Barry's Jewelers reports improved fiscal 1995 third-quarter results.MONROVIA, Calif.--(BUSINESS WIRE)--March 28, 1995--Barry's Jewelers Inc. (NASDAQ/NM:BARY) Tuesday reported significantly improved results for its fiscal 1995 third quarter and nine months ended Feb. 28, 1995. For the third 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 23 percent to $50.9 million from $41.4 million in the same period of fiscal 1994, with comparable store sales rising a strong 11 percent over the same quarter last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 27 percent and pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. rose 31 percent over the prior year's quarter. Net income increased to $3.6 million, or 90 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. , from $3.3 million, or 95 cents per share, for the third fiscal quarter of 1994 on a 13 percent increase in the number of weighted average common shares outstanding. The company's results for the quarter were also influenced by a 14 percent increase in its provision for income taxes over the prior year. For the first nine months of fiscal 1995, net sales increased 20 percent to $106.9 million from $89.2 million for the same period in fiscal 1994. Comparable store sales increased 12 percent over the prior year's nine-month period. Operating income increased 22 percent and pretax income rose 11 percent for the nine-month period over the prior year in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite a $1.6 million increase in interest charges as a result of the company's December 1993 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. . Net income for the first nine months of fiscal 1995 was $2.1 million, or 53 cents per share, compared with $1.9 million, or 77 cents per share, for the same period last year. Results for the nine-month period were impacted by a 58 percent increase in the number of weighted average common shares outstanding. Commenting on the company's results, Terry L. Burman, president of Barry's Jewelers, said, ``The strong growth we have achieved demonstrates the effectiveness of our strategy to value price our expanded merchandise mix, which has increased sales per store to an average of approximately $900,000 for the current fiscal year. The higher sales base has led to greater productivity so that our SG&A expenses, as a percentage of sales, have been driven down to compensate for our increased cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold . We have also benefited from the performance of the 22 new stores we opened during the first six months of fiscal 1995, which were additive additive In foods, any of various chemical substances added to produce desirable effects. Additives include such substances as artificial or natural colourings and flavourings; stabilizers, emulsifiers, and thickeners; preservatives and humectants (moisture-retainers); and to earnings for the quarter and year-to-date periods.'' 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 162 retail jewelry stores throughout the country, primarily in California, Texas, Arizona, 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 per share data)
Three Months Ended Nine Months Ended
Feb. 28, Feb. 28,
1995 1994 1995 1994
Net sales $50,948 $41,407 $106,906 $89,173
Operating income 8,492 6,671 10,648 8,724
Income before taxes 5,971 4,553 3,518 3,160
Provision for income taxes 2,388 1,220 1,407 1,220
Net income $ 3,583 $ 3,333 $ 2,111 $ 1,940
Net income per share 90 cents 95 cents 53 cents 77 cents
Weighted average
common shares
outstanding(a) 3,968,980 3,516,068 3,969,006 2,518,438
-0-
(a) Adjusted to reflect the 1:5 reverse stock split in November
1994.
CONTACT: Barry's Jewelers Inc., Monrovia Terry L. Burman, 818/303-4741 or Silverman Heller Associates Eugene G. Heller, 310/208-2550 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion