ADD to BW1252 (HAPPINESS-EXPRESS) Reports Third Quarter Loss; Includes Operating Expenses and Costs Associated With Closing Happiness Baby Club Division.NEW YORK--(BUSINESS WIRE)--Feb. 9, 1996--Add to BW1252 (HAPPINESS-EXPRESS): HAPPINESS EXPRESS INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . Statements of Operations (Unaudited) Three Months Ended December 31, 1995 1994 Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight $ 10,089,628 $ 20,014,613 Cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold 7,646,850 10,467,775 Gross profit 2,442,778 9,546,838 Selling expenses 4,231,115 3,436,633 General and administrative expenses 1,926,176 1,697,297 Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and costs associated with closing Happiness Baby division 3,650,454 -- Income (loss) from operations (7,364,967) 4,412,908 Net interest expense 210,397 64,830 Other income -- -- Income (loss) before provision for income taxes (7,575,364) 4,348,078 Provision (benefit) for income taxes (2,743,246) 1,751,003 Net income (loss) $(4,832,118) $2,597,075 Net income (loss) per share $ (0.59) $ 0.39 Weighted average s/o 8,154,000 6,700,050 Nine Months Ended December 31, 1995 1994 Net sales $ 39,937,092 $ 47,160,590 Cost of goods sold 23,126,468 24,371,511 Gross profit 16,810,624 22,789,079 Selling expenses 9,895,169 7,301,161 General and administrative expenses 5,845,032 3,855,718 Operating expenses and costs associated with closing Happiness Baby division 3,793,454 -- Income (loss) from operations (2,723,031) 11,632,200 Net interest expense 152,974 223,183 Other income -- (13,573) Income (loss) before income taxes (2,876,005) 11,422,590 Provision (benefit) for income taxes (887,000) 4,580,459(a) Net income (loss) (1,989,005) 6,842,131(a) Net income (loss) per share $ (0.24) $ 1.14(a) Weighted average s/o 8,218,915 5,992,494 (a) Prior to July 1, 1994, the Company was an "S" corporation and was not subject to federal income taxes. The nine-month 1994 results reflect a pro-forma tax expense that would have been incurred if the Company had been a "C" corporation for the entire period. HAPPINESS EXPRESS INC. BALANCE SHEETS (Unaudited) December 31, March 31, 1995 1995 ASSETS Current Assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. : Cash $ 1,209,018 $ 8,032,972 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying (net of allowance for credits of $334,000 at Dec. 31, 1995 and $336,000 at March 31, 1995 17,376,929 10,796,436 Due from factor 3,615,162 2,537,064 Inventory 10,778,465 11,752,885 Prepaid royalties 2,957,201 1,611,856 Prepaid and refundable income taxes 2,043,579 -- Other current assets Other Current Assets A balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable. 5,541,825 3,124,191 Total current assets 43,522,179 37,855,404 Property and equipment, net 5,838,838 3,195,133 Deposits on equipment 198,395 227,412 Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 242,290 94,990 Total assets $ 49,801,702 $ 41,372,939 LIABILITIES AND STOCKHOLDERS' EQUITY Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. Current Liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. : Notes payable $ 12,525,000 $ -- Accounts payable 202,303 244,225 Accrued expenses 1,325,784 1,515,780 Income taxes payable -- 2,861,312 Total current liabilities 14,053,087 4,621,317 Commitments and Contingencies Stockholders' Equity: Preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , $.001 par value, 5,000,000 shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. , none issued and outstanding -- -- Common stock, $.001 par value, 20,000,000 shares authorized, 8,154,000 and 8,067,500 shares issued and outstanding at December 31, 1995 and March 31, 1995, respectively 8,154 8,068 Additional paid-in-capital 31,385,930 30,400,017 Retained earnings 4,354,531 6,343,537 Total stockholders' equity 35,748,615 36,751,622 Total liabilities and stockholders' equity $ 49,801,702 $ 41,372,939 CONTACT: Michael Goldberg, C.F.O., Happiness Express, Inc., tel: (516) 484-3700 or Hal Levine/Marty Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , The Levine Group, tel: (212) 682-8875 |
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