Shelby Williams Industries Inc. credited “greater manufacturing efficiencies and lower expenses” following a restructuring at its textile division for improved fourth-quarter results. The firm said it boosted its quarterly dividend to 7 cents a share from 6 cents, payable Feb. 16 to holders of record Feb. 1.
The Chicago-based maker of contract seating said net income in the quarter grew to $1.28 million, or 14 cents a share, from a loss of $4.38 million, or 48 cents a share, a year earlier. Sales rose to $36.54 million from $35.72 million.
In the 1991 quarter the company recorded a charge of $5.3 million, or 58 cents a share, from the textile division restructuring.
For the full year, Shelby Williams’ net income rose to $3.6 million, or 40 cents a share, from a loss of $3.13 million, or 34 cents a share, in 1991. Sales rose to $140.3 million from $139.7 million.
