Big O Tires announces third quarter results.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.--(AutomotiveWire)--Oct. 24, 1995--Big O Tires Inc. (NASDAQ/NMS:BIGO) today announced the results of its operations for the three months and nine months ended Sept. 30, 1995. The success of the company's Cost-U-Less(tm) program continued into the third quarter as product and franchising sales increased to $39,551,000 as compared to $36,652,000 for the same period 1994. Net income for the third quarter, 1995, was $511,000, 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. , as compared to the same period in 1994 of $599,000, or 18 cents per share. Expenses associated with the shareholder proposal amounted to $419,000, or approximately 7 cents per share, on an after-tax basis After-tax basis The comparison basis used to analyze the net after-tax returns on a corporate taxable bond and a municipal tax-free bond. ; same-period expenses for 1994 amounted to $246,000, or approximately 4 cents per share, on an after-tax basis. For the nine months ended Sept. 30, 1995, product and franchising sales increased to $103,142,000 as compared to $94,132,000 for the first nine months, 1994. In addition, property sales from the company's real estate development program amounted to $4,530,000. Net income for the first nine months 1995 amounted to $1,445,000, or 43 cents per share, as compared to $1,454,000, or 44 cents per share, for the same period 1994. Expenses associated with the shareholder proposal and proposed merger amounted to $967,000 (approximately 17 cents per share on an after-tax basis) as compared to $345,000 (approximately 6 cents per share on an after-tax basis) for the same period of 1994. Following are the financial results for the quarters ended and nine month periods ended Sept. 30: -0-
Big O Tires Inc.
Operating Results
Quarter Ended Sept. 30
(000's except share amounts)
1995 1994
Net Sales
Product & franchising $ 39,551 $ 36,652
Real estate $ 1,191 $ -
Total net sales $ 40,742 $ 36,652
Income before non-recurring charges $ 1,519 $ 1,475
Loss on sale or closure of retail stores $ 217 $ 209
Expenses associated with shareholder
proposal $ 419 $ 246
Income before income taxes $ 883 $ 1,020
Net income $ 511 $ 599
Net income per share $ .15 $ .18
Average shares outstanding 3,380,116 3,358,696
Nine Months Ended Sept. 30
(000's except share amounts)
1995 1994
Net sales
Product & franchising $103,142 $ 94,132
Real estate $ 4,530 $ -
Total net sales $107,672 $ 94,132
Income before non-recurring charges $ 4,091 $ 3,762
Loss on sale or closure of retail stores $ 312 $ 911
Expenses associated with shareholder
proposal $ 967 $ 345
Warehouse consolidation costs $ 320 $ -
Income before income taxes $ 2,492 $ 2,506
Net income $ 1,445 $ 1,454
Net income per share $ .43 $ .44
Average shares outstanding 3,377,083 3,337,539
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. , serving more than 385 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 Western Canada
Western Canada, commonly referred to as the West . 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:
n. The market for parts and accessories used in the upkeep or enhancement of a previous purchase, as of a car or computer. af 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. Big O Tires' common stock is traded on the 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 National Market System under the symbol BIGO. CONTACT: Big O Tires, Denver Susan D. Hendee, 303/790-2800 |
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