-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, fwXPFPtBQdZD2fzgoKX/4ZupJOoYlt18zq9u1SdwoEky1DMaIfFYEUOiyZHkZIHF 4LPzyN1PCObQsBLemNTevA== 0000023249-95-000002.txt : 19950414 0000023249-95-000002.hdr.sgml : 19950406 ACCESSION NUMBER: 0000023249-95-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950226 FILED AS OF DATE: 19950405 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONCORD FABRICS INC CENTRAL INDEX KEY: 0000023249 STANDARD INDUSTRIAL CLASSIFICATION: TEXTILE MILL PRODUCTS [2200] IRS NUMBER: 135673758 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05960 FILM NUMBER: 95526943 BUSINESS ADDRESS: STREET 1: 1359 BROADWAY STREET 2: 4TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 2127600300 MAIL ADDRESS: STREET 1: 1359 BROADWAY 4TH FLOOR STREET 2: 1359 BROADWAY 4TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 10-Q QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED February 26, 1995 COMMISSION FILE NUMBER 1-5960 ---------------------- ------ CONCORD FABRICS INC. - ------------------------------------------------------------------------ (Exact name of Registrant as specified in its charter) DELAWARE 13-5673758 - ------------------------------------------------------------------------ (State or other jurisdiction of (I. R. S. Employer incorporation or organization) Identification No.) 1359 Broadway, New York, New York 10018 - ------------------------------------------------------------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (212) 760-0300 ------------------------------ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes X No . --- --- 2,093,111 shares of Registrant's Class A Common Stock, par value $.50 per share and 1,509,451 shares of Registrant's Class B Common Stock, par value $.50 per share were outstanding as of March 30, 1995. 1 of 14 CONCORD FABRICS INC. AND SUBSIDIARIES QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED FEBRUARY 26, 1995 INDEX Page Number PART I. Financial Information Item 1. Financial Statements Consolidated Statements of Operations - Twenty-Six Weeks Ended February 26, 1995 (Unaudited) and February 27, 1994 (Unaudited) 3 Consolidated Balance Sheets - February 26, 1995 (Unaudited), and August 28, 1994 (Derived from Audited Financial Statements) and February 27, 1994 (Unaudited) 4-5 Consolidated Statements of Cash Flows Twenty-Six Weeks Ended February 26, 1995 (Unaudited) and February 27, 1994 (Unaudited) 6 Notes to Consolidated Financial Statements (Unaudited) 7-10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11-12 Part II. Other Information Item 6. Exhibits and Reports on Form 8-K 13 Signature Page 14 2 of 14 Item 1. Financial Statements --------------------
CONCORD FABRICS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) (Note A) For the Twenty-Six Weeks Ended For the Thirteen Weeks Ended ------------------------------- ----------------------------- February 26, February 27, February 26, February 27, 1995 1994 1995 1994 ------------ ------------ ----------- ----------- Net Sales ..................... $95,181,103 $88,173,318 $46,670,809 $46,236,626 ------------ ------------ ----------- ----------- Cost of Sales ................. 75,425,095 66,564,165 37,386,822 34,549,601 Merchandising Expenses ........ 5,336,975 4,696,912 2,731,249 2,398,521 Selling and Shipping Expenses . 6,582,942 5,854,230 3,275,439 3,123,363 General and Administrative Expenses ................... 6,829,904 6,579,943 3,366,754 3,612,364 Interest Expense (Net) ........ 1,158,994 810,774 645,742 427,737 Gain on disposal of Chino machinery and equipment .... -0- (1,420,606) -0- (1,420,606) ------------ ------------ ----------- ------------ Total ................... $95,333,910 $83,085,418 $47,406,006 $42,690,980 ------------ ------------ ----------- ------------ Earnings (Loss) before income taxes and extraordinary item (152,807) 5,087,900 (735,197) 3,545,646 Income tax provision (credit) . (21,000) 2,004,000 (263,000) 1,400,000 ------------ ----------- ----------- ----------- Earnings (Loss) before extra- ordinary item .............. (131,807) 3,083,900 (472,197) 2,145,646 Extraordinary item net of income tax credit (Note D) . (297,266) -0- (297,266) -0- ------------ ----------- ----------- ----------- Net Earnings (Loss) ........... ($429,073) $ 3,083,900 ($769,463) $ 2,145,646 ============ =========== =========== =========== Net Earnings (Loss) per common share before extraordinary item ....................... ($.04) $.86 ($.13) $.60 Extraordinary item ............ ($.08) -0- ($.08) -0- ------------ ----------- ----------- ----------- Net Earnings (Loss) per Common Share ...................... ($.12) $.86 ($.21) $.60 ============ =========== =========== =========== Number of shares used in computing earnings per Common Share .. 3,602,562 3,565,062 3,602,562 3,565,062 ============ =========== =========== =========== Dividend per Common Share ..... NONE NONE NONE NONE ============ =========== =========== =========== The attached notes are made a part hereof.
3 of 14 CONCORD FABRICS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (Note A) August 28, 1994 (Derived from February 26, Audited February 27, 1995 Financial 1994 A S S E T S (Unaudited) Statements) (Unaudited) - ----------- ------------ ------------ ------------ Current Assets: Cash .......................... $ 1,385,421 $ 1,577,382 $ 2,392,558 Temporary cash investments (at cost which approximates market) 600,000 -0- 3,000,000 Income tax refund receivable .. 898,211 -0- -0- Accounts receivable (less estimated doubtful accounts of $2,805,000 on February 26, 1995, $2,175,000 on August 28, 1994, and $2,440,000 on February 27, 1994) ......... 34,815,610 34,999,162 35,727,514 Inventories (Note B) .......... 30,284,320 31,084,560 24,894,543 Prepaid expenses and other current assets .............. 1,841,496 2,556,929 2,138,665 Deferred income taxes ......... 1,634,000 1,923,000 1,304,000 ----------- ----------- ----------- Total Current Assets .......... $71,459,058 $72,141,033 $69,457,280 Property, plant and equipment (at cost, less depreciation and amortization of $6,948,125 on February 26, 1995, $6,101,858 on August 28, 1994, and $6,347,481 on February 27, 1994) ............ 10,278,575 8,880,287 7,472,336 Property and plant leased to others 2,269,612 2,345,692 2,421,769 Deferred income taxes ............ 32,000 -0- -0- Other assets ..................... 1,959,785 1,528,493 1,316,545 ----------- ----------- ----------- T O T A L .................. $85,999,030 $84,895,505 $80,667,930 =========== =========== =========== The attached notes are made a part hereof. 4 of 14 CONCORD FABRICS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (Note A) August 28, 1994 (Derived from February 26, Audited February 27, 1995 Financial 1994 L I A B I L I T I E S (Unaudited) Statements) (Unaudited) - --------------------- ------------ ------------ ------------ Current Liabilities: Notes payable - banks (Note C) ................... $ 9,000,000 $ 9,600,000 $11,600,000 Notes payable - insurance company (current portion) (Note D) ................... -0- 1,500,000 1,500,000 Accounts payable .............. 10,662,311 15,190,783 13,989,869 Accrued expenses and taxes .... 3,721,053 7,011,810 4,282,337 Income taxes payable .......... -0- 992,637 585,431 ------------ ------------ ------------ Total Current Liabilities ..... $23,383,364 $34,295,230 $31,957,637 Notes payable - insurance company (Note D) .............. 20,000,000 7,500,000 9,000,000 Deferred income taxes ............ -0- 75,000 178,000 Other liabilities ................ 321,417 301,953 281,525 ------------ ------------ ------------ Total Liabilities ............. $43,704,781 $42,172,183 $41,417,162 Commitments and contingencies ------------ ------------ ------------ (Note E) S T O C K H O L D E R S ' E Q U I T Y Common stock: (Notes F & G) Class A - $.50 par value authorized 4,000,000 shares, issued 2,093,111 shares at February 26, 1995, 2,093,111 shares August 28, 1994 and 2,043,961 shares at February 27, 1994. ......... 1,046,555 1,046,555 1,021,980 Class B - $.50 par value authorized 4,000,000 shares, issued 1,509,451 shares at February 26, 1995, 1,509,451 shares at August 28, 1994 and 1,521,101 shares at February 27, 1994. ......... 754,726 754,726 760,551 Additional paid-in capital ....... 9,031,635 9,031,635 8,937,885 Retained earnings ................ 31,461,333 31,890,406 28,530,352 ----------- ----------- ----------- Total Stockholders' Equity .... $42,294,249 $42,723,322 $39,250,768 ----------- ----------- ----------- T O T A L .................. $85,999,030 $84,895,505 $80,667,930 =========== =========== =========== The attached notes are made a part hereof. 5 of 14 CONCORD FABRICS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (Note A)
For the Twenty-Six Weeks Ended -------------------------------- February 26, February 27, 1995 1994 ------------ ------------ Cash flows from operating activities: Net earnings (loss) ............................ ($429,073) $3,083,900 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Depreciation and amortization ............. 922,347 873,163 Deferred income tax ....................... 182,000 455,000 Provision for doubtful accounts ........... 630,000 600,000 Gain on disposal of Chino machinery and equipment ................................. -0- (1,420,606) Changes in assets: Decrease (increase) in: Accounts receivable ................. (446,448) 1,308,029 Inventories ......................... 800,240 (5,964,444) Income tax refunds receivable ....... (898,211) -0- Prepaid expenses and other current assets .................... 715,433 518,695 Other assets ........................ (431,292) (240,066) Changes in liabilities: Increase (decrease) in: Accounts payable .................... (4,528,472) 3,056,579 Accrued expenses and taxes .......... (3,290,757) (1,228,127) Income taxes payable ................ (992,637) 153,535 Other liabilities ................... 19,464 17,500 ----------- ----------- Net cash provided by (used in) operating activities: .................................. (7,747,406) 1,213,158 ----------- ----------- Cash flows from investing activities: Purchases of property, plant, and equipment ..... (2,244,555) (726,856) Proceeds of sale of Chino machinery and equipment -0- 2,000,000 ----------- ----------- Net cash provided by (used in) investing activities (2,244,555) 1,273,144 ----------- ----------- Cash flows from financing activities: Increase (decrease) in notes payable - bank ..... (600,000) 800,000 Increase in notes payable - insurance company (net) 11,000,000 -0- ----------- ----------- Net cash provided by financing activities .......... 10,400,000 800,000 NET INCREASE IN CASH AND CASH EQUIVALENTS .......... 408,039 3,286,302 ----------- ----------- Cash and cash equivalents - beginning of period .... 1,577,382 2,106,256 ----------- ----------- CASH AND CASH EQUIVALENTS - END OF PERIOD .......... $1,985,421 $5,392,558 =========== =========== The attached notes are made a part hereof.
