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AUDIO KING CORPORATION REPORTS RECORD THIRD-QUARTER AND NINE-MONTH RESULTS

 AUDIO KING CORPORATION REPORTS RECORD THIRD-QUARTER
 AND NINE-MONTH RESULTS
 MINNEAPOLIS, April 20 /PRNewswire/ -- Audio King Corporation (NASDAQ: AUDK) today reported record sales and earnings results for its third quarter and nine months ended March 31, 1992.
 Comparisons for the quarter versus the same period last year are as follows: sales were $7,756,000 versus $5,616,000; cost of good sold was $4,927,000 versus $3,311,000; gross profit was $2,829,000 versus $2,305,000; and net income was $75,000 versus $5,000.
 Comparisons for the nine months versus the same period last year are as follows: sales were $22,460,000 versus $17,659,000; cost of goods sold was $14,066,000 versus $10,556,000; gross profit was $8,394,000 versus $7,102,000; and net income was $254,790 versus $78,000.
 Sales for the quarter and nine months were up 38 percent and 27 percent, respectively, versus the same periods last year. Net income for the quarter and nine months increased by $70,000 (1,389 percent) and $176,000 (225 percent), respectively, versus the same periods last year. "We are very pleased with these results because they confirm the effectiveness of our promoting specialist strategy, which utilizes larger stores and increased advertising. Our record results this quarter were achieved with nine stores compared to 12 stores last year. We are continuing to invest in our larger store format, and we completed the remodeling and expansion of our St. Cloud, Minn. location in February," said Gary Thorne, president and chief executive officer.
 Audio King Corporation is a holding company formed in 1985 for the purpose of operating specialty consumer electronics stores. The company's only operating subsidiary is Audio King, Inc., which was acquired in September 1986. Audio King operates eight stores in Minnesota and one in South Dakota.
 AUDIO KING CORPORATION AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended Nine Months Ended
 3/31/92 3/31/91 3/31/92 3/31/91
 Net sales $7,755,997 $5,616,459 $22,459,505 $17,658,542
 Cost of merchandise
 sold 4,927,132 3,311,073 14,065,749 10,556,115
 Gross profit 2,828,865 2,305,386 8,393,756 7,102,427
 Selling, general and
 administrative
 expenses 2,649,134 2,237,178 7,785,373 6,753,959
 Operating income 179,731 68,208 608,383 348,468
 Interest expense, net 42,510 58,996 145,129 206,027
 Income before income
 taxes 137,221 9,212 463,254 142,441
 Provision for income
 taxes 61,749 4,145 208,464 64,098
 Net income $75,472 $5,067 $254,790 $78,343
 Net income per share $.04 -- $.12 $.04
 Weighted average number of
 shares of common stock
 outstanding 2,070,891 2,070,891 2,070,891 2,070,891
 -0- 4/20/92
 /CONTACT: Gary Thorne or Randel Carlock, 612-920-0505, both of Audio King Corporation/
 (AUDK) CO: Audio King Corporation ST: Minnesota IN: REA SU: ERN


AL -- MN011 -- 0146 04/20/92 14:23 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Apr 20, 1992
Words:518
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