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COMCOA REPORTS THIRD QUARTER RESULTS

 COMCOA REPORTS THIRD QUARTER RESULTS
 WICHITA, Kan., Nov. 4 /PRNewswire/ -- COMCOA Inc. (NASDAQ: CCOA)


today reported that revenues for its third quarter, a 12 week period ended Oct. 6, 1991, decreased 2.5 percent to $11,854,691. Net earnings were $899,640 or 18 cents per share, a 38 percent increase over the like quarter last year. For the corresponding period in the prior year, revenues and net earnings were $12,158,262 and $661,714, respectively. The per share computations resulted in net earnings of 13 cents per share in the prior year.
 Revenues for the first 36 weeks of the current fiscal year were $37,212,388 versus $37,010,351 for the like period in the preceding year, a .5 percent increase. The current year-to-date net earnings were $3,007,725, or 60 cents per share, a 20 percent increase over the like period last year. The earnings before extraordinary item in the prior year were $2,514,047 which is 50 cents per share.
 COMCOA, is a franchisee of Rent-A-Center of America Inc. and currently owns and operates 75 Rent-A-Center stores in Florida, Georgia, Alabama and Mississippi.
 COMCOA INC.
 Summary Financial Data
 Twelve Weeks Ended Thirty-six Weeks Ended
 Oct. 6, Oct. 7, Oct. 6, Oct. 7,
 1991 1990 1991 1990
 Statement of
 Earnings Data:
 Revenues $11,854,691 $12,158,262 $37,212,338 $37,010,351
 Costs and
 expenses 10,293,358 10,911,589 31,914,843 32,185,912
 Operating
 income 1,561,333 1,246,673 5,297,495 4,824,439
 Interest
 expense, net 118,982 233,150 475,184 793,596
 Earnings before
 income taxes and
 extraordinary
 item 1,442,351 1,013,523 4,822,311 4,030,843
 Income taxes 542,711 351,809 1,814,586 1,516,796
 Earnings before
 extraordinary
 item 899,640 661,714 3,007,725 2,514,047
 Income tax benefit
 of net operating
 loss carryforwards --- --- --- 305,660
 Net earnings $899,640 $661,714 $3,007,725 $2,819,707
 Per common share
 (primary and fully
 diluted):
 Earnings before
 extraordinary
 item $.18 $.13 $.60 $.50
 Net earnings $.18 $.13 $.60 $.57
 Weighted average
 common and common
 equivalent shares
 outstanding 5,008,411 4,982,083 4,997,106 4,986,757
 Selected Balance
 Sheet Data: Oct. 6, Jan. 27,
 1991 1991
 Current assets $1,653,184 $1,377,966
 Total assets 19,982,235 21,539,908
 Current liabilities 9,748,390 5,562,965
 Total liabilities 9,848,751 14,541,109
 Stockholders' equity 10,133,484 6,998,799
 -0- 11/4/91
 /CONTACT: Gary L. Simmons of COMCOA, 316-683-4411/
 (CCOA) CO: COMCOA Inc. ST: Kansas IN: REA SU: ERN SG -- DV001 -- 0652 11/04/91 10:38 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 4, 1991
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