House of Fabrics Profits Drop 71%, Sales Rise in First Quarter
House of Fabrics Inc. reported first-quarter profits were down 71% from the same period last year. Net income for the three months ended April 30 was $748,000, or 11 cents a share.
Sales over the quarter, however, increased 6% over the same period last year, up to $64 million.
David I. Sofro, chairman and chief executive officer of the Sherman Oaks-based company, attributed the downturn to an early Easter, limiting the number of selling days, and bad weather, keeping shoppers home in many parts of the country. He also said the company put money into reorganizing its stores, placing a new emphasis on sewing machines and crafts, traditionally stronger sellers during the holiday season.
House of Fabrics operates 779 retail fabric and craft stores in 47 states.
National Technical Reports Record 25% Sales Increase
Sales for National Technical Systems, a high-technology service company, were up a record 25% for the quarter ended April 30, a spokeswoman said. The Calabasas firm reported sales of $6.13 million for the period.
Net income for the quarter was $170,000, or 6 cents per share, contrasted with only $2,000 a year ago. The dramatic increase in profits resulted from the elimination of losses from a discontinued operation, United Education and Software, said Ann Thryft, a company spokeswoman. Net earnings were $170,000, contrasted with $96,000 a year ago.
National Technical Systems is an engineering, analysis and testing company. Some of its projects include missile testing, environmental studies and structural readiness statements.
Lincoln Bancorp Records 2% Rise in Earnings
Lincoln Bancorp, parent company of Lincoln National Bank, reported earnings of $127,884 for the quarter ended March 31, up 2% over the same period last year, bank officials said.
Assets for the company at the close of the first quarter were $122.9 million, up 60% over the same period in 1984. Deposits were $114.2 million, an increase of 61% from the March 31, 1984, report. Lincoln Bancorp, founded three years ago, is based in Encino.
