National Lumber Reports 22% Increase in Income
National Lumber & Supply Inc. reported net income of $504,000 for the second quarter of its fiscal 1985, up 22% from $412,000 in the same period a year earlier.
Revenues for the quarter ended July 31 were $36.7 million, an 11% increase from $33.1 million a year ago.
For the first half of the fiscal year, however, the Fountain Valley home-improvement retailer reported an 8% drop in net income to $680,000 from $739,000. Revenues increased 10% to $67.9 million from $61.7 million.
National Lumber owns and operates 16 do-it-yourself centers in Southern California and plans to add three more stores before the end of the year. Melvin Jaffee, National Lumber’s president, said in a prepared statement that non-recurring expenses associated with the store openings and competitive pressures will continue to affect earnings in the third quarter. “We still anticipate good overall results in 1985 and an excellent year in 1986,” he said.