UNITED WESTBURNE REPORTS STABILITY IN FIRST QUARTER
UNITED WESTBURNE REPORTS STABILITY IN FIRST QUARTER@ MONTREAL, April 29 /PRNewswire/ -- United Westburne Inc.
(Toronto Stock Exchange: UWB; The Montreal Exchange: UWB) announced today at its annual shareholders' meeting a small first quarter increase in sales and a slight reduction in losses compared to March 31, 1991 financial results.
Sales totalled $473,927,000 compared to $469,845,000 for the same period last year. The first quarter is typically the company's softest seasonal period. Michel Vennat, vice chairman and chief executive officer, stated that these figures reflect the situation in central and eastern Canada which continues to be depressed, while stronger markets in western Canada and the North Central and Pacific regions of the United States may be encouraging signs. The cost control measures imposed over the last few months, have contributed to reduce the first quarter net loss, despite continued competitive pressures. The loss before discontinued operations and minority interest is $7,884,000 compared to $6,971,000 in 1991. The first quarter net loss is $7,719,000 or $0.21 per share, compared to $8,167,000 or $0.22 per share at March 31, 1991. The board of directors of the company today declared a quarterly dividend of $0.04 per common share, payable on July 1. Setting these results against the backdrop of a prolonged, severe recession in the company's markets, Vennat indicated that they reveal United Westburne's capacity to weather particularly difficult economic times, and at the same time, reinforce the need for rigorous maintenance of initiatives already undertaken such as cost reduction, increased productivity, and stabilization of assets. United Westburne Inc. is North America's largest integrated wholesale distributor of electrical, plumbing and heating, refrigeration and air conditioning, electronics and telecommunication supplies. Headquartered in Montreal, the company operates 362 branches across Canada and 78 others in ten states in the United States. -0- 4/29/92 /CONTACT: Louis-Gilles Gagnon of United Westburne, 514-342-5181/ (UWB.) CO: United Westburne Inc. ST: Quebec IN: SU: ERN
TQ -- NY061 -- 4449 04/29/92 13:55 EDT
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|Date:||Apr 29, 1992|
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