Printer Friendly

CROWN BOOKS CORPORATION ANNOUNCES RESTRUCTURING CHARGE IMPACTS EARNINGS

 LANDOVER, Md., April 30 /PRNewswire/ -- Robert M. Haft, chairman and Glen Hemmerle, president of Crown Books Corporation (NASDAQ: CRWN), today announced that the company recorded a one-time restructuring charge of $4,100,000 net of income taxes during the three months ended Jan. 30, 1993 to accelerate the development and roll-out of its superstore concept The charge reflects the anticipated costs associated with relocating, expanding, closing and converting existing stores to larger Super Crown Books stores.
 Net income for the fiscal year ended Jan. 30, 1993, was $4,281,000 or 82 cents per share compared with $10,349,000 or $1.97 per share for the same period one year ago. Net income for the three month period ended Jan. 30, 1993 was $572,000 or 11 cents per share compared with $6,127,000 or $1.17 per share for the same period one year ago. Net income for the 12 months and three months ended Jan. 30, 1993 was affected by the restructuring charge.
 Sales increased 2.6 percent to $84,718,000 from $82,608,000 and increased 3.5 percent to $240,682,000 from $232,484,000 for the three and 12 months ended Jan. 30, 1993. For stores open more than one year, sales increased 1.5 percent and 2.6 percent for the three months and 12 months ended Jan. 30, 1993. Sales for Super Crown Books stores represented 21.1 percent and 25.5 percent of total sales for the 12 months and three months ended Jan. 30, 1993.
 The board of directors of Crown Books Corporation in December 1992 approved a change in the fiscal year end from Jan. 31 to a 52/53 week fiscal year ending on the Saturday closest to Jan. 31.
 Crown currently operates 248 book stores in the Washington, D.C. metropolitan area; California; Houston; Chicago; and Seattle, Washington compared with 251 stores in operation one year ago.
 CROWN BOOKS CORPORATION
 (In thousands, except earnings per share)
 Periods ended Three months Fiscal year
 1/30/93 1/31/92 1/30/93 1/31/92
 Sales $84,718 $82,608 $240,682 $232,484
 Net income before taxes 987 9,929 6,893 16,692
 Net income 572 6,127 4,281 10,349
 Earnings per share $.11 $1.17 $.82 $1.97
 Weighted average shares
 outstanding 5,314 5,255 5,214 5,245
 -0- 4/30/93
 /CONTACT: Stanley Rubenstein for Crown Books Corporation, 212-297-6108/
 (CRWN)


CO: Crown Books Corporation ST: Maryland IN: REA SU: ERN

LR-TS -- NY046 -- 3179 04/30/93 12:01 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 30, 1993
Words:432
Previous Article:DART GROUP CORPORATION ANNOUNCES RESTRUCTURING CHARGES IMPACT EARNINGS
Next Article:EQUUS INVESTMENTS INCORPORATED ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
Topics:


Related Articles
ALCO STANDARD ANNOUNCES PLANS FOR MAJOR RESTRUCTURING OF ITS PAPER DISTRIBUTION BUSINESS; 'UNISOURCE' ADOPTED AS NEW IDENTITY
DART GROUP CORPORATION ANNOUNCES LOSS
CROWN BOOKS CORPORATION ANNOUNCES RESTRUCTURING CHARGE IMPACTS EARNINGS
CROWN BOOKS CORPORATION ANNOUNCES EARNINGS
DART GROUP ANNOUNCES EