SUPRADUR COMPANIES REPORTS RESULTS
SUPRADUR COMPANIES REPORTS RESULTS RYE, N.Y., Nov. 12 /PRNewswire/ -- Supradur Companies, Inc.
(NASDAQ: SUPD) today announced the results of its operations for the third quarter and the first nine months of 1992.
Third quarter total sales were $5,548,000 as compared to $6,214,000 in 1991. Subsidiaries other than Supradur Canada, Inc. incurred an operating loss of $836,000 during the third quarter of 1992 compared to an operating loss of $502,000 in 1991. Supradur Canada, Inc. had an operating loss of $200,000 for the third quarter of 1992 compared to a loss of $765,000 in 1991. For the first nine months of 1992, sales were $17,708,000 compared to $18,544,000 in the same period last year. Total net loss for the nine months of 1992 was $228,000 or $.25 per common share as compared to a net loss for the same period last year of $2,989,000 or $3.31 per common share. Included in the year-to-date amount is a one-time extraordinary gain of $2,156,000 or $2.37 per common share relating to the final agreement with Canadian creditors for the forgiveness of indebtedness. Also, included is a one-time gain of $259,000 or $.29 per common share attributable to the adoption of FASB No. 109 "Accounting for Income Taxes." K. Fred Netter, president, stated that the company's liquidity continues to be affected by the operating losses which have occurred. In response, the company recently announced the closure of its Olathe, Kan., manufacturing facility and the consolidation of its precision machining businesses. In addition, the company is reducing overhead expenses at all facilities and is considering the sale of significant assets. Supradur Companies, Inc. is a diversified company with operating subsidiaries throughout the United States, Canada and Europe. The company's shares are traded in the Over-the-Counter market under the NASDAQ symbol SUPD. SUPRADUR COMPANIES, INC. Consolidated Statement of Operations (Unaudited) Quarter Ended Nine Months Ended 9/27/92 9/29/91 9/27/92 9/29/91 Sales $5,548,000 $6,214,000 $17,708,000 $18,544,000 Consolidated oper. (loss) bef. inc. taxes, extraord. item & cumulative effect of acctg. change (1,036,000) (1,267,000) (3,465,000) (3,275,000) Income taxes (261,000) (139,000) (822,000) (286,000) Extraord. item -- -- 2,156,000 -- Cumulative effect of accounting change -- -- 259,000 -- Net loss (775,000) (1,128,000) (228,000) (2,989,000) Loss per com. shr. $(.85) $(1.25) $(.25) $(3.31) Avg. shrs. outstdg. 906,500 906,500 906,500 906,500 -0- 11/12/92 /CONTACT: D.M. Petulla, vice president and treasurer of Supradur Companies, 914-967-8230/ (SUPD) CO: Supradur Companies, Inc. ST: New York IN: SU: ERN
LR-PS -- NY066 -- 0289 11/12/92 15:00 EST
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|Date:||Nov 12, 1992|
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