AID AUTO STORES, INC. ANNOUNCES THIRD QUARTER AND NINE MONTHS FINANCIAL RESULTS.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)--Nov. 14, 1995--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 third quarter and nine months ended September 30, 1995. Revenues for the quarter ended September 30, 1995 were $5,080,320 compared to $5,780,896 reported for the same period a year ago. The net loss for the period was $117,710, or ($0.03) per share, based on 3,800,000 weighted average common shares outstanding, compared to a net loss of $83,540, or ($0.04) per share, based on 2,000,000 weighted average common shares outstanding, for the third quarter ended June 30, 1994. Revenues for the nine months ended September 30, 1995 were $14,705,527 compared to $18,146,008 reported for the same year ago period. The net loss for the first nine months of fiscal 1995 was $447,985, or $(0.14) per share, based on 3,147,253 weighted average common shares outstanding, compared to a net loss of $32,594, or ($0.02) per share, based on 2,000,000 weighted average common shares outstanding, for the nine months ended September 30, 1994. The increase in the weighted average number of common shares outstanding for the three and nine month periods ended September 30, 1995 reflect the Company's April 1995 initial public offering of 1,800,000 common shares. Commenting on the results, Philip L. Stephen, chairman and chief executive officer of Aid Auto Stores, Inc., stated, "The Company's short term revenue growth continued to be negatively impacted, as expected, by that part of our planned 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. expansion strategy, which includes a decision to generally not grant new franchises which results in a loss of sales to new franchisees. Additionally, by not granting new franchises, the Company does not generate the initial franchise fee, as well as monthly advertising and franchise fees, the initial opening order received from a new franchisee and monthly purchases. Despite the Company's lack of revenue growth, which we anticipate will be a short term problem, we are tremendously pleased with the progress we have made with respect to implementing the Superstore expansion program and, based on the results of our Long Island City Superstore, remain confident that this strategy will firmly position Aid Auto for considerable future revenue and earnings growth." Mr. Stephen continued, "In connection with our Superstore expansion program, we recently acquired ten Aid Auto Stores from one of our franchisees, nine of which we plan to convert into Superstores This is a list of superstores by country. Multi-national
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . We continue to review potential sites for additional Superstores throughout the New York Metropolitan region and anticipate announcing leases for new stores in the near future. AID AUTO STORES, INC., is a major 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. 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-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. . -0-
AID AUTO STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30 Sept. 30
1995 1994 1995 1994
Revenues: $5,080,320 $5,780,896 $14,705,527 $18,146,008 Total costs and expenses $5,098,914 $5,789,291 $14,724,094 $17,896,439 Income (loss) from operations (18,594) (8,395) (18,567) 249,569 Loss from operations before income taxes (62,710) (118,540) (306,985) (137,594) Provision (benefit) for income taxes 55,000 (35,000) 141,000 (105,000) Net income (loss) $(117,710) $(83,540) $(447,985) $ (32,594) Income (loss) per common share Income (loss) from continuing operations before income taxes $ (0.02) $ (0.06) $ (0.10) $ (0.07) Net income (loss) per common share $ (0.03) $ (0.04) $ (0.14) $ (0.02) Weighted Avg. common shares outstanding 3,800,000 2,000,000 3,147,253 2,000,000 CONTACT: Company contact: Philip L. Stephen Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 516-338-7889 or Lippert/Heilshorn & Associates Jeffrey Volk -- Ext. 102 Richard Foote -- Ext. 119 212-838-3777 |
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