CONCORD GOES BACK IN THE BLACK IN 1ST QUARTER
NEW YORK — After three losing quarters, Concord Fabrics Inc. returned to profitability in the first quarter, ended Dec. 3.
Profits, however, sank 60.8 percent to $133,496, or 4 cents a share, from $340,390, or 9 cents, a year ago. Sales dropped 29.3 percent to $34.3 million from $48.5 million.
“Weak customer demand for all the company’s products reflects general market conditions in the textile and apparel industry,” the company said in a statement. Concord added that it will continue to work on reducing costs “in the event that these conditions do not improve.”
Alvin Weinstein, chairman, said the weakness was not in any particular area but rather in the business overall.
“We are having a hard time getting orders,” Weinstein said.
The textile firm also noted that improved efficiency at its plant in Milledgeville, Ga., as well as the October closing of its underperforming Washington, Ga., facility pushed up gross margins while lowering operating expenses. — Fairchild News Service