NCC SEES QUARTER LOSS
NEW YORK — NCC Industries Inc., which is 92.5 percent owned by Maidenform Worldwide, said it expects to report a loss of $5 million in the third quarter ended Sept. 28, against earnings of $2.5 million a year ago.
NCC included this information in its request for an extension for filing third-quarter results with the Securities & Exchange Commission. The intimate apparel manufacturer also delayed its second-quarter results, and later reported a loss of $923,352 for that quarter.
NCC, which makes Lilyette bras, said the loss in the third quarter was due to increased reserves for markdowns due to larger than anticipated sales declines at Wal-Mart and Kmart, as well as reduced demand for its products. In addition, the company said it recorded unspecified closing costs related to its Puerto Rican and Cortland, N.Y. facilities.
Maidenform — which has an estimated annual volume of $340 million — bought NCC from Triumph International last year for $9.8 million in cash and 28.2 percent of Maidenform common stock.
In 1995, NCC earned $2.8 million on sales of $126 million.