Printer Friendly

WTD ANNOUNCES EXTENSION OF CASH COLLATERAL ORDER, THIRD-QUARTER RESULTS

 WTD ANNOUNCES EXTENSION OF CASH COLLATERAL ORDER,
 THIRD-QUARTER RESULTS
 PORTLAND, Ore., Feb. 25 /PRNewswire/ -- WTD Industries Inc. (NASDAQ: WTDQC) today reported that Judge Samuel J. Steiner, presiding over the Chapter 11 reorganization proceedings of WTD, ruled that the company may continue to use cash collateral under an operating budget through the effective date of its Plan of Reorganization or May 31, 1992, whichever is sooner.
 Additionally, it was reported that the Court has entered an Order extending the exclusivity period through the conclusion of the confirmation hearings on the company's Amended Plan of Reorganization. The Court has set a hearing date of March 12, 1992, to approve the Amended Disclosure Statement.
 WTD also reported today a net loss of $788,000, or 13 cents per share, for the quarter ended Jan. 31, 1992, compared with a net loss of $70.7 million, or $11.36 per share, for the quarter ended Jan. 30, 1991. Included in the quarterly results were reorganization charges of $687,000 and $57.5 million for the quarters ended Jan. 31, 1992, and Jan. 30, 1991, respectively. Third-quarter sales were $42.5 million, up 17 percent from the $36.4 million in the comparable period last year.
 For the nine months ended Jan. 31, 1992, net income was $62,000, or 1 cent per share, compared to a net loss of $86.9 million, or $13.94 per share, during the period ended Jan. 30, 1991. Sales were $149.7 million for the nine months, down from $207.2 million in the prior year.
 "Against the backdrop of the recession in the construction and housing industry and difficult markets in late 1991, our year-to-date results show that we have turned our operational performance around," said WTD President Bruce L. Engel. "We are looking forward to the beginning of the spring construction season which in the past has resulted in stronger lumber market demand," Engel concluded.
 WTD INDUSTRIES INC.
 FINANCIAL HIGHLIGHTS
 (Unaudited, dollars in thousands, except per-share amounts)
 Three Months Nine Months
 Ended Jan. 31, Jan. 30, Jan. 31, Jan. 30
 1992 1991 1992 1991
 Net sales $42,483 $36,351 $149,738 $207,219
 Cost of sales 39,910 42,517 138,118 219,491
 Gross profit (loss) 2,573 (6,166) 11,620 (12,272)
 Selling, general &
 administrative expenses 2,750 5,407 8,932 17,669
 Reorganization charges 687 57,500 2,549 57,500
 Operating income (loss) (864) (69,073) 139 (87,441)
 Other income (expense):
 Interest expense (18) (3,201) (214) (10,062)
 Miscellaneous 78 151 138 595
 Total 60 (3,050) (76) (9,467)
 Income (loss) before
 income taxes (804) (72,123) 63 (96,908)
 Provision for income
 taxes (benefit) (322) (1,380) 25 (10,055)
 Income (loss) before
 extraordinary item (482) (70,743) 38 (86,853)
 Extraordinary item-income
 tax benefit of net operating
 loss carryforward (306) -- 24 --
 Net income (loss) $ (788) $(70,743) $ 62 $(86,853)
 Net income (loss) per
 common share:
 Before extraordinary item$ (0.07) $(11.36) $ 0.01 $ (13.94)
 Extraordinary item (0.06) -- -- --
 Net income (loss) $ (0.13) $(11.36) $ 0.01 $ (13.94)
 -0- 2/25/92
 /CONTACT: Robert J. Riecke of WTD Industries, 503-246-3440/
 (WTDQC) CO: WTD Industries Inc. ST: Oregon IN: PAP SU: ERN


SC-JH -- SE004 -- 2587 02/25/92 19:02 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 25, 1992
Words:550
Previous Article:ENCOR INC. ANNOUNCES RESULTS
Next Article:MAC FRUGAL'S BARGAINS . CLOSE-OUTS CELEBRATES NEW NAME WITH 5 PERCENT DONATION TO THE SALVATION ARMY
Topics:


Related Articles
CHAMPS REPORTS THIRD QUARTER RESULTS
WTD ANNOUNCES AGREEMENT WITH MAJOR LENDERS; REPORTS SECOND QUARTER RESULTS
WTD INDUSTRIES ANNOUNCES AGREEMENT WITH CREDITORS; REPORTS FIRST-QUARTER RESULTS
WTD REPORTS THIRD QUARTER RESULTS AND FURTHER REDUCTION OF DEBT
WTD REPORTS FOURTH QUARTER AND ANNUAL RESULTS
WTD REPORTS THIRD QUARTER RESULTS
WTD REPORTS FOURTH QUARTER AND ANNUAL RESULTS
WTD Reports Profitable First Quarter
WTD Reports Fourth Quarter and Annual Results
New Century Reports Third Quarter Loan Production of $900 Million.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters