Newspapers / The Kings Mountain Herald … / Sept. 6, 1990, edition 1 / Page 28
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Page 12B-THE KINGS MOUNTAIN HERALD-Thursday, September 6, 1990 Sh DURHAMS BUY RESTAURANT-Scott Durham, left, his stepmother, Lisa Durham and her husband, Ray Durham, Wendell Bunch, right, and Mark Durham, standing in front of his stepfather, stand in front of Town and Country Restaurant which Bunch sold to Ray Durham on Aug. 1. Scott Durham is part- owner and will manage the restaurant on Grover Road. Commercial Shearing Sales Increase YOUNGSTOWN, OHIO-- Commercial Intertech Corp. an- nounced sales of $115,083,000 and net income of $11,705,000, or $0.90 a share, for the company's quarter ending July 31, 1990. A year ago the company reported third quarter sales of $107,719,000 and net income of $5,754,000 or $0.47 a share. For the first nine months of the fiscal year sales were $325,629,000, net income $21,559,000 and earnings per share $1.59. For the same period a year ago, sales were $318,958,000 and net income was $14,645,000, or $1.22 per share. Included in net income is a gain from the settlement of a patent in- fringement suit filed against the Pall Corporation of Glen Cove, New York. The net gain after legal expenses amounted to $6.5 million, or $0.54 a share, in the quarter and $5.9 million, or $0.50 a share, for the nine months to-date. The company also announced that it will reinstitute its stock re- purchase program. Commercials Board of Directors today autho- rized the purchase of up to 500,000 shares in the open market or through privately negotiated trans- actions. The company previously had completed the repurchase of 2,500,000 shares. Mr. Paul Powers, Chairman, President and Chief Executive Officer said, "We con- tinue to remain confident of the long-term prospect for our busi- ness. The current depressed market price of commercials shares repre- sent an undervaluation and pro- vides an attractive opportunity for the company to re-acquire shares economically." Sales in the third quarter were up 6.8 percent over last year main- ly on the strength of much higher Astron building sales as well as higher sales of hydraulic compo- nents. Net income from operations (excluding the Pall recovery) de- clined by 21 percent, however, due to lower margins on hydraulic sales, losses in certain divisions of the Fluid Purification Group and non-recurring charges relating to procut launching costs, plant clo- sures and obsolete asset write-offs. For the year-to-date, sales were up 2.1 percent. Sales by Astron and the hydraulics group, which bene- fited by the addition of a U.K. valve business acquired in late 1989, provided most of the gain. Net income from operations de- clined 6.3 percent from a year ago. The sale of the Underground Support Division in 1989 gave rise to lost sales and lost net income in 1990, and income in the Fluid Purification ground also suffered from lower volume in the U.S. Mr. Powers noted that "Because of the uncertainties of the Middle East crisis, the company is continu- ing to adjust its operating costs and asset expenditures consistent with sales and order rates. During the past year, close control of opera- tions produced a modest sales in- crease while worldwide employ- ment was reduced by 3 percent, Presently, our order backlog re- mains up, with an order rate 3.8% higher than the same period last year." Commercial Intertech Corp is a leading multinational producer of hydraulic components, fluid purifi- cation products and metal products. | 1 | Don't trash it!!! Advertise it in the Classifieds. Call | 738-7496 Drive Away 1983 OLDS CUTLASS SUPREME 4 