AUGSBURG FORTRESS FINANCES IMPROVED
Augsburg Fortress Publishers continues to
experience a decline in sales,
but also reports a decline in operating expenses.
Augsburg Fortress,
Minneapolis, is the publishing house of the
Evangelical Lutheran Church in
America. The Board of Trustees heard a finance
report at its meeting Oct.
9-11 in Minneapolis. Year-to-date sales through
August were $35,190,260
compared to $38,052,444 through Aug. 1996,
according to the Rev. Marvin L.
Roloff, president and CEO. Overall, with the sale
of real estate in
Columbus and Minneapolis, the financial condition
has improved, Roloff told
the board. Robert W. McNulty, vice president for
finance, reported "a
continuation of the gradual improvement in
profitability that began last
year." While it is an "encouraging trend," he
said, Augsburg Fortress
still does not have an operating surplus.
"Improvement is not a result of
growth but attributable to improved management of
inventories and
expenses," McNulty said. Operating expenses are
about 14 percent below
budget, he added. McNulty projects 1997 net sales
will be about seven and a
half percent below a hoped-for $59 million.
For information contact:
Ann Hafften, Director (773) 380-2958 or
NEWS@ELCA.ORG
http://www.elca.org/co/news/current.html
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About the Evangelical Lutheran Church in America:
The ELCA is one of the largest Christian denominations in the United States, with 2.8 million members in more than 8,500 worshiping communities across the 50 states and in the Caribbean region. Known as the church of "God's work. Our hands.," the ELCA emphasizes the saving grace of God through faith in Jesus Christ, unity among Christians and service in the world. The ELCA's roots are in the writings of the German church reformer Martin Luther.
For information contact:
Candice Hill Buchbinder
Public Relations Manager
Candice.HillBuchbinder@ELCA.org
