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AUDIO KING CORPORATION ANNOUNCES RECORD FIRST QUARTER RESULTS

 MINNEAPOLIS, Oct. 26 /PRNewswire/ -- Audio King Corporation (NASDAQ: AUDK) today reported sales and earnings results for its first quarter ended Sept. 30, 1993.
 Comparisons for the first quarter of fiscal 1993 versus the first quarter of last year are as follows: Sales of $9,410,934 were up 29 percent from the $7,315,743 achieved for the comparable quarter last year. Net profit from operations for the quarter was $73,404 ($.03 per share) compared to a loss of $25,819 ($.01 per share) in the same quarter last year. On July 1, 1993, the company adopted the provisions of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," resulting in a non recurring charge of $45,000 which reduced net income to $28,404 ($.01 per share).
 "Our first quarter performance exceeded our expectations. In past years, the first quarter was always our most difficult one due to the seasonality of our business, and our success this year bodes well for the future. We have begun construction and will open, before Christmas, our expanded Brooklyn Center location. We expect that sales and profitability for the remainder of this year will continue to show improvements over last year," said Gary Thorne, president and chief executive officer.
 Audio King operates consumer electronic stores, eight in Minnesota and one in South Dakota.
 AUDIO KING CORPORATION AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
 9/30/93 9/30/92
 Net sales $9,410,934 $7,315,743
 Cost of merchandise sold 5,897,611 4,625,684
 Gross profit 3,513,323 2,690,059
 Selling, general and
 administrative expenses 3,344,727 2,698,834
 Operating income (loss) 168,596 (8,775)
 Interest expense, net 36,192 38,044
 Income (loss) before income
 taxes and cumulative effect
 of change in accounting for
 income taxes 132,404 (46,819)
 Income tax provision (benefit) 59,000 (21,000)
 Net income (loss) before
 cumulative effect of change
 in accounting for income taxes 73,404 (25,819)
 Cumulative effect on prior
 years of change in accounting
 for income taxes 45,000 --
 Net income (loss) $28,404 $(25,819)
 Earnings per share:
 Net income (loss) before
 cumulative effect of change
 in accounting principle $.03 $(.01)
 Cumulative effect on prior years
 of a change in accounting
 for income taxes (.02) --
 Net income (loss) per share $.01 $(.01)
 Weighted average shares of
 common stock outstanding
 for the three months ended
 Sept. 30, 1993 and 1992 2,754,511 2,605,085
 -0- 10/26/93
 /CONTACT: Gary Thorne, president and chief executive officer, or Randel Carlock, chairman, of Audio King, 612-920-0505/
 (AUDK)


CO: Audio King Corporation ST: Minnesota IN: REA SU: ERN

DS-CP -- MN007 -- 6817 10/26/93 10:38 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
Words:458
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