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Cone goes hungry on a high-fiber diet. (Cone Mills Corp.)
Business North Carolina
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April 1, 1997|
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COPYRIGHT 1997 Business North Carolina. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group.
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The 1990s have not been kind to Greensboro-based Cone Mills Corp., the world's largest maker of denim. When Cone (COE-NYSE) returned to the public market in 1992 after eight years in private hands, it enjoyed record earnings. Net income hit $1.59 a share, then rose to $1.68 in 1993.
Since then, it has been downhill. Net income dwindled each successive year, slipping into the red in 1995. In 1996, Cone lost 19 cents a share on $745.9 million in revenue. But executives are hoping the beleaguered company will turn the corner this year as it sheds non-core businesses.
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