VOPLEX ANNOUNCES THIRD-QUARTER RESULTS
VOPLEX ANNOUNCES THIRD-QUARTER RESULTS TROY, Mich., Nov. 15 /PRNewswire/ -- VOPLEX Corporation (AMEX: VOT)
today announced a third-quarter loss of $3,538,963, or $1.33 per share on sales of $14,069,233, compared to a loss of $2,303,344, or $0.86 per share on sales of $12,006,022 for the same period a year ago.
In a trraditionally soft quarter, the company continued to be plagued by loss of volume due to the depressed automotive market coupled with the economic downturn, and start-up costs associated with the launch of new products. However, the new sales programs are beginning to replace and exceed sales that have been eroded due to programs being discontinued, but the company has been affected by adverse circumstances which have materially contributed to the third-quarter losses. Specifically, a lack of credit availability has resulted in raw material delivery interruptions. These interruptions, coupled with production inefficiencies attributable to the launches of new sales programs, resulted in substantial addititional costs beyond projected company expectations. The company is continuing to pursue alternative financing arrangements. However, to date the company has been unsuccessful in these efforts. VOPLEX CORPORATION (Unaudited) Third Quarter YTD Sept. 30 1991 1990 1991 1990 Net sales $14,069,233 $12,006,022 $37,732,070 $44,808,030 Earnings (loss) before taxes (3,544,862) (2,374,924) (,?510,452) (2,728,125) Net earnings before equity in VHC profit (loss) (3,544,862) (1,979,924) (8,510,452) (2,213,125) Equity in VHC profit (loss) 5,899 (323,420) (154,241) (535,379) Net earnings ($3,538,963) ($2,303,344) ($8,664,693) ($2,748,504) Net earnings per share (1.33) (.86) (3.25) (1.03) Average shares 2,667,886 2,667,886 2,667,886 2,667,886 -0- 11/15/91 /CONT ? Marvin J. Fudalla of VOPLEX Corporation, 313-597-6346/ (VOT) CO: VOPLEX Corporation ST: Michigan IN: AUT SU: ERN ML -- DE027 -- 1726 11/15/91 16:40 EST
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|Date:||Nov 15, 1991|
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