KIT Announces Results for Fiscal 1997
16 December 1997
KIT Announces Results for Fiscal 1997LONG BEACH, Calif., Dec. 16 -- KIT Manufacturing Company (Amex: KIT) reported a 21 percent sales decline for the fiscal year ended October 31, 1997 as compared to fiscal 1996. The Company reported a net loss of $2,312,000, or $2.08 per share, for the fiscal year in comparison to net income of $1,431,000, or $1.29 per share, for fiscal 1996. Fiscal year 1996 included an after-tax gain from insurance proceeds from a business interruption claim of $373,000, or $0.34 per share. Recreational vehicle sales decreased 30 percent while manufactured housing sales increased 1O percent in comparison to fiscal 1996. KIT Manufacturing Company Condensed Financial Statements Statements of Income Fiscal Year Ended October 31, 1997 1996 Sales $76,465,000 $97,158,000 Costs and expenses 80,250,000 95,384,000 Operating (loss) income (3,785,000) 1,774,000 Other income Gain on business interruption claim -- 620,000 Interest expense, net (36,000) (13,000) (Loss) income before income taxes (3,821,000) 2,381,000 (Benefit) provision for income taxes (1,509,000) 950,000 Net (loss) income $(2,312,000) $1,431,000 Net (loss) income per share ($2.08) $1.29 Shares outstanding 1,110,934 1,110,934 SOURCE KIT Manufacturing Company