6 of 14 CONCORD FABRICS INC. AND SUBSIDIARIES NOTES TO FORM 10-Q AS AT FEBRUARY 26, 1995 (Unaudited) Note A The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair representation have been included. Operating results for the twenty-six weeks ended February 26, 1995 are not necessarily indicative of the results that may be expected for the fiscal year ending September 3, 1995. These statements should be read in conjunction with the financial statements and notes thereto included in Registrant's annual report to shareholders and Form 10-K for the fiscal year ended August 28, 1994. Note B - Inventories: Inventories are summarized by categories as follows: February 26, August 28, February 27, 1995 1994 1994 ------------ ----------- ------------ Finished goods......... $16,878,027 $14,295,989 $ 9,806,305 Work-in-process........ 4,707,098 5,544,442 4,303,510 Greige goods and yarn.. 8,699,195 11,244,129 10,784,728 ------------ ----------- ------------ Total............... $30,284,320 $31,084,560 $24,894,543 ============ =========== ============ The foregoing inventory amounts at February 26, 1995 and February 27, 1994 were determined from perpetual inventory records maintained by Registrant. Note C - Notes Payable - Banks: At February 26, 1995, Registrant had total unused bank lines of credit aggregating $11,000,000; bank debt was $9,000,000. Amounts borrowed are generally due in 30 to 90 days. The line of credit arrangements are informal and cancellable at the banks' option. Registrant is generally expected to maintain average annual compensating bank balances in consideration of its average annual bank borrowings. Registrant believes it has been in substantial compliance with its arrangements and that withdrawal of bank balances is not legally restricted. A subsidiary of the Registrant had approximately $1,300,000 of letters 7 of 14 CONCORD FABRICS INC. AND SUBSIDIARIES NOTES TO FORM 10-Q AS AT FEBRUARY 26, 1995 (Unaudited) Continued of credit outstanding at February 26, 1995 for merchandise scheduled for future delivery. Note D - Notes Payable - Insurance Company: The loan from the Prudential Insurance Company of America, in the amount of $9,000,000 was repaid on November 30, 1994. On that date Registrant obtained a $20,000,000 loan from John Hancock Mutual Life Insurance Company. This unsecured loan bears interest at 9.31% a per annum and is repayable in seven equal annual installments commencing on November 30, 1998. A portion of the loan proceeds was used to repay the $9,000,000 loan outstanding to the Prudential Insurance Company of America and a prepayment penalty of $495,266 associated therewith. The prepayment penalty has been reported net of income tax credit as an extraordinary item ($297,266). The new loan agreement requires maintenance of certain financial ratios and maintenance of tangible net worth of appoximately $36,000,000. The agreement also prohibits the pledging of assets and restricts dividends and redemptions of capital stock to $3,000,000 plus 50% of net earnings subsequent to August 28, 1994; the cumulative amount available for such payments aggregated approximately $3,000,000 at February 26, 1995. Note E - Purchase Commitments: At February 26, 1995, Registrant had outstanding commitments to purchase greige goods aggregating $13,400,000. At February 27, 1994 outstanding purchase commitments were approximately $13,900,000. Note F - Common Stock: The Class A and Class B shares principally differ as follows: (1) The Class A shares have a 15% dividend preference and a 10% liquidation preference with respect to the Class B shares. (2) Holders of Class A shares are entitled to one vote a share whereas holders of Class B shares are entitled to ten votes a share. 8 of 14 CONCORD FABRICS INC. AND SUBSIDIARIES NOTES TO FORM 10-Q AS AT FEBRUARY 26, 1995 (Unaudited) Continued (3) Holders of Class A shares voting as a separate class are entitled to elect 25% of Registrant's directors and holders of Class A shares and Class B shares voting together are entitled to elect the remaining directors. (4) Class B shares are convertible into Class A shares on the basis of one share of Class A shares for each share of Class B shares; Class A shares have no conversion rights. Note G - Stock Options: Pursuant to an Incentive Program adopted on January 10, 1989, awards (as defined) may be granted to key employees of the Registrant up to a maximum of 500,000 shares of the Registrant's Class A common stock. On January 10, 1989, options to purchase an aggregate