Blowout Entertainment Reports Results for 1996.PORTLAND, Ore.--(BUSINESS WIRE)--March 3, 1997--Blowout Entertainment, 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 : BLWT BLWT Boundary Layer Wind Tunnel BLWT Boiling Light-Water Tank ) today reported fiscal 1996 revenue of $30,349,184, compared to 1995 revenue of $10,718,489. For the year ending Dec. 31, 1996, the company reported a net loss of $7,254,804 or $3.60 per share, compared to a net loss in fiscal 1995 of $4,984,674 or $3.41 per share. Blowout Blowout The rapid sale of all shares in a new securities offering. See: hot issue. blowout The nearly immediate sale of a new security issue because of great investor demand. See also hot issue. Entertainment, Inc. became an independent public company on Nov. 19, 1996. The losses in fiscal 1996 include start-up Start-up The earliest stage of a new business venture. costs associated with the opening of 70 new stores, operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. from 27 stores that were closed during the year, $700,000 in amortization of intangibles, $1 million in costs in connection with the Company's public offering and $800,000 in interest charges. Company Expands During 1996 with Net Gain of 43 Stores; Comp Store Sales Up 6 Percent for Year In 1996 Blowout Entertainment saw its store count increase from 157 at Dec. 31, 1995 to 200 at the end of 1996. This represents an increase of 43 stores, the net result of opening 70 new locations while closing 27 acquired under performing stores. Steve Berns, President and Chief Executive Officer of Blowout Entertainment, also noted that during 1996 comparable store sales increased six percent from 1995. Blowout Entertainment, Inc. operates full service, full line video departments inside the stores of mass merchant retailers and supermarket chains throughout the country, including Wal-Mart, Kmart and Ralph's Grocery Company 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). . Blowout Entertainment began trading as a public company in November 1996 and, per industry publications, is the 10th largest video retail company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . -0-
Blowout Entertainment, Inc.
Financial Chart
For the Year Ending Dec. 31
1996 1995
Revenues $30,349,184 $10,718,489
Loss From Operations $(5,197,061) $(4,053,751)
Net Loss $(7,254,804) $(4,984,674)
Net Loss per share $ (3.60) $ (3.41)
Weighted average shares
outstanding 2,014,134 1,463,973
CONTACT: Martin E. Janis & Company, Inc. Beverly Jedynak, 312/943-1100 |
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