Adventure Electronics Inc. - Good Increase in Sales and Earnings for First Nine Months of Fiscal 1995.MONTREAL Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. , Quebec--(BUSINESS WIRE)--Nov. 9, 1995--ADVENTURE ELECTRONICS(ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : AVN AVN Aviation AVN Avenue AVN Adult Video News AVN Avascular Necrosis AVN Atrioventricular Node AVN Aviation Model (weather forecast model, now Global Forecast System) AVN Air Vanuatu (ICAO code) ) For the nine months ended September September: see month. 30, 1995, Adventure announces sales of $180.2 million, up 40 percent over $129.2 million for the corresponding period of the previous year. The main factors behind the higher sales are the expansion of the network and the increase in market share for computer products. Earnings before depreciation, amortization, financial expenses and income taxes amounted to $7.8 million, compared with $5.2 million for the first nine months of 1994, an increase of 50 percent. Net earnings grew by 14 percent, reaching $1.5 million or $0.14 per share, up from $1.3 million or $0.12. For the third quarter, sales increased by 10 percent to $69.2 million, up from $62.9 million in 1994. Net earnings rose from $1.06 million or $0.10 per share to $1.08 million or $0.10 per share. Sales growth was curbed curb n. 1. A concrete border or row of joined stones forming part of a gutter along the edge of a street. 2. An enclosing framework, such as that around a skylight. 3. by difficult conditions in the retail market which seem to persist into the fourth quarter. Nevertheless, sales of computer products continued to rise. This had a slight impact on the net profit margin, which remained nonetheless relatively stable at 1.57 percent of sales compared with 1.69 percent for the corresponding period in 1994. Rigorous cost controls minimized the effects of the reduction in gross margin, which was generally lower for computer products. During the third quarter, the Company opened three superstores This is a list of superstores by country. Multi-national
Renovation of the former Majestic stores continues; since the beginning of the year, three superstores and nine boutiques have been completely renovated. Adventure plans to open three superstores and three maxi-boutiques during the fourth quarter. In October 1995, Robert Fragman, Chairman of the Board and Chief Executive Officer, was named Laureate lau·re·ate adj. 1. Worthy of the greatest honor or distinction: "The nation's pediatrician laureate is preparing to lay down his black bag" James Traub. 2. for the Entrepreneur entrepreneur (än'trəprənûr`) [Fr.,=one who undertakes], person who assumes the organization, management, and risks of a business enterprise. of the Year Award in Quebec, Retail Sector, for his track record in the retail sector and his contribution to job creation in Quebec. Adventure Electronics Inc. Financial Highlights - Statement of Earnings (unaudited) -0-
(in thousands of For the nine months For the quarter
dollars, except for ended September 30, ended September 30,
earnings per share)
1995 1994 1995 1994
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Sales $180,209 $129,206 $69,173 $62,932 Earnings before depreciation, amortization financial expenses and income taxes 7,776 5,180 3,504 2,970 Net earnings 1,500 1,319 1,085 1,062
Earnings per share $0.14 $0.12 $0.10 $0.10
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Weighted average
number of shares
outstanding 10,877,184 10,618,992 10,867,364 10,853,097
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CONTACT: Robert Fragman 514/352-5000 REPEATS: New York New York, state, United States 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 212-575-8822 or 800-221-2462; Boston 617-236-4266 or 80 |
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