Record Sales Pace Boosts TS Industries 34% in 1st Quarter
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TS Industries Inc., a Huntington Beach company that makes a number of products used to insulate buildings, said its fiscal 1987 first-quarter net earnings of $360,000 were up 34% increase from $269,000 a year earlier. Sales for the period ended Dec. 31 more than doubled to a record $15.1 million from $6.9 million a year earlier.
The company said that the increased earnings were due primarily to the expansion of the company’s plant in Massachusetts and to the acquisitions of Won-Door Corp. of Salt Lake City, Utah, in November and Chemical Express Inc., also of Salt Lake City, in September. The September acquisition of the remaining 50% of Resin Technology in Ontario also had a positive impact on the company, officials said.
Also, the company’s board of directors has approved a 3-for-2 stock split for stock of record as of April 3. A company spokeswoman said that about 7.8 million shares of common stock will be outstanding after the split takes effect April 16.
TS Industries’ stock closed unchanged Friday in over-the-counter trading at $25.875.
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