ALBA-WALDENSIAN LOGS LOSS OF $1 MILLION IN 4TH QUARTER
NEW YORK — Alba-Waldensian Inc. reported a loss of $1 million in the fourth quarter ended Dec. 31, dragged down by lower margins in its hosiery, intimate apparel and socks businesses.
In the year-ago quarter, the company posted earnings of $263,344, or 14 cents a share. Sales in the quarter climbed 19.4 percent to $16.3 million from $13.7 million, primarily due to an acquisition in the firm’s medical specialty products business.
The loss swelled the company’s deficit in the year to $1.66 million. In 1994, the apparel firm had earnings of $1.9 million, or $1.05.
Sales for the year rose 12.8 percent to $63.7 million from $56.5 million.
The company said fourth-quarter margins in its consumer products and Byford socks and sweaters divisions were depressed by sales of discontinued products. Alba’s consumer products division makes hosiery and intimate apparel under the brand names HarvA Benard, While-You-Wait, All Day Long and Big Beautiful Woman.
The loss in the quarter also reflected continued unfavorable manufacturing variances as a result of lower sales by the company’s Valdese, N.C., plants, as well as additional overtime costs, including training, at its health products plant in Rockwood, Tenn.
Thomas F. Schuster, president and chief executive officer, said he is “optimistic” about 1996, noting that bookings have picked up. He also said he expects the company to begin to see the benefits of a plant restructuring done in 1995. — Fairchild News Service