THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, February 17, 1995 TAG: 9502110123
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: (Staff)
LENGTH: Short : 26 lines
Roanoke Electric Steel Corp. reported earnings for the first quarter ended January 31, 1995 of $3.8 million, or 72 cents per share of common stock, a 260 percent increase from the $1 million, or 20 cents per share, earned from operations in the first quarter last year.
Sales for the first quarter of 1995 were $57.5 million a 22 percent increase from sales of $47 million for the same period last year.
The company said that the significant increase in earnings was because of continued improvement in market conditions, higher margins as a result of improved efficiencies and selling prices, substantially improved earnings contributions by our fabrication subsidiaries and cost savings and efficiencies realized with the start-up of our modern auto shredding operation. by CNB