Zemex Reports Improved Results for Third Quarter 2001
November 1, 2001
Zemex Corp. recently reported net income of $0.01 per share for the third quarter ended September 30, 2001, compared to a loss of $0.05 per share in the third quarter of 2000. Revenue decreased to $14.1 million from $18.4 million in the comparable period of 2000, largely due to the sale of assets and the shedding of non-core businesses, as well as the suspension of operations at the company's North Carolina muscovite mica facility in the ensuing interval. Reflecting these changes, gross margins improved from 23.6% to 34.2%, quarter over quarter, and EBITDA (earnings before interest, income tax, depreciation and amortization) increased from $1.4 million to $1.9 million, or 32.2% compared to the third quarter of 2000. During the third quarter, feldspar operations continued to perform well. This material serves the ceramic industry, which in turn serves the housing market, both new and retrofit.
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