Brookstone Announces Second Quarter 1997 Results.NASHUA Nashua (năsh`  ə), city (1990 pop. 79,662), seat of Hillsborough co., S N.H., on the Merrimack and Nashua rivers near the Mass. line; settled c.1655, inc. as a city 1853. , N.H.--(BUSINESS WIRE)--Aug. 20, 1997--Brookstone, Inc.
(Nasdaq: BKST) today announced results for the second quarter of fiscal
1997 ended August 2, 1997.
For the three months ended August 2, 1997, the Company reported a net loss of $458,000, or $0.06 per share compared to a net loss of $686,000, or $0.09 per share reported in the same period last year. As previously reported, 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 of $44.8 million increased 12.4% compared to $39.9 million for the second quarter of last year, reflecting a comparable store sales increase of 3.1%. For the first six months of fiscal 1997 ended August 2, the Company reported a net loss of $4,231,000 or $0.54 per share compared to a net loss of $4,193,000, or $0.54 per share reported for the comparable period last year. As previously reported, sales for the first six months of fiscal 1997 increased 10.3% to $78.0 million compared to $70.7 million for the first six months of last year. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of for the first six months increased 2.8%. Michael Anthony
Michael Anthony Sobolewski (born June 20 1954) is an American musician. , President and Chief Executive Officer, commented, "We are pleased with the 30% bottom line improvement in the second quarter versus last year, and also that we were able to keep our first half loss flat to last year. This is especially impressive considering that stores opened during the previous fiscal years have historically had a significant negative impact on earnings in the first three quarters of the subsequent fiscal year. With new products continuing to contribute strongly to same store sales gains and our catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). well under way, we believe we are well-positioned for the second half of the year." Brookstone Brookstone is a chain of retail stores in the United States. Its first store was opened in 1973 in Peterborough, New Hampshire. Its headquarters are currently located in Merrimack, New Hampshire. Brookstone sells many types of products ranging from radar detectors to massage chairs. , Inc. is a nationwide specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retailer operating 164 stores in 35 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . The stores, typically located in high-traffic regional shopping malls shopping mall or shopping centre Collection of independent retail stores, services, and parking areas constructed and maintained by a management firm as a unit. It is a 20th-century adaptation of the historical marketplace. In the U.S. , feature consumer products that are both functional and distinctive in quality and design. The Company also operates a mail order catalog business for hard-to-find tools and other household products. (tables follow) -0-
BROOKSTONE, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(Unaudited)
Thirteen Weeks Ended Twenty Six Weeks Ended
8/2/97 8/3/96 8/2/97 8/3/96
Net sales $44,848 $39,907 $ 77,985 $70,681
Cost of sales 30,297 26,861 55,245 49,552
Gross profit 14,551 13,046 22,740 21,129
Selling, general &
administrative expenses 15,105 14,011 29,416 27,808
Loss from operations (554) (965) (6,676) (6,679)
Interest expense, net 202 164 306 240
Loss before taxes (756) (1,129) (6,982) (6,919)
Income tax benefit (298) (443) (2,751) (2,726)
Net loss $(458) $ (686) $ (4,231) $(4,193)
Net loss per share $(0.06) $(0.09) $ (0.54) $ (0.54)
Weighted average
shares outstanding 7,780 7,733 7,781 7,721
BROOKSTONE, INC.
CONSOLIDATED BALANCE SHEET
(In Thousands)
(Unaudited) (Unaudited)
Aug. 2, 1997 Feb. 1, 1997 Aug. 3, 1996
ASSETS
Current Assets:
Cash and cash equivalents $1,617 $10,576 $ 1,301
Receivables, net 3,683 5,448 3,033
Merchandise inventories 29,489 31,266 28,083
Deferred income taxes 3,847 1,026 3,042
Other current assets 4,811 2,953 3,852
Total current assets 43,447 51,269 39,311
Deferred income taxes 1,845 1,845 1,864
Property and equipment, net 32,986 33,413 31,052
Other assets 127 734 454
$78,405 $ 87,261 $72,681
LIABILITIES AND SHAREHOLDERS EQUITY
Current Liabilities:
Short-term borrowings 760 -- 1,400
Accounts payable 7,882 8,616 10,727
Other current liabilities 7,997 12,981 5,444
Total current liabilities 16,639 21,597 17,571
Other long-term liabilities 9,174 8,923 8,551
Long-term obligation under
capital lease 2,742 2,784 2,825
COMMITMENTS AND CONTINGENCIES
Common stock 8 8 8
Additional paid-in capital 46,788 46,663 46,506
Retained Earnings 3,101 7,333 (2,733)
Treasury stock at cost (47) (47) (47)
Total shareholders equity 49,850 53,957 43,734
$78,405 $87,261 $72,681
CONTACT: Philip Philip, tetrarch of Ituraea Philip, d. A.D. 34, tetrarch of Ituraea, son of Herod the Great. He was perhaps the ablest of the Herod dynasty. He is mentioned in the Gospel of St. Luke. Roizin EVP EVP Executive Vice President EVP EGR (Exhaust Gas Recirculation) Valve Position Sensor EVP Electronic Voice Phenomenon EVP Europäische Volkspartei (Germany) EVP Employee Value Proposition Finance and Administration Brookstone, Inc. 603/880-9500 or Naomi Rosenfeld/Carolyn Capaccio Media Contact: Stacy Stacy may refer to: Places:
Morgen-Walke Associates 212/850-5600 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion