TEXFI POSTS NET JUMP IN QUARTER
RALEIGH, N.C. — Texfi Industries’ first-quarter earnings surged to $1 million, or 12 cents a share, from $424,000, or 5 cents, a year ago.
Results in the year-ago period included a $280,000 loss from discontinued operations.
Sales for the three months ended Jan. 31 rose 9.7 percent to $48.5 million from $44.2 million.
The improved performance was the result of a continued strong showing in the firm’s core blends business, and dramatic improvement in the operations of its narrow fabrics business, the company said.
Blends experienced a 14 percent improvement in sales and an operating margin increase of 8.1 percent in the first quarter, historically its weakest quarter. Narrow fabrics experienced a $614,000 improvement in operating profits against a year ago, as a result of exiting its woven elastic operation in November.
“Looking ahead to our second quarter, we are encouraged by the strength of the markets to which our Texfi blends fabrics are sold, reflecting the increasing demand for synthetics by today’s consumer and their broad appeal across women’s, junior and men’s wear markets,” Andrew J. Paris, president and chief operating officer, said in a statement. “This increased demand is evidenced by the Texfi blends order position reaching an all-time high and increasing over 117 percent over the year ago.”