1992
THE BUCKLE, INC. REPORTS SECOND QUARTER PRO FORMA NET UP 71.1 PERCENT ON A 27.5 PERCENT SALES INCREASE
TOMMY HILFIGER REPORTS RESULTS FOR SECOND QUARTER AND SIX MONTHS OF FISCAL 1993

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