OT
PAR: Re Singer, which is having considerable difficulty in the US, not just overseas. M2
NEW YORK, July 27 (Reuters) - Singer Co. (NYSE:SEW - news) said on Tuesday it
expects to report a 1999 first-quarter loss that is likely to be larger than the 33 cent a share
loss it reported last year.
The company, which expects to report earnings during the first week of August, said the loss
primarily reflected continued weak demand in the industrial sewing market, and manufacturing overcapacity in the industry.
Those factors resulted in reduced sales and margins, the company said.
Results also were hurt by continuing operating problems in the German and U.S. consumer products businesses.
Shares of Singer on Tuesday closed down 50 cents and hit a 52-week low of $3.19 before inching up to close at $3.25 on the
New York Stock Exchange. The company's 52-week high was $7.25.
Also on Tuesday, the company reported delayed fourth-quarter 1998 results, which showed the company lost $183 million or
$3.61 per share. Without charges, the company lost $27 million or 56 cents a share.
The previous year, the company lost $269 million or $5.26 a share. |
