Builders Warehouse Association releases second-quarter results.LOS ANGELES--(BUSINESS WIRE)--April 21, 1995--Builders Warehouse Association 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 :BWAI) announced operating results for the quarter and nine months ended Feb. 25, 1995. For the nine-month period ended Feb. 25, 1995, total revenues increased approximately 11 percent to $19.4 million from $17.5 million for the same period last year. Net trade sales (sales to nonaffiliates) increased approximately 26 percent to $19.4 million from $15.4 million. Gross profit improved from 15.1 percent to 15.8 percent, and combined with level selling, general and administrative expenses, as well as an increase in interest and other expenses, the company reported a loss of $775,223, or $0.210 per share, for the nine months ended Feb. 25, 1995, vs. a loss of $957,186, or $0.263 per share, for the same period last year. For the quarter ended Feb. 25, 1995, total revenues were $5 million, vs. $6 million for the same period last year. Gross profit declined to 14.2 percent from 14.6 percent. Selling, general and administrative expenses remained stable at approximately $1.1 million for the third quarters of fiscal years 1995 and 1994, while interest and other expenses increased to $99,759 from $43,943 for the same period last year, primarily due to rising interest rates. The company reported a net loss of $492,670, or $0.133 per share, vs. a loss of $248,177, or $0.067 per share, for the same period last year. Management stated that as part of the implementation of plans to refocus Verb 1. refocus - focus once again; The physicist refocused the light beam" focus - cause to converge on or toward a central point; "Focus the light on this image" 2. the direction of the company, three members of the board of directors resigned effective March 28, 1995, and simultaneously two financial investors, Par Chadha and Barry Witz, were appointed to the board of directors. These new directors are investors focused on turnaround situations, and they bring extensive experience in financial 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). and 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. of public companies. Management is continuing to focus on cash management and has implemented various cost reduction programs to return the company to profitability. Inventory turnover, on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis, for the nine months ended Feb. 25, 1995, increased to 8.6, as compared with 7.6 for the nine-month period ended Feb. 25, 1994, as a result of the introduction of new products with higher margins, as well as management's analysis of product sales on a store-by-store basis. Builders Warehouse Association is a building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . distributor with a chain of stores in Arkansas primarily catering to professional builders Professional Builder (ISSN-1072-0561) is a trade publication and web site owned by Reed Business Information serving the information needs of the housing and light construction marketplace. and contractors. CONTACT: Azemuth Inc. (investor relations Investor relations The process by which the corporation communicates with its investors. ) Ike Suri, 310/315-4979 (phone) 310/315-1072 (fax) |
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