AID AUTO STORES, INC. ANNOUNCES FOURTH QUARTER AND YEAR END FINANCIAL RESULTS; Reports Profit For Month of December; Company Expects Considerable Improvement In First Quarter Over Comparable Year Ago Period.WESTBURY Westbury, residential village (1990 pop. 13,060), Nassau co., SE N.Y., on Long Island; settled 1650, inc. 1932. The State Univ. of New York's Westbury campus is located in the village. Harness races are held at Roosevelt Raceway there. , N.Y.--(BUSINESS WIRE)--APRIL 1, 1996--AID AUTO STORES, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (Nasdaq Symbols: AIDA (language) AIDA - 1. A functional dialect of Dictionary APL by M. Gfeller. ["APL Arrays and Their Editor", M. Gfeller, SIGPLAN Notices 21(6):18-27 (June 1986) and SIGAPL Conf Proc]. 2. , AIDAW), today announced financial results for its fourth quarter and year ended December December: see month. 31, 1995. Operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. for the fourth quarter ended December 31, 1995 were $5,558,306 compared to $6,036,088 reported for the same period a year ago. The net loss for the period was $(255,896), or ($0.12) per share, based on 3,827,408 weighted average common shares outstanding, compared to a net profit of $52,537, or $0.03 per share, based on 2,000,000 weighted average common shares outstanding, for the fourth quarter ended December 31, 1994. Operating revenues for the year ended December 31, 1995 were $20,263,833 compared to $24,182,096 reported for the 1994 year. The net loss for 1995 was $(703,881), or $(0.22) per share, based on 3,269,374 weighted average common shares outstanding, compared to net income of 19,763, or $0.01 per share, based on 2,000,000 weighted average common shares outstanding, for the year ended December 31, 1994. The increase in the weighted average number of common shares outstanding for the three and twelve month periods ended December 31, 1995 primarily reflects the company's April 1995 initial public offering of 1,800,000 common shares. The company stated that the decrease in revenues in 1995 compared to 1994 represents the commencement of its Superstore su·per·store n. A very large retail store that stocks highly diversified merchandise, such as groceries, toys, and camera equipment, or a wide variety of mechandise in a specific product line, such as computers or sporting goods. growth strategy as well as the termination of several non-performing franchises. The Superstore strategy entails generally not granting new franchises which results in a loss of franchise fees and product orders as well as the typical initial stocking order for a new franchise. The company also attributed the sales decline to the mild, auto-friendly winter of 1994/95. Commenting on the results, Philip L. Stephen, chairman and chief executive officer of Aid Auto Stores, Inc., said, "As we have previously stated, the company's short term revenue growth continued to be negatively affected, as expected, by our Superstore expansion strategy. This strategy entails a conscious decision to generally not grant new franchises which results in a loss of sales to new franchisees. Also as a result of not granting new franchises, the company does not generate the initial franchise fee, in addition to a monthly advertising and franchise fee, the initial opening order received from a new franchisee, and monthly purchases. In addition, the company terminated a number of non-performing franchises during 1995 However, we are confident that past losses incurred while implementing this strategy will prove to be an excellent investment in Aid Auto's future." Mr. Stephen continued, "Primarily as a result of the opening of our Superstore in Long Island City this past June, the acquisition of ten Aid Auto Stores, nine of which have already been converted to the Superstore merchandise assortment assortment /as·sort·ment/ (ah-sort´ment) the random distribution of nonhomologous chromosomes to daughter cells in metaphase of the first meiotic division. as·sort·ment n. , as well as the severe winter weather experienced in the Northeast, the company posted a net profit for the month of December. In addition, based upon these factors and the recent grand openings of Superstores This is a list of superstores by country. Multi-national
Mr. Stephen continued, "We remain very excited about the long term outlook for the company and the Superstore growth strategy. Aid Auto currently has 17 company-owned stores, three of which are Superstores and all but two of which carry the Superstore merchandise assortment. Although only open for a short time, the company's two newest Superstores in Brooklyn and Staten Island are expected to make strong contributions to Aid Auto's financial performance in fiscal 1996 and beyond. We expect sales at our Bethpage and Oceanside, New York Oceanside is a hamlet (and census-designated place) located in the south part of the Town of Hempstead, Nassau County, New York. The population was 32,733 at the 2000 census. History Dr. Walter S. stores will be enhanced upon completion of expansion activities at both locations and anticipate the other eight Aid Auto franchises acquired late last year will also be a positive factor in the company's future growth. Mr. Stephen concluded, "We continue to evaluate potential locations for additional Aid Auto Superstores. Based on our knowledge and experience, we are confident in our ability to select what we believe are key locations for Superstores in the New York Metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. , as well as negotiate leases which are beneficial to the company. We anticipate announcing additional leases for Superstores in the second quarter." AID AUTO STORES, INC., is a major New York metropolitan area franchisor, retailer and wholesaler of automotive parts and accessories, targeting both the do-it-yourself and commercial markets. Through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Ames Ames, city (1990 pop. 47,198), Story co., central Iowa, on the Skunk River; inc. 1870. Its chief manufactures are electronic, water-analysis, and water-treatment equipment; motor vehicles; construction materials; and machinery. Iowa State Univ. Automotive Warehouse, Inc., the Company supplies automotive aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. products for resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. to non- non- word element [L.]not . non- pref. Not: noninvasive. automotive chain stores and independent jobbers and installers in the tri-state area There are a number of places in the United States known as tri-state areas where three states or holdings meet at one point (a tripoint), or in proximity to each other. The two most well-known are for the New York and Chicago metropolitan areas. .
AID AUTO STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
Three Months Ended Year Ended
December. 31, December 31,
1995 1994 1995 1994
Operating Revenues $5,558,306 $6,036,088 $20,263,833 $24,182,096 Cost of sales $3,398,479 $3,927,554 $13,594,260 $16,980,220 Selling and shipping 1,238,485 998,475 3,411,456 3,477,350 General and administrative 1,121,482 815,312 3,476,824 3,180,210 Income (Loss) from continuing operations before income taxes (232,896) 229,357 (539,881) 91,763 Income (Loss) from continuing operations (255,896) 52,357 $(703,881) 19,763 Net income (Loss) (255,896) 52,357 $(703,881) 19,763 Income (Loss) from continuing operations per share (0.12) .08 $ (0.22) $ 0.01 Net income (Loss) per share (0.08) .03 $ (0.22) $ 0.01 Weighted average number of shares outstanding 3,827,408 2,000,000 3,269,374 2,000,000
Consolidated Balance Sheet Data:
Year Ended December 31,
1995 1994
Working capital $ 6,552,699 $ 2,051,508 Total assets 25,301,722 12,860,115 Long-term debt 3,613,623 2,777,239 Stockholders' equity 9,038,701 1,695,709 CONTACT: Lippert/Heilshorn & Associates Jeffrey Volk -- Ext. 102 Richard Foote -- Ext. 119 212/838-3777 or AID AUTO STORES, INC. Philip L. Stephen, 516-338-7889 |
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