Barry's Jewelers reports fiscal 1995 second-quarter results.MONROVIA Monrovia, city, Liberia Monrovia (mənrō`vēə), city (1986 est. pop. 465,000), capital of the Republic of Liberia, NW Liberia, a port on the Atlantic Ocean at the mouth of the St. Paul River. , Calif.--(BUSINESS WIRE)--Jan. 10, 1995--Barry's Jewelers Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BARY) Tuesday reported results for its fiscal 1995 second quarter and six months, ended Nov. 30, 1994. For the second quarter, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight rose 20 percent to $31.4 million from $26.1 million in the same period of fiscal 1994. Comparable- store sales for the quarter were also strong, rising 11 percent over last year. For the quarter, the net loss was $591,000, or 15 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , vs. a loss of $143,000, or 7 cents per share, in the second quarter of fiscal 1994. The company's results for the quarter were influenced by a $649,000 increase in interest costs related to its $87 million debt recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. , which was completed in December 1993. For the first six months of fiscal 1995, net sales increased 17 percent to $56 million from $48 million for the same period in fiscal 1994. Comparable-store sales increased 12 percent over the prior year's six-month period. The net loss for the first six months of fiscal 1995 was $1.5 million, or 37 cents per share, compared with a loss of $1.4 million, or 69 cents per share, for the same period last year. Interest costs for the period were $1.1 million higher than the prior year. Commenting on the company's results, Terry L. Burman, president of Barry's Jewelers, said: ``The strong sales growth we achieved during the first six months of fiscal 1995 demonstrate the effectiveness of our value-pricing and market-expansion strategies. During this period, we positioned the company to leverage its investment in additional inventory and new store openings for the holiday selling season. ``This strategy paid off in December with a 13 percent comparable-store sales increase and new stores that significantly exceeded their sales plan. ``The 22 new stores we opened during the second quarter were not open long enough to overcome the financing and preopening costs incurred during the quarter,'' Burman added. ``In addition, the highly promotional retail environment led to lower margins, which mitigated mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. somewhat the effect of our 11 percent comparable-store sales increase. ``We expect that our December sales results and the continued maturation maturation /mat·u·ra·tion/ (mach-u-ra´shun) 1. the process of becoming mature. 2. attainment of emotional and intellectual maturity. 3. of our 22 new stores will lead to improved profitability over the prior year in our third and fourth fiscal quarters. Further, the higher interest charges resulting from our December 1993 recapitalization will not be a significant variable in future quarterly comparisons.'' Barry's Jewelers, the nation's third-largest independent retailer of fine jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. , operates 163 retail jewelry stores throughout the country, primarily in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Texas, Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). , North and South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , Utah, Montana, Colorado and Ohio. -0-
BARRY'S JEWELERS INC.
(Financial Highlights)
(Unaudited)
(In thousands, except share data)
Three months ended Six months ended
Nov. 30, Nov. 30,
1994 1993 1994 1993
Net sales $31,410 $26,139 $55,958 $47,766
Operating income (loss) 1,378 1,571 2,156 2,053
Income (loss) before
taxes (985) (143) (2,453) (1,393)
Provision for income
taxes (394) -- (981) --
Net income (loss) $ (591) $ (143) $(1,472) $(1,393)
Earnings (loss)
per share (15 cents) (7 cents) (37 cents) (69 cents)
Weighted average
shares outstanding 3,969,019/a 2,027,800/a 3,969,019/a 2,027,800/a
/a Adjusted to reflect the 1-for-5 reverse stock split in November 1994. CONTACT: Barry's Jewelers Inc., Monrovia
Terry L. Burman, 818/303-4741
or
Silverman Heller Associates, Los Angeles
Eugene G. Heller, 310/208-2550
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