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Article: SOFT APPAREL FABRICS BUSINESS PUTS DAN RIVER INTO RED--FIRM POSTS LOSS OF $2.4M IN 4TH QUARTER, EXPECTS TOUGH FIRST HALF.(Brief Article)
- Article from:
- Daily News Record
- Article date:
- February 24, 1999
CopyrightCOPYRIGHT 1999 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DANVILLE, Va. -- Dan River Inc. said a weak apparel fabrics business caused a $2.4 million loss in the fourth quarter ended Dec. 31, and warned that earnings would slide in the first half of 1999.
The latest quarter included a $4.9 million after-tax charge to close its Spindale, N.C., apparel fabrics weaving plant and a $400,000 after-tax charge for the refinance of bank debt associated with the purchase of The Bibb Co.
Excluding these charges, Dan River earned $3 million, or 13 cents a share, in the latest quarter, down from $5.7 million, or 35 cents, a year ago. Sales gained 20.4 percent to $159.3 million from $132.3 million, reflecting the ...