FAB PROFITS OFF 24.5% IN 1ST QUARTER

NEW YORK--Citing higher fiber prices, Fab Industries Inc. reported earnings for the first quarter ended March 4 declined 24.5 percent to $2 million, or 33 cents a share, from $2.6 million, or 42 cents, a year ago.
Sales for the quarter were up 2.1 percent to $41.4 million against $40.6 million.
Samson Bitensky, chairman, said the earnings drop was due to an increase in fiber prices at the beginning of the year, coming in both man-made and natural fibers.
However, he added, earnings in the second quarter should be as good as or better than last year. "Last year, we were held up because of some orders that were postponed by large customers," he said. "This year, that isn't happening."
In last year's second quarter, Fab earned $3.7 million, or 61 cents, on sales of $49.7 million.

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