Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, April 23, 1993 TAG: 9304230192
SECTION: BUSINESS PAGE: A9 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Tultex Corp., Martinsville fleece-wear maker with plants in Roanoke, Bland and Smyth counties, on Wednesday reported a 29 percent increase in sales while cutting losses 53 percent in its seasonally weak first quarter.
Sales for the quarter ended April 3 were $91 million compared to $70.8 million for the 1992 quarter. The net loss was $1.4 million, or 6 cents per share, against a loss of $3 million, or 11 cents per share.
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Sara Lee Corp.
Sara Lee Corp., Chicago-based operator of knitwear mills in Martinsville and a L'eggs distribution center in Salem, on Wednesday reported record sales and earnings for its third quarter ended March 27.
Net income rose 10.8 percent to $152 million from $138 million in the 1992 period. Primary earnings per share, which reflect the Dec. 1, 1992, 2-for-1 stock split, increased 11.1 percent, to 30 cents from 27 cents a year ago. Net sales were $3.3 billion, up 5.2 percent from last year's $3.1 billion.
Earnings per share for the first nine months increased 13.3 percent, to $1.02 from 90 cents. In the 1992 period, earnings per share of $1.20 included a nonrecurring benefit of 30 cents, reflecting the sale of the corporation's European-based over-the-counter pharmaceutical business. Net income for the nine months fell 12.9 percent, to $514 million from $591 million and earnings per share fell 15 percent. Net sales were $10.7 billion, up 9 percent.
\ CSX Corp.
CSX Corp. on Wednesday said net earnings for its first quarter would have been $52 million, or 50 cents per share, except for a nonrecurring charge for the restructuring of some operations at Sea-Land Service Inc. The charge reduced after-tax earnings $61 million, or 59 cents per share, to a net loss of $9 million, or 9 cents per share. In the 1992 quarter, CSX earned $62 million, or 60 cents per share.
Results were trimmed by the March blizzard, a strike against the top coal producer served by the company's rail unit and continued weakness in the export coal market. The storm alone cut after-tax earnings by an estimated $15 million, or 14 cents per share.
Operating revenue for the quarter was $2.1 billion, 2 percent above the 1992 quarter. Operating expenses, including the Sea-Land charge, also was $2.1 billion. Operating income was $63 million with the charge and $156 million without the charge, compared to $157 million in the 1992 quarter.
CSX is a Richmond-based transportation and real estate company with operations in Western Virginia.
by CNB