BIG O TIRES ANNOUNCES SECOND QUARTER RESULTS, SALES OF REAL ESTATE.ENGLEWOOD Englewood (ĕng`gəlw  d).1 City (1990 pop. 29,387), Arapahoe co., N central Colo., on the South Platte River, a residential and industrial suburb of Denver; inc. 1903. , Colo.--(BUSINESS WIRE)--July 19, 1995--Big O Tires, Inc. (NASDAQ/NMS:BIGO) today announced its operating results for the three month and six month periods ending June June: see month. 30, 1995. Sales for the second quarter, 1995, and for the first six months, 1995, increased as a result of the sales of six company real estate holdings during the second quarter, 1995. Three involved projects developed by the company for franchisees, one related to a land sale for a site the company elected not to develop, and two sales related to retail properties previously held as investments that the company elected to sell. For the quarter ended June 30, 1995, sales increased $6,690,000 to $37,777,000 as compared to the same period, 1994, of which $3,339,000 of this increase related to real estate sales. For the six months ended June 30, 1995, company sales totaled $66,930,000, an increase of $9,450,000 (which includes the $3,339,000 real estate sales increase) over the same period, 1994. Much of the remaining increase for each of the first two quarters was attributable to the continued success of the Cost-U-Less(TM) marketing program implemented during the third quarter, 1994. Gross profit increased to $8,243,000 for the quarter ended June 30, 1995, an increase of $160,000 over the second quarter, 1994. Product delivery expenses increased to $1,090,000 from $750,000, much of which resulted from the increased delivery costs from the company's consolidated warehouse operation near Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). . Selling and administrative expenses decreased by $146,000 as a result of management's continued emphasis on reducing overhead expense. Costs associated with the June 1994 shareholder proposal amounted to $227,000 ($.04 per share). The company also recorded a $320,000 pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charge to earnings ($.05 per share ) to conclude its warehouse consolidation program, most of which was attributable to the reduced sales price obtained for the Vacaville, California Vacaville, California is located in Solano County, California, United States, between Sacramento and San Francisco. As of the 2000 census, the city had a total population of 88,625. warehouse sold in July July: see month. , 1995. Net income for the quarter ended June 30, 1995 amounted to $645,000 ($.19 per share) as compared to the $650,000 ($.19 per share) recorded for the second quarter, 1994. Gross profit for the first six months, 1995, increased to $14,983,000 over the $14,368,000 reported for the same period, 1994. Product delivery expense increased to $1,941,000, a $666,000 increase attributable to the implementation of the company's warehouse consolidation. Selling and administrative expense decreased by $501,000 to $9,638,000 compared to year earlier levels. Shareholder proposal expense amounted to $548,000 ($.09 per share) as compared to the $99,000 expense reported in 1994 ($.02 per share). The warehouse consolidation charge $320,000 ($.04 per share) also reduced pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta earnings for the six month period ended June 30, 1995. Net income amounted to $934,000 ($.28 per share) as compared to the $855,000 ($.26 per share) reported for the first six months of 1994. The following are the financial results for the second quarters of 1995 and 1994, as well as for the six month periods ended June 30, 1995 and 1994. -0-
BIG O TIRES, INC.
OPERATING RESULTS
QUARTER ENDED JUNE 30
(000's omitted except share amounts)
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1995 1994
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Net sales:
Product and franchising $ 34,438 $ 31,087
Real estate 3,339 0
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Total net sales $ 37,777 $ 31,087
Income before non-recurring charges 1,658 1,733 Loss on sale or closure of retail stores -- 604 Warehouse consolidation costs 320 -- Expenses associated with shareholder proposal 227 -- Income before income taxes 1,111 1,129 Net income 645 650 Net income per share $ .19 $ .19 Average shares outstanding 3,375,036 3,339,764
BIG O TIRES, INC.
OPERATING RESULTS
Six Months Ended June 30
(000's omitted except share amounts)
------------------------------------
1995 1994
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Net sales:
Product and franchising $ 63,591 $ 57,480
Real estate 3,339 0
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Total net sales: $ 66,930 $ 57,480
Income before non-recurring charges 2,572 2,287 Loss on sale or closure of retail stores 95 702 Warehouse consolidation costs 320 -- Expenses associated with shareholder proposal 548 99 Income before income taxes 1,609 1,486 Net income 934 855 Net income per share $ .28 $ .26 Average shares outstanding 3,375,430 3,332,669 -0- Note to Editors: Big O Tires, Inc., is one of the largest independent retail tire and auto service franchisors in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , with over 380 stores in 18 states primarily in the West and Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians . The company also distributes tires and other automotive products to Associated Dealers in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . It is the sole distributor of its private Big O brand tires and a major distributor of other brands such as Michelin Michelin in full Compagnie Générale des Etablissments Michelin Leading French manufacturer of tires and other rubber products. It was founded in 1888 by the Michelin brothers, André (1853–1931) and Édouard (1859–1940), to , B.F. Goodrich Goodrich is a surname, and may refer to:
See: Secondary market. aftermarket See secondary market. suspension parts manufactured by Monroe Monroe. 1 Industrial city (1990 pop. 54,909), seat of Ouachita parish, SE La., on the Ouachita River; founded c.1785, inc. as a city 1900. The center of the great Monroe Natural Gas Field (discovered 1915), it has important chemical plants, as well as Auto Equipment. CONTACT: Big O Tires, Inc. Beth Hayne, 303/790-2800 |
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