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CONSOLIDATED PRODUCTS, INC. ANNOUNCES NET EARNINGS INCREASED 134 PERCENT FOR THE SECOND QUARTER

 CONSOLIDATED PRODUCTS, INC. ANNOUNCES NET EARNINGS INCREASED
 134 PERCENT FOR THE SECOND QUARTER
 INDIANAPOLIS, May 4 /PRNewswire/ -- Consolidated Products, Inc. (NASDAQ: COPIC) reported net earnings increased 134 percent to $667,757 for the 16-weeks ended April 8, 1992 while net sales increased 10 percent to $36,216,340 over last year. For the quarter, primary earnings per share were $.13 ($.06 in the prior year) and fully diluted earnings per share were $.11 ($.06 in the prior year). The second quarter represents the initial quarter since the company completed its recapitalization plan for which net earnings are reported on a comparable basis to the prior year.
 For the 28-weeks ended April 8, 1992, net earnings were $1,596,796, a gain of 12 percent over the prior year. Year-to-date primary earnings per share were $.31 ($.30 in prior year) and fully diluted earnings per share were $.23 ($.24 in prior year). Year to date net earnings are not comparable to the prior year because increased interest expense in the first quarter of the current year resulting from debt incurred in the first quarter of last year in connection with the company's Recapitalization Plan offset part of the profit gains from operations in the first quarter of this year.
 The outstanding operating results in spite of a generally sluggish economy resulted from a comparable unit double digit sales gain in the Steak n Shake restaurants and strong operational controls in both of the company's operating subsidiaries. The Steak n Shake comparable unit sales gains were directly related to the very successful results of the television advertising program that began a year ago in Central Indiana and was introduced into the St. Louis market in October, 1991. The very mild winter weather conditions late in March were another important favorable factor. The television campaign was further extended into the Central Illinois market but because of timing, did not influence the quarter's results. The company is continuing to broaden and expand its marketing program and this will lead to increased comparable unit volume.
 The new Steak n Shake units opened in the first quarter in Collinsville, Ill., and Lakeland, Fla., are currently performing above our level of expectation. A new unit will be opened in Marion, Ill., in May while another unit in Bloomington, Ind., is planned to be opened in August. It is expected that the company will open six to eight units in 1993 and 39 new units in the next five years.
 On April 27, 1992, Steak n Shake entered into an agreement to franchise the Louisville and Bowling Green, Ky. markets and to sell its one existing restaurant in Louisville. This is the second step of the company's new franchising effort. The company expects to add four to five new franchise units in the next 12 months and as many as 42 in the next five years.
 The company expects the year-to-date net earnings trends to continue throughout the remainder of fiscal 1992 with net earnings increasing to the middle teens.
 CONSOLIDATED PRODUCTS, INC.
 SUMMARY OF CONSOLIDATED STATEMENTS OF EARNINGS
 (UNAUDITED)
 16-WEEKS ENDED
 04/08/92 04/10/91
 Net sales $36,216,340 $32,925,367
 Total revenues 36,391,842 33,273,621
 Cost of sales 9,395,784 9,227,782
 Other costs and expenses 24,140,931 21,693,110
 Earnings before interest and income
 taxes 2,855,127 2,352,729
 Interest expense 1,737,370 1,881,975
 Earnings before income taxes 1,117,757 470,754
 Income taxes 450,000 185,000
 Net earnings $667,757 $285,754
 Net earnings per common and common
 equivalent share:
 Primary $.13 $.06(A)
 Fully diluted $.11 $.06(A)
 Weighted average shares outstanding
 Primary 5,139,739 4,848,380(A)
 Fully diluted 8,549,863 8,306,179(A)
 28-WEEKS ENDED
 04/08/92 04/10/91
 Net sales $64,057,517 $60,014,679
 Total revenues 64,571,458 60,549,245
 Cost of sales 16,656,029 16,803,236
 Other costs and expenses 42,221,836 38,669,817
 Earnings before interest and income
 taxes 5,693,593 5,076,192
 Interest expense 3,031,797 2,697,213
 Earnings before income taxes 2,661,796 2,378,979
 Income taxes 1,065,000 950,000
 Net earnings $1,596,796 $1,428,979
 Net earnings per common and common
 equivalent share:
 Primary $.31 $.30(A)
 Fully diluted $.23 $.24(A)
 Weighted average shares outstanding
 Primary 5,095,880 4,815,505(A)
 Fully diluted 8,555,307 7,213,870(A)
 (A) Net earnings per share and average shares outstanding have been restated to give effect to the 10 percent stock dividend declared on Dec. 3, 1991, payable on Jan. 21, 1992 to shareholders of record on Dec. 31, 1991.
 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
 04/08/92
 (Unaudited) 09/25/91
 ASSETS
 Current assets $13,671,571 $13,110,765
 Property and equipment-net 36,310,183 38,539,331
 Leased property-net 9,879,486 10,390,303
 Other assets 1,922,019 2,101,931
 Total assets $61,783,259 $64,142,330
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities $17,996,202 $17,219,648
 Deferred income taxes 78,525 106,000
 Obligations under capital leases 13,284,257 13,880,186
 Long-term debt 33,068,600 37,369,200
 Shareholders' equity (deficit) (2,644,325) (4,432,704)
 Total liabilities and
 shareholders' equity $61,783,259 $64,142,330
 -0- 5/4/92
 /CONTACT: James W. Bear, senior vice president and treasurer of Consolidated Products, Inc., 317-633-4100/
 (COPIC) CO: Consolidated Products, Inc. ST: Indiana IN: REA SU: ERN


LC -- CL003 -- 5793 05/04/92 07:36 EDT
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Date:May 4, 1992
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