Printer Friendly

SUPREME EQUIPMENT & SYSTEMS REPORTS RESULTS FOR FIRST QUARTER

   SUPREME EQUIPMENT & SYSTEMS REPORTS RESULTS FOR FIRST QUARTER
    BROOKLYN, N.Y., Dec. 9 /PRNewswire/ -- Supreme Equipment & Systems Corporation (NASDAQ: SEQP), a manufacturer of filing cabinets and systems, reported a sharp decrease in sales and a resulting net loss for the first quarter ended Oct. 31, 1991.  Martin Frederick, president, said, "Although we slashed selling and administrative expense by $502,000, or 25 percent, and interest expense declined by $110,000, compared with the first quarter of fiscal 1991, we were unable to operate profitably as sales declined by 41 percent.  The current recession has been particularly severe in the office equipment industry and although we believe an upturn is inevitable, we can not predict when this will occur."
    Net sales for the first quarter of fiscal 1992 ended Oct. 31, 1991 were $3,793,000 compared with $6,389,000 in the prior year.  The deficit in the current first quarter of $732,000, or $.68 per share, compares with a deficit of $314,000, or $.29 per share, in the prior year.
               SUPREME EQUIPMENT & SYSTEMS CORPORATION
                  STATEMENTS OF INCOME (UNAUDITED)
      Three months ended Oct. 31                 1991       1990
    Net sales                                 $3,793,000   $6,389,000
    Operating loss                              (636,000)     (75,000)
    Loss before taxes                           (732,000)    (314,000)
    Provision for income taxes                    --            --
    Net loss                                    (732,000)    (314,000)
    Loss per share                                  (.68)        (.29)
    Average number of shares of
     common stock outstanding                  1,072,632    1,072,632
                               BALANCE SHEET
                                              10/31/91       7/31/91
                                             (unaudited)     (audited)
    Assets
    Current assets                            $6,280,000   $7,722,000
    Property, plant & equipment net            2,925,000    3,064,000
    Other assets                               2,411,000    2,420,000
    Total assets                              11,616,000   13,206,000
    Liabilities & shareholders' equity
    Current liabilities                        7,232,000    7,782,000
    Other liabilities                          3,994,000    4,302,000
    Shareholders' equity                         390,000    1,122,000
    Total liabilities &
     shareholders' equity                     11,616,000   13,206,000
    -0-          12/9/91
    /CONTACT:  Allan Fox, chairman of Supreme Equipment & Systems, 718-965-0100/
    (SEQP) CO:  Supreme Equipment & Systems Corporation ST:  New York IN: SU:  ERN FC-OS -- NY063 -- 0665 12/09/91 15:42 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 9, 1991
Words:353
Previous Article:FANNIE MAE REPORTS ITS POSTED YIELDS
Next Article:NATIONALE-NEDERLANDEN RECEIVES LICENCE TO ESTABLISH SUBSIDIARY IN SOUTH KOREA
Topics:


Related Articles
INNOVEX REPORTS FIRST QUARTER RESULTS
SUPREME EQUIPMENT & SYSTEMS REPORTS RESULTS FOR SECOND QUARTER
CHEMICAL WASTE MANAGEMENT REPORTS IMPROVED FIRST QUARTER RESULTS
SUPREME EQUIPMENT & SYSTEMS REPORTS RESULTS FOR THIRD QUARTER AND NINE MONTHS ENDED APRIL 30, 1992
BETHLEHEM STEEL REPORTS NET LOSS FOR SECOND QUARTER OF 1992
SUPREME EQUIPMENT AND SYSTEMS CORPORATION REPORTS FOURTH QUARTER PROFIT
SUPREME EQUIPMENT & SYSTEMS CORPORATION REPORTS SECOND QUARTER AND SIX MONTHS RESULTS
SUPREME INDUSTRIES REPORTS 28% INCREASE IN FIRST QUARTER REVENUES WITH NET INCOME UP 65%
HARKEN ANNOUNCES FIRST QUARTER RESULTS
SUPREME INDUSTRIES REPORTS LOWER FIRST QUARTER

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