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Article: Shelby Williams reports first-quarter net income decline. (Shelby Williams Industries Inc.)
- Article from:
- PR Newswire
- Article date:
- April 12, 1989
CopyrightCOPYRIGHT 1989 PR Newswire Association LLC. 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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SHELBY WILLIAMS REPORTS FIRST-QUARTER NET INCOME DECLINE
CHICAGO, April 12 /PRNewswire/ -- Shelby Williams Industries, Inc. (NYSE: SY) today announced that first-quarter net income declined 49 percent to $874,000, or 9 cents per share, from $1,715,000, or 17 cents per share, for the same period last year. Net sales increased 8.6 percent to $40,318,000 from $37,125,000 in 1988.
Manfred Steinfeld, chairman and chief executive officer, explained that the office furniture market, government agencies, and the restaurant industry are all generating weak order levels, while only the hotel seating market is holding firm. The first-quarter sales increase ...