Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, April 19, 1991 TAG: 9104190087
SECTION: BUSINESS PAGE: A9 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Tultex Corp. of Martinsville reported Thursday a first-quarter loss of $4.2 million, worse than expected, because of increased bad debt expenses and a soft demand for the company's sweatsuits, said John Franck, chairman. The loss was almost double the $2.3 million lost in the corresponding period a year earlier. Sales for the quarter came to $29.4 million, down 48.8 percent from $57.4 million a year earlier.
Franck said a first-quarter loss was expected. Tultex and most makers of sweatsuits have reduced factory schedules since November because of low demand, he said. Franck predicted a strengthening economy and further reduction of inventories. Coupled with a recent increase in orders, he said, this brings a projection of "a strong second half recovery of revenues."
- Staff report
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Chesapeake Corp.
Chesapeake Corp., operator of a container plant in Roanoke, reported first-quarter net income of $2.4 million, down 45.5 percent from the $4.4 million earned a year earlier. Sales were $198.4 million, down 2.3 percent from $203.6 million last year. The results were ahead of expectations, said J. Carter Fox, president. He predicted that second-quarter earnings will remain below a year ago.
- Staff report
\ Blockbuster Entertainment Corp.
Blockbuster Entertainment Corp., the Fort Lauderdale, Fla., video retailer operating stores in the Roanoke Valley on Thursday reported first-quarter revenue was $324 million, an increase of 31 percent over $246.9 million for the similar period in 1990. Company revenue for the first quarter of 1991 was $176.8 million compared to $139.2 million for the same period in 1990, an increase of 27 percent. Net income increased 18 percent to $15.9 million, or 10 cents per share, from $13.4 million, or 9 cents per share, reported for the three months ended March 31, 1990.
- Associated Press
by CNB