of 150,000 shares of the Registrant's Class A common stock at $3 a share (fair market value at such date) was granted to three employees. The options are exercisable in four annual installments commencing January 10, 1994 and expire ten years from the date of grant. At March 1, 1994 an option to purchase 10,000 shares of the Registrant's Class A common stock at $9.50 a share (fair market value at such date) was granted to an employee. The option is exercisable to the extent of one-third after one year, two-thirds after two years and in full after three years; the option expires March 1, 1999. Option activity for the twenty-six weeks ended February 26, 1995 is summarized as follows: Options Outstanding ------------------- Shares Available Number of for Grant Shares Amount Balance - August 28, 1994 .... 340,000 122,500 $432,500 Twenty-Six Weeks ended February 26, 1995: Granted -0- -0- -0- Exercised ................. -0- -0- -0- ------- -------- -------- Balance - February 26, 1995 .. 340,000 122,500 $432,500 ======= ======== ======== 9 of 14 CONCORD FABRICS INC. AND SUBSIDIARIES NOTES TO FORM 10-Q AS AT FEBRUARY 26, 1995 (Unaudited) Note H - Earnings (Loss) Per Share: Earnings (loss) per share are computed by dividing net earnings by common shares outstanding and common stock equivalents. Outstanding options did not have a material dilutive effect on earnings per share for the twenty-six weeks ended February 27, 1994. Note I - Chino, California Facility: In February 1994, the Registrant leased the land and building at the Chino California facility for a five year period at an annual net rental of $297,000; the lessee was also granted the option to purchase the land and building during the lease period for $2,900,000. Note J - Acquisition of a Kat-Em International,Inc.: On April 18, 1994, the Registrant purchased all of the capital stock of Kat-Em International, Inc. (Kat-Em) an importer of printed and solid finished fabrics used in the apparel industry. Proforma unaudited consolidated results of operations for the twenty-six and thirteen week periods ended February 27, 1994 as if the acquisition of Kat-Em occurred at the beginning of the twenty-six week period ended February 27, 1994 are as follows: Twenty-Six Thirteen Weeks Ended Weeks Ended February 27, February 27, 1994 1994 ------------ ------------ Net Sales .......................... $97,542,528 $49,812,836 Net Earnings ....................... $2,583,922 $1,695,668 Earnings per share ................. $.72 $.47 Proforma adjustments comprise interest on indebtedness to finance the acquisition and employment compensation arrangements. 10 of 14 CONCORD FABRICS INC. AND SUBSIDIARIES FEBRUARY 26, 1995 Item 2..........MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS OPERATIONS - Twenty-Six Weeks Ended February 26, 1995 Compared With Twenty-Six Weeks Ended February 27, 1994. Fabric sales increased by 7.9%. Without Kat-Em sales would have declined by 4.8%. Yardage sold increased by 6.8% but without Kat-Em's contribution yardage sold would have declined by 4.3%. The average selling price increased by slightly more than 1%. Gross profit margin decreased from 24.5% in fiscal 1994 to 20.8% in fiscal 1995 primarily due to higher raw material costs, poor plant performance and a less favorable product mix. Merchandising expenses increased by 13.6% due primarily to the acquisition of Kat-Em. Selling and shipping expenses increased 12.4% due primarily to the acquisition of Kat-Em. Interest expense increased by 42.9% due to higher short term interest rates and increased borrowing to support the working capital requirements of Kat-Em. There was a pre-tax loss of $153,000 for the first twenty-six weeks of fiscal 1995 compared with pre-tax earnings of $5,088,000 for the first twenty-six weeks of fiscal 1994. This dramatic change resulted from poor gross margins in the solid woven fabric business, part of which was attributed to manufacturing inefficiencies, and to losses generated by the Kat-Em International, Inc. subsidiary. The fiscal 1994 earnings included the gain from the disposal of Registrant's Chino machinery and equipment of $1,421,000. Net loss was $429,000 for 1995 and net earnings were $3,084,000 for 1994. Registrant's 1995 net loss included an extraordinary item (net of income tax credit) in the amount of $297,000. Registrant believes that the Kat-Em acquisition has strategically positioned it globally and will prove to be a contributor to future earnings. Registrant expects its manufacturing efficiency