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sBurlington Industries Inc., Greensboro, N.C., reported results for the third quarter of fiscal 1999. Excluding run-out costs associated with previously announced reorganization of the companys apparel segment, earnings per share were $0.19 per diluted share compared with last years third quarter net earnings of $0.42 per diluted share.After such run-out costs, net earnings were $0.09 per share. Net income for the third quarter of fiscal 1999 was $4.7 million, compared with $26 million for the third quarter of fiscal 1998.Net sales for the third quarter of fiscal 1999 were $434.6 million, compared with $511 million for the third quarter of fiscal 1998. After adjusting for businesses that have been sold or closed since last year, sales declined 8.9 percent.For the first nine months of fiscal 1999, diluted earnings per share excluding restructuring and related run-out expenses associated with the reorganization of the apparel products segment were $0.31.After pre-tax restructuring costs of $65.3 million and related run-out expenses of the $20.7 million, there was a net loss of $35.2 million, or $0.63 per diluted share for the nine-month period. This compares with net income of $63.7 million, or $1.04 per diluted share in the first nine months of fiscal 1998.Net sales for the first nine months of fiscal 1999 were $1,245.7 million compared with $1,510.7 million for the first nine months of fiscal 1998.Clariant International Ltd., Switzerland, posted divisional sales of CHF 4,523 million, a decrease of 4 percent in local currencies and 5 percent in Swiss francs compared with the same period in 1998.The shortfall in the first quarter came to a 6-percent decline in local currencies and an 8-percent decline in Swiss francs. The gap was narrowed in the second quarter by a slight business uptrend in the markets and a redoubling of the companys sales efforts. Clariant expects sales to further improve in the second half of 1999.CromptonandKnowles Corp., Stamford, Conn., recently announced that second quarter diluted earnings per share before extraordinary items increased to $.057 per share ($38 million) from $0.52 per share ($39.8 million) in last years second quarter. Extraordinary items were losses on early extinguishment of debt of $0.02 per share ($1.1 million) in the second quarter of 1999 and $0.18 per share ($13.8 million) in last years second quarter.Net earnings per diluted share in the second quarter of 1999 of $0.55 per share ($36.9 million) increased 62 percent from $0.34 per share ($26 million) in 1998. Earnings per share benefitted by the companys stock buyback program as weighted average shares outstanding decreased to 66.6 million diluted from 76.8 million diluted in the second quarter of 1998.Net sales for the second quarter of 1999 were down 2 percent to $409.2 million from $417.7 million in the second quarter of 1998 as adjusted to exclude $56.7 million resulting from deconsolidated joint ventures and the sale of the specialty ingredients business. The sales decline was primarily due attributable to lower second quarter sales in the Colors business, the company said.The Dixie Group, Chattanooga, Tenn., reported record earnings from continuing operations of $4.1 million, or $0.35 per share, for the second quarter ended June 26, 1999. This represents an increase in earnings per share of 25 percent over the same period in 1998, when the company reported $3.3 million, or $0.28 per share, for continuing operations.Dixie reported record sales as a floorcovering company of $152.1 million for the second quarter of 1999, an increase of 17 percent over the $130.5 million in the second quarter of 1998.For the first six months of 1999, earnings from continuing operations were $6.6 million, or $0.57 per share, an increase of 21 percent over the earnings for the first half of 1998 of $5.6 million, or $0.47 per share.The year-to-date sales in 1999 were $293.3 million, an increase of 18 percent over the $249.1 million in the first six months of 1998.Net income for the first six months of 1999 was $11.1 million, or $0.94 per share, and included a gain recorded on discontinued operations, compared with a net loss of $9.5 million, of $0.79 per share recorded in the first half of 1998.Lectra Systs, Paris, announced an 83-percent increase in net income for the first half of 1999. According to the company, the strong earnings primarily stemmed from the rise in gross margin, both in value terms and expressed as a percentage of total revenues. This in turn reflected the growing contribution of software revenues to CAD/CAM revenues along with higher service revenues.Lydall Inc., Manchester, Conn., recently announced financial results for the second quarter ended June 30, 1999. Aided by a $21.4 million contribution to sales from the Gerhardi acquisition of December 30, 1998, net sales for the second quarter of 1999 were up sharply to $84 