Concord shows small profit after charge in 3d quarter. (Concord Fabrics Inc. earnings at $135,536 despite restructuring expense, lower sales, third quarter 1996)(Brief Article)

Daily News Record, July, 1996

NEW YORK (FNS) - After a $450,000 restructing charge, Concord Fabrics Inc. reported third-quarter earnings of $135,536, or 4 cents a share, against a loss of $215,673 a year ago.

The charge was related to the company's decision to cut back on the marketing of woven fabrics to the apparel industry and concentrate on its Concord House and knitted-fabrics businesses.

Sales for the three months ended June 2 dropped 14.7 percent to $37.5 million from $43.9 million.

Third-quarter results reflect improved gross margins and lower operating expenses, which compensated for the decline in sales, the company said. The company noted that as a result of the restructing, it expects improved operating results in fiscal 1997.

For the nine months, the...

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