Continental Materials Corporation Reports Unaudited Second Quarter Results – Four Companies Acquired
CONTINENTAL MATERIALS (CUO)
NASDAQ:AMEX Investor Relations:
continental-materials.com
Company Research
Source: GlobeNewswire
CHICAGO, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Continental Materials Corporation (NYSE American; CUO) today reported a net loss of $4,836,000, or $2.82 per share for the second quarter ended June 29, 2019 compared to net income of $2,113,000 or $1.24 per share for the second quarter ended June 30, 2018. Following a strategic review, the Company sold substantially all assets of its ready-mix concrete and Daniels sand operations in the first quarter of 2019 and acquired four new operating businesses in the second quarter of 2019. These significant changes increase the HVAC and Door segments and reduce the dependence on Construction Materials. All acquisitions were completed in the latter half of the second quarter, therefore contribution to second quarter results was limited. Consolidated sales in the second quarter of 2019 were $25,257,000 or $300,000 (1.2%) lower than the second quarter of 2018. The decrease is primarily due to lower sales in the Construction Materials segment, down 2
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