million, compared with $59.2 million for the 1998 second quarter.Diluted earnings per share were $0.23, off slightly from $0.24 in the same period of 1998, as Lydall Gerhardi and the domestic restructuring costs penalized current year earnings by approximately $0.02 per share. Gross profit improved to $20.3 million from $17.5 million but represented 24.1 percent of sales compared to 29.6 percent of sales for the year earlier period.Net sales for the period, including $42.4 million from Lydall Gerhardi, were $167.6 million compared with $115.8 million for the same period in 1998. Net income was $7.7 million, or $0.49 per diluted share, compared with $7.4 million, or $0.45 per share for the first half of 1998.Nematron Corp., Ann Arbor, Mich., recently reported increased revenues and net income for the second quarter and six months ended June 30, 1999. Revenues for the three months ended June 30 totaled $5,949,000, an increase of 57.9 percent over the same period in 1998, and an increase of 2.4 percent over the prior quarter ending March 31, 1999. Revenues for the six months ended June 30 totaled $11,755,000, an increase of 34.9 percent over the same period last year.Net income for the second quarter totaled $276,000, and for the six months ended June 30, totaled $489,000. These results compare to the net losses reported in the prior periods of $2,343,000 for the same three-month period in 1998, and $3,475,000 for the first six months of 1998.Springs Industries Inc., Fort Mill, S.C., recently reported higher sales and earnings for both the second quarter and the first six months of 1999, compared to last year.Springs sales for the second quarter were a record at $544.9 million, up 1.5 percent for the second quarter of 1998. Net income for the three-month period was $13.3 million, or $0.73 per diluted share, compared to last years $5.5 million, or $0.28 per diluted share.Second-quarter income before unusual items was $13.5 million, or $0.74 per diluted share. The comparable income figures for the second quarter of 1998 were $7.7 million, and $0.40 per diluted share.Sterling Bancorp, New York, announced record net income for the second quarter and the six months ended June 30, 1999. The results are the 24th consecutive quarter of double-digit earnings increases.Net income of $3.6 million for the quarter and $7 million for the six months was up 14.1 percent and 14.7 percent, respectively, compared to the same periods last year.Earnings per share, on a diluted basis, were $0.42 for the second quarter and $0.82 for the first half of the year, up 16.7 percent and 15.5 percent, respectively, from the comparable periods in 1998.Veltex Corp., Los Angeles, recently reported its financial results for the second quarter of fiscal year 1999 ended June 30, 1999. Gross revenues increased 68 percent to $1,748,108 for the second quarter of fiscal 1999 from $1,037,857 for the same period last year. The net income increased 93 percent for the second quarter of 1999 to $380,495, compared to $197,113 for the same period last year.Wellman Inc., Shrewsbury, N.J., reported financial results for the periods ended June 30, 1999. Net earnings for the second quarter were $2.5 million, or $0.08 per diluted share, excluding a pre-tax restructuring charge of $19.2 million, or $0.41 per diluted share after tax.Net earnings for the first half of 1999 were $4.3 million, or $0.14 per diluted share, excluding the above change and the cumulative effect of an accounting change.WestPoint Stevens Inc., West Point, Ga., reported results for the second quarter and six months ended June 30, 1999.The companys net sales for the second quarter of 1999 increased $16.5 million, or 3.8 percent, to $453.5 million compared with $437 million for the second quarter of 1998. Net income for the second quarter increased to $19.6 million, or $0.34 per diluted share, compared with net income of $15.8 million, or $0.26 per diluted share, for the second quarter of 1998.Net sales for the first six months of 1999 increased $59.3 million, or 7.1 percent, to $895 million. This is compared with $835.7 million for the first six months of 1998. Net income for the first six months of 1999 increased to $35.2 million, or $0.61 per diluted share, compared with net income of $27.5 million, or $0.45 per diluted share for the first six months of 1998.Operating earnings for the first six months of 1999 were $105.7 million, or 11.8 percent of sales, compared with operating earnings of $97 million, or 11.6 percent of sales, for the same period of 1999.X-Rite Inc., Grandville, Mich., announced its financial results for the second quarter ended July 3, 1999. Net sales for the second quarter were $24.3 million and net income was $3.3 million, or $0.15 per share, compared with net sales of $24.3 million and net income of $3.3 million, or $0.16 per share for the same period last year.


September 1999




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