ATLANTA, July 26 /PRNewswire/ -- Fuqua Enterprises, Inc.
(NYSE: FQE) ("Fuqua") today announced operating results for the second
quarter ended June 30, 1996.
Income from continuing operations for the quarter ended June 30,
1996 was $1,838,000 or $0.40 per share, an increase of 36% over the
$1,349,000 or $.35 per share reported in the second quarter of 1995.
Net income for the second quarter of 1996 was $1,838,000 or $.40 per
share compared to $1,819,000 or $.47 per share for the comparable
quarter last year, on 19% more shares outstanding. The number of
shares outstanding in the second quarter of 1996 increased to
4.6 million compared to 3.9 million in 1995 primarily as a result of
the stock issued to acquire Basic American Medical Products, Inc. in
November 1995. Revenues in the second quarter of 1996 increased 40% to
$47.5 million, from the $33.9 million for the comparable quarter in
1995. The large increase in revenues reflects the acquisition of the
Lumex Division of Lumex, Inc. in the second quarter of 1996.
For the first six months of 1996, income from continuing operations
was $3,438,000 or $.76 per share as compared to $2,011,000 or $.52 per
share for the comparable period of 1995. Net income for the first six
months of 1996 was $3,438,000 or $.76 per share compared to
$3,264,000 or $.84 per share in 1995. Revenues for the first half of
1996 were $78.7 million compared to $58.1 million in the first six
months of 1995.
Lawrence P. Klamon, President of Fuqua, stated, "The second quarter
and six month period results were positively impacted by the
contributions of Fuqua's medical products operations which were
acquired in November 1995 and April 1996 and a strong performance from
Fuqua's leather operations."
Fuqua is a manufacturer and distributor of medical equipment and
furnishings for the acute, long-term and home health care markets and
also produces a broad line of leathers that are sold to manufacturers
of shoes, handbags, personal leather goods and furniture in both the
U.S. and foreign markets.
FUQUA ENTERPRISES, INC.
(Amounts in thousands except per share data)
Three months ended Six months ended
6/30/96 6/30/95 6/30/96 6/30/95
Revenues:
Net sales $46,898 $33,692 $77,398 $57,742
Investment income 597 167 1,267 366
Total revenues 47,495 33,859 78,665 58,108
Costs and Expenses:
Cost of sales 35,312 28,797 60,374 49,708
Selling, general
and administrative
expenses 8,653 2,566 11,801 4,611
Interest expense 761 295 1,094 515
Total costs and
expenses 44,726 31,658 73,269 54,834
Income from continuing
operations before
income taxes 2,769 2,201 5,396 3,274
Income taxes 931 852 1,958 1,263
Income from continuing
operations 1,838 1,349 3,438 2,011
Discontinued operations:
Income from discontinued
operations, net --- 470 --- 1,253
Net income $ 1,838 $ 1,819 $ 3,438 $ 3,264
Per share:
Income from continuing
operations $ 0.40 $ 0.35 $ 0.76 $ 0.52
Net income $ 0.40 $ 0.47 $ 0.76 $ 0.84
Avg. common shares and common
share equivs. 4,603 3,857 4,551 3,861
CONTACT: L.P. Klamon or B.W. Mullinax, Jr., Fuqua Enterprises, 404-815-2000
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