Blue Fish Clothing reports operating results for the nine months ended September 30, 1996.FRENCHTOWN, N.J.--(BUSINESS WIRE)--Nov. 15, 1996--Blue Fish Clothing Inc., (Chicago Stock Exchange Chicago Stock Exchange (CHX) A major exchange trading only stocks, with 90% of trades taking place on an automated execution system, called MAX. : BLF BLF Busy Lamp Field BLF Bluff BLF British Lung Foundation (UK) BLF Big Lottery Fund (UK) BLF Business Leaders Forum BLF Billboard Liberation Front BLF Builders Labourers Federation ) today reported operating results for the nine months ended Sept. 30, 1996. Revenues increased 29% to $9,008,838, compared with revenues of $7,001,099 for the same period in 1995. Income from operations increased to $273,994, compared with a loss from operations of $346,191 for the same period in 1995. The loss in 1995 was mainly attributable to a compensation expense of $873,309 related to a stock grant to an executive officer. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and interest expense were $4,663,406 and $120,046, respectively, compared to $3,268,811 and $119,464, respectively for the same period in 1995. Net income before taxes was $153,948, compared to a loss before taxes of $465,655 for the same period in 1995. The company also announced that its Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Sally Brunkus, resigned at the end of the quarter. The company does not expect to replace this position. Marc Wallach, president and chief executive officer said, "We are very pleased with the significant increase in revenues and the return to profitability as compared to 1995. We are concerned, however, with the increase in operating expenses, and therefore, we have undertaken a management structure review and a strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. process. Efforts are underway, and we are very optimistic that this will result in positive changes." Blue Fish Clothing Inc. is a designer, manufacturer, wholesaler and retailer of hand block-printed women's clothing, children's clothing and accessories for the home. Each piece of Blue Fish clothing is a one-of-a-kind creation, printed by hand with hand-carved blocks. The signature block of each artist can be found inside the hem of each garment. The clothing attracts a loyal and growing following who collect the garments for the artistic beauty, comfort and the unique possibilities of layering for an individual, creative look. Blue Fish owns and operates four retail stores in Taos and Santa Fe Santa Fe, city, Argentina Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. , N.M., Austin, Texas and Frenchtown, N.J. The clothing is sold in boutiques and better apparel stores throughout the U.S. including Neiman Marcus Neiman Marcus U.S. department-store chain. It was founded in Dallas, Texas, in 1907 by Herbert Marcus, his sister Carrie Marcus Neiman, and her husband, A.L. Neiman. and Nordstrom. CONTACT: Blue Fish Clothing Inc. Richard E. Swarttz, V.P. Finance/CFO 908/996-3844 (Phone) ext. 273 908/996-7151 (Fax) |
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