Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, February 18, 1993 TAG: 9302180069
SECTION: BUSINESS PAGE: B-7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Short
REPORTED EARNINGS
Roanoke Electric SteelRoanoke Electric Steel Corp. on Wednesday reported net earnings of $517,856, or 10 cents a share, for its first quarter, ended Jan. 31, compared to a loss of $339,951, or 6 cents a share, a year ago. Sales were $36 million, up 7 percent from $33.7 million a year earlier.
More shipments at higher selling prices for all products and lower scrap prices accounted for the increase, said Donald G. Smith, chairman of the mini-mill producer of specialty steel products. Better market conditions, especially for the company's semifinished billets sold to other steel companies, also were a factor, and price increases resulted in greater profit margins, Smith said.
Noland Co.
Noland Co., Newport News-based distributor of equipment to the building trades with operations in Roanoke, reported 1992 net income of $4.1 million, or $1.11 per share, compared to a 1991 net loss of $725,000, or 20 cents per share. Sales totaled $412.1 million, up 7.2 percent from $384.5 million in 1991.
Fourth-quarter sales were $100.1 million, up 6.3 percent from the year-earlier period, and net income was $2 million, or 56 cents per share, compared to a 1991 fourth-quarter loss of $93,000, or 3 cents per share.