Concord earnings soar to $1.5M.(Concord Fabrics Inc.)(Brief Article)

Daily News Record, November, 1997

Concord Fabrics Inc. said fourth quarter earnings surged to $1.5 million, or 42 cents a share, from $187,698, or 4 cents a share a year ago. Sales for the three months ended Aug. 31 fell 16.6 percent to $29.9 million from $35.9 million

Concord said it successfully completed its planned de-emphasis of merchandising and marketing woven fabrics for sale to the apparel manufacturing trade. Although sales declined, margins improved significantly and expenses were sharply reduced, Concord said. In addition to a "marked improvement" in earnings, Concord said its balance sheet was strengthened and its liquidity increased to high points in its history.

For the year Concord earned $3.4 million, or 92 cents a share against earnings of $937,918, or 26 cents. Sales...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.