to improve in the third quarter of fiscal 1995. Registrant believes that operating results will gradually improve in the second half of fiscal 1995 but there is no assurance that this projection will be realized. OPERATIONS - Thirteen Weeks Ended February 26, 1995 Compared With Thirteen Weeks Ended February 27, 1994. Fabric sales increased by slightly less than 1%. Without Kat-Em sales would have decreased by 13.2%. Yardage sold decreased by slighty more than 1% but 11 of 14 CONCORD FABRICS INC. AND SUBSIDIARIES FEBRUARY 26, 1995 Item 2..........MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS Continued without Kat-Em's contribution the decrease would have been 14.6%. The average selling price increased by 2.1%. Gross profit margin decreased from 25.3% in fiscal 1994 to 19.9% in fiscal 1995 due to higher raw material costs, poor plant performance and a less favorable product mix. Merchandising expenses increased by 13.9% due primarily to the acquisition of Kat-Em. Interest expense increased by 51% due to higher short term interest rates and increased borrowing to support the working capital requirements of Kat-Em. There was a pre-tax loss of $735,000 for the second quarter of fiscal 1995 compared with pre-tax earnings of $3,546,000 for the second quarter of fiscal 1994. This dramatic change resulted from poor gross margins in the solid woven fabric business, part of which was attributed to manufacturing inefficiencies, and to losses generated by the Kat-Em International, Inc. subsidiary. The fiscal 1994 earnings included the gain from the disposal of Registrant's Chino machinery and equipment of $1,421,000. Net loss was $769,000 for 1995 and net earnings were $2,146,000 for 1994. Registrant's 1995 net loss included an extraordinary item (net of income tax credit) in the amount of $297,000. LIQUIDITY AND CAPITAL RESOURCES During the twenty-six weeks of fiscal 1995, Registrant's operations required the use of $7,747,000 cash due to the working capital requirements of the Kat-Em subsidiary; these were provided by increased long term debt (see Note D). $2,245,000 was used to to acquire machinery and equipment. Cash and cash equivalents increased by $408,000 during the period. Working capital for the twenty-six weeks ended February 26, 1995 increased $10,230,000 but would have shown a decrease of $770,000 if not for the increase in long term debt of $11,000,000 (see Note D). Registrant expects its lines of credit and cash flow from operations to be adequate to finance operations and meet its cash requirements for the balance of fiscal 1995. 12 of 14 CONCORD FABRICS INC. AND SUBSIDIARIES FORM 10-Q PART II Item 6. Exhibits and reports on Form 8-K -------------------------------- (a) Exhibits - None (b) No report on Form 8-K was filed by Registrant during the twenty-six weeks ended February 26, 1995. 13 of 14 CONCORD FABRICS INC. AND SUBSIDIARIES -------------------------------------- SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CONCORD FABRICS INC. Registrant Date: April 4, 1995 By /s/ Earl Kramer Earl Kramer President and Chief Executive Officer Date: April 4, 1995 By /s/ Martin Wolfson Martin Wolfson Senior Vice President-Treasurer Principal Financial Officer 14 of 14 EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE SECOND QUARTER AND TWENTY-SIX WEEKS ENDED FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO IT. 0000023249 CONCORD FABRICS INC. 1 U. S. DOLLARS 6-MOS 6-MOS 3-MOS 3-MOS SEP-03-1995 AUG-28-1994 SEP-03-1995 AUG-28-1994 AUG-29-1994 AUG-30-1993 NOV-28-1994 NOV-29-1993 FEB-26-1995 FEB-27-1994 FEB-26-1995 FEB-27-1994 1 1 1 1 1,985,421 5,392,558 1,985,421 5,392,558 0 0 0 0 34,815,610 35,727,514 34,815,610 35,727,515 0 0 0 0 30,284,320 24,894,543 30,284,320 24,894,543 71,459,058 69,457,280 71,459,958 69,457,280 10,278,575 7,472,336 10,278,575 7,472,336 0 0 0 0 85,999,030 80,667,930 85,999,030 80,667,930 23,383,364 31,957,637 23,383,364 31,957,637 0 0 0 0 1,801,281 1,782,531 1,801,281 1,782,531 0 0 0 0 0 0 0 0 0 0 0 0 85,999,030 80,667,930 85,999,030 80,667,930 95,181,103 88,173,318 46,670,809 46,236,626 95,181,103 88,173,318 46,670,809 46,236,626 75,425,095 66,564,165 37,386,822 34,549,601 95,333,910 83,085,418 47,406,006 42,690,980 0 0 0 0 0 0 0 0 1,158,994 810,774 645,742 427,737 (152,807) 5,087,900 (735,197) 3,545,646 (21,000) 2,004,000 (263,000) 1,400,000 0 0 0 0 0 0 0 0 (297,266) 0 (297,266) 0 0 0 0 0 (429,073) 3,083,900 (769,463) 2,145,646 (.12) .86 (.21) .60 0 0 0 0
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