dr., auto, tilt, cruise, p/w & p/l, 60-40 Power seat, $3,888 AM/FM Stereo 1987 CHEVROLET CORSICA 4 dr., auto, AC, PS, PB, AM/FM stereo, tilt, cruise, lug- gage rack, one owner, local car. $5,888 Town And Country Sold Town and Country Restaurant on Loli Cleland Grover Road is under new owner- § 4X T= SS > (FETieCeiia _ ship and managership. Of NY J | Ya N Wendell and Karen Bunch, who 7 Ra built and opened the new business, {| GRAND = —N have sold the restaurant, effective j o Eg A Aug. 1, to Scott and Lisa Durham ‘| of Shelby and Durham's son, Scott OPENIN G = ) : \ Durham of Charlotte, will serve as Under New —_— pr So part-owner and manager. \ \ Management &) =] LE The restaurant specializes in RN = EIT Frickory-smoked barpecus, break: LEER Zor t BE = <l CLL fasts, salads and sandwiches and is open Mondays through Saturdays \ \J LY from 6 a.m. until 8:30 p.m., serving all three meals. ) Scott Durham, a bachelor, plans B ¥ LONG BRANCH ROAD to move from Charlotte to Kings Mountain. He previously operated Scottie's Snack Bar, a grocery store deli, in Charlotte. Scott's father has been in the restaurant business for nearly 30 years and owns Pancake House and Heritage Cafeteria in Shelby, Gastonia Pancake House and Heritage House in Gastonia and Gaffney, S.C. Pancake House and Heritage House. "It's a challenge to follow in my father's footsteps," said Scott, who said he got in the restaurant busi- ness about three years ago after learning from his father who had Whole Catfish Steaks managed restaurants during Scott's Catfish Fillets Chicken growing-up years. Salt & Pepper Catfish Frog Legs Young Durham said Town and (Special Recipe) Flounder Country Restaurant will continue Shrimp Perch to give the same quality service to Kings Mountain area patrons. Sewed with Potatoes, Cole Stan, Fash Puppies & Pickles Dessents-Trny oan delicious Blueberry Cobbler “You'll Love Our Famous Hushpuppies” (Plain or with’ Onion) CALL INS WELCOME 739-8543 Catering Available! Hours: Special ' Facilitie Vsiostay iam Menus Bones Thursday 4-9:00 For Bo a, os Children Special Groups. y Under 5 Yrs. RZ RIZ RATT RRR 72 Rr ry Ty TI ZR rrr ITI L222 oR IRR PITTA TR REZ 3 WEBELIEVE............ PRICE SELLS CARS ALL 1991'S AVAILABLE FOR IMMEDIATE DELIVERY CLOSE-OUT PRICES ADD ONS NO HIDDEN CHARGES 1983 CADILLAC SEVILLE.....cccce0eee'*5,99 § Buy Loaded 1990 SPIRIT essssssseasssssssnesssssssesssssssss’ £0995 Charcoal, Alr, Auto, AM/FM 1989 REI Pper month 4s Auto, Alr, AM/FM, Luggage Rack 1990 PLYMOUTH VOYAGER.....!269 "per month |X Blue Color, Nice.. # 1984 MERCURY COUGAR LS 2 dr., auto, V-8, PW, PL, AC, AM/FM cass., bucket seats, console. 1987 CHEVROLET CORVETTE CONVERTIBLE 2 dr., auto, PS, PB, p/seats, tilt, cruise, Bose sound upgrade system, leather int., white top edition. Low mileage, extremely nice car. $23,888 1988 CHEVROLET BERETTA GT 2 dr., auto, V-6, PS, PB, tilt, cruise, PW, PL, AL wheels, AC, AM/FM stereo. Nice sporty car. $8188 1989 CHEVROLET CAVALIER 2dr., auto, PS, PB, AC, AM/FM stereo. Special stripe pkg. AL wheels, luggage rack. (A car to fit your budget). $7,888 HWY. 150 East -Cherryville, N.C. 435-3277 Monday-Friday 8:30-8:00 Saturday 8:30-5:00 1-800-273-3270 1990 SUNDANCE o sersssssessnsssssnessnsess Py 495 4 Door, Auto, Air-Clean Car Payments on 10.5 APR - 10% Down - Tax, Tag, Doc. Fee Not Included *SOLD UNDER USED CAR BUYERS GUIDE « 1990 FIVE-STAR SERVICE QUALITY AWARD Highway 150 East, Cherryville, N.C. Toll Free! 1-800-273-5549 Fi ERLE yd Hours: 8-8 Mon.-Fri. 8-4 aturday
The Kings Mountain Herald (Kings Mountain, N.C.)
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Sept. 6, 1990, edition 1
28
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