Adventure Electronics Inc. corrects and replaces quarterly report issued April 22, 1997.MONTREAL--(BUSINESS WIRE)--April 23, 1997-- Adventure Electronics Inc. quarterly report: Slight increase in sales for the first quarter Adventure Electronics Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ;ME: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) ) disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). its 1997 first quarter results today, recording sales of $59.0 million during the quarter ended March 31, 1997, which represents a slight increase compared to sales of $58.6 million recorded during the first three months of 1996. Loss before depreciation, financial expenses and income taxes amounted to $1.8 million compared to earnings of $647,000 for the same period in 1996. Net loss for the quarter ended March 31, 1997 totaled $2.6 million, or $0.26 per share, compared to a net loss of $1.2 million, or $0.11 per share, for the corresponding quarter of 1996. During the quarter, the network of outlets remained stable with 153 stores. As planned, the company proceeded with an inventory reduction of $19.3 million, from $83.2 million as at Dec. 31, 1996, to $63.9 million as at March 31, 1997. Alain Alain: see Chartier, Émile Auguste. Kessous, president and chief executive officer of Adventure Electronics Inc. summarized the company's outlook on the industry this way: "We are ready to face the challenges posed pose 1 v. posed, pos·ing, pos·es v.intr. 1. To assume or hold a particular position or posture, as in sitting for a portrait. 2. To affect a particular mental attitude. by the difficult economic climate. "The company is confident that with its dynamic merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. and marketing strategies, the efficient management of its activities and inventory and by its constant adaptation adaptation, in biology, has several meanings. It can mean the adjustment of living matter to environmental conditions and to other living things either in an organism's lifetime (physiological adaptation) or in a population over many many generations (evolutionary to merchandising new technologies, it will be able to increase its profitability while maintaining its established level of customer service." The company announces the nomination NOMINATION, This word has several significations. 1. An appointment; as, I nominate A B, executor of this my last will. 2. A proposition; the word nominate is used in this sense in the constitution of the United States, art. 2, s. of Diane DIANE Diversified Information and Assistance Network (Tennessee Valley Authority) DIANE Direct Information Access Network for Europe DIANE Digital Integrated Attack and Navigation Equipment Beaudry as executive vice-president vice president or vice-pres·i·dent n. Abbr. VP 1. An officer ranking next below a president, usually empowered to assume the president's duties under conditions such as absence, illness, or death. 2. and chief financial officer effective July July: see month. 1st, 1997. Founded in 1989, Adventure Electronics Inc. is the largest specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retailer in its field in Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. and the second largest in terms of sales Terms of sale Conditions under which a firm proposes to sell its goods or services for cash or credit. in Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. . With its more than 1,600 employees, the company sells some 2,000 popular brand-name items in audio/video, computer products, and home applicances. The shares of Adventure Electronics Inc. are traded on the Montreal Stock Exchange Montreal Stock Exchange See Bourse de Montreal, Inc. (Canadian Derivatives Exchange) and the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors (AVN). -0-
STATEMENTS OF EARNINGS
(unaudited)
(in thousands of dollars, except per share amounts)
For the three months
ended March 31,
1997 1996
---------- ----------
Sales $59,040 $58,575
Cost of sales, operating and
administrative expenses 60,807 57,928
---------- ----------
(1,767) 647
Depreciation 1,650 1,457
Interest on long-term debt 515 516
Other interest -- net 417 548
---------- ----------
2,582 2,521
Loss before income taxes (4,349) (1,874)
Income taxes (1,743) (717)
---------- ----------
Net loss $(2,606) $(1,157)
---------- ----------
Net loss per share $ (0.24) $ (0.11)
---------- ----------
Weighted average number of shares
outstanding 10,833,776 10,833,776
---------- ----------
BALANCE SHEETS
(unaudited)
(in thousands of dollars)
As at March 31,
1997 1996
-------- --------
Assets
Current
Accounts receivable $6,416 $6,220
Inventory 63,870 66,388
Income taxes receivable 290 154
Prepaid expenses and other 2,061 1,972
-------- --------
72,637 74,734
Investments 1,281 495
Fixed assets 27,493 27,007
Deferred income taxes 5,748 4,441
-------- --------
$107,159 $106,677
-------- --------
Liabilities
Current
Bank indebtedness $15,211 $11,319
Accounts payable and accrued
liabilities 28,757 29,226
Current portion of long-term
debt 6,119 5,079
-------- --------
50,087 45,624
Long-term debt 18,800 20,881
Deferred lease inducements 4,033 3,890
-------- --------
72,920 70,395
------- --------
Shareholders' equity
Capital stock 21,565 21,565
Retained earnings 12,674 14,717
-------- --------
34,239 36,282
-------- --------
$107,159 $106,677
-------- --------
STATEMENTS OF CHANGES IN FINANCIAL POSITION
(unaudited)
(in thousands of dollars)
For the three months ended
March 31,
1997 1996
-------- ---------
Operating Activities
Net loss $(2,606) $(1,157)
Items
not affecting cash
Depreciation 1,650 1,457
Deferred income taxes (1,743) (717)
Amortization of deferred lease
inducements (178) (168)
Other elements 25 82
-------- --------
Working capital used in
operating activitie (2,852) (503)
Changes in non-cash working
capital items (14,134) (6,360)
-------- --------
Cash used in operating
activities (16,986) (6,863)
-------- --------
Financing Activities
Deferred lease inducements 60 --
Repayment of long-term debt (1,455) (782)
-------- --------
Cash used in financing
activities (1,395) (782)
-------- --------
Investing Activities
Net additions to fixed assets (1,096) (535)
-------- --------
Cash used in investing
activities (1,096) (535)
-------- --------
Decrease in cash (19,477) (8,180)
Cash position, beginning of year 4,266 (3,139)
-------- --------
Cash position, end of period $(15,211) $(11,319)
CONTACT: Adventure Electronics Inc. Alain Kessous, 514/352-5000 |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion