AMRE ANNOUNCES RESULTS
AMRE ANNOUNCES RESULTS DALLAS, Dec. 16 /PRNewswire/ -- AMRE, Inc. (NYSE: AMM), a Dallas-
based direct consumer marketer of home improvement products, today announced results for the three months and six months ended Oct. 31, 1991.
THREE MONTH RESULTS For the three months ended Oct. 31, 1991, revenues increased 13.4 percent to $83.7 million from $73.8 million for the same quarter last year. The company's interior division contributed $18.2 million in revenues, a 32.3 percent increase over $13.7 million for the three months a year ago. The exterior division's revenues increased 9.1 percent to $65.5 million from $60.0 million for the same period last year. Income from operations for the quarter grew to $6.4 million from $5.0 million for the same quarter a year ago, an increase of 28.4 percent. During the quarter the company expensed approximately $9.4 million for the previously announced pending settlement of class action litigation and claims against the company. The company also expensed $2.2 million associated with the company's corporate relocation from Irving to Dallas, Texas. As a result of these unusual items, the company reported a net loss for the period of $3.3 million or $0.25 per share compared with net income of $3.4 million or $0.25 per share for the same three months a year ago. The after-tax impact of the corporate relocation and pending settlement of claims and litigation was a loss of $0.52 per share. SIX MONTHS RESULTS For the six months ended Oct. 31, 1991, revenues increased 10.5 percent to $158.9 million from $143.9 million for the six months a year ago. The company's interior division contributed $33.3 million in revenues, a 32.8 percent increase over $25.1 million for the six months ended Oct. 31, 1990. The exterior division's revenues increased 5.7 percent to $125.6 million from $118.8 million for the same six months last year. For the six-month period, income from operations grew to $12.7 million, an increase of 28.8 percent from $9.8 million for the same period last year. As a result of the unusual expenses related to the pending settlement of claims and litigation and corporate relocation, however, the company reported net income for the six months ended Oct. 31, 1991 of $701,000 or $0.05 per share compared with net income of $6.7 million or $0.48 per share for the same period a year ago. At Oct. 31, 1991, AMRE had $31.8 million in cash and marketable securities compared with $35.2 million at April 30, 1991. Management believes AMRE is North America's largest direct sales and marketing company for siding and kitchen cabinet refacing products. AMRE, INC. Condensed Statements of Income (unaudited) (in thousands, except per share data) Period ended; Three Months Six Months Oct. 1991(A) 1990 1991(A) 1990 Revenues $ 83,686 $ 73,784 $158,905 $143,865 Income from operations 6,407 4,989 12,658 9,824 Net income (loss) (3,292) 3,385 701 6,662 Income (loss) per share $ (0.25) $ 0.25 $ 0.05 $ 0.48 Weighted average shares outstanding 13,434 13,775 13,884 13,912 (A) -- Results include a net after-tax charge of $0.52 per share for expenses associated with the pending settlement of class-action litigation and claims against the company and the corporate relocation from Irving to Dallas, Texas. -0- 12/16/91 /CONTACT: Michael Keane of AMRE, 214-929-4088/ (AMM) CO: AMRE, Inc. ST: Texas IN: HOU SU: ERN FC -- NY029 -- 2460 12/16/91 11:17 EST
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|Date:||Dec 16, 1991|
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