Silvercrest Industries Reports Turnaround

Silvercrest Industries Inc. reported net earnings of $315,000 for its fiscal 1986 ended June 30, compared with a fiscal 1985 net loss of $4 million. But revenue fell 6% to $55.7 million from $59.2 million.

For its fourth quarter, the Santa Ana manufacturer of mobile homes reported net earnings of $192,000, compared with a net loss of $1.9 million. Fourth-quarter revenue fell 3% to $15.1 million from $15.6 million.

Gary King, Silvercrest’s executive vice president, blamed the lower revenue on the closing last year of a plant in Ontario used to manufacture prefabricated dwellings. Internal cost-cutting measures, coupled with a strong performance by a firm Silvercrest acquired in January, accounted for the 1986 turnaround, he said.