
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, April 28, 1990                   TAG: 9004280143
SECTION: BUSINESS                    PAGE: A7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

MOD-U-KRAF REPORTS LOSS

In Rocky Mount, Mod-U-Kraf Homes Inc. reported a first-quarter loss of $161,825 as the result of benefit payments to Robert K. Fitts, one of the founders who has taken early retirement. His successor is Dale H. Powell, president and chairman of the maker of modular homes, apartments and commercial buildings.

Fitts' retirement benefit of $577,382 had to be recognized as a liability in the quarter when he retired, according to accounting rules, the company said. Aside from his retirement and settlement of a contract with Fitts, Mod-U-Kraf said its net income for the quarter came to $54,320, slightly less than $59,350 a year ago. Sales declined slightly to $1.4 million from $1.5 million last year.

- Staff report

by CNB