FAB INDUSTRIES NET UP IN QUARTER
NEW YORK — Fab Industries Inc. posted a 2.9 percent gain in fourth-quarter earnings to $4.9 million, or 79 cents a share, from $4.7 million, or 76 cents, a year ago.
Sales for the manufacturer of knitted textiles and laces rose 11.2 percent to $51.8 million from $46.6 million.
In the year ended Dec. 3, earnings fell 11.2 percent to $15.1 million, or $2.44, from $17 million, or $2.75, a year ago. Sales were flat at $190 million.
“The second and third quarters, in all areas of our business — tricots, laces and circular knits — were tough,” said Samson Bitensky, Fab’s chairman, president and chief executive officer. “In the fourth quarter, all areas seemed to improve. They’re all cyclical.”
Looking ahead to 1995, Bitensky said, “We will continue to invest money in our plants to modernize. We’re also going to continue to look at good acquisitions.”
Bitensky wouldn’t comment on ongoing reports that Fab is negotiating to acquire Andrex Industries, a novelty knitter here.