ALBA-WALDENSIAN BACK IN BLACK IN 4TH QUARTER
VALDESE, N.C. — Alba-Waldensian Inc. earned $190,509, or 10 cents a share, in the fourth quarter compared to a year-ago loss of $1 million.
Sales for the three months ended Dec. 31 eased 2.8 percent to $15.9 million from $16.3 million.
Full-year earnings came in at $319,895, or 17 cents a share, against a 1995 loss of $1.65 million. Sales rose 3.4 percent to $65.8 million from $63.7 million.
Thomas F. Schuster, president and chief executive officer, said in a statement, “While this level of profitability is far from acceptable, it does represent a bottom-line turnaround of nearly $2 million and is certainly an indication that the many changes we’ve taken over the past year are having a positive effect.”
Schuster added that a successful inventory reduction program aided the improvement of Alba’s cash position. The firm makes hosiery, innerwear and men’s socks and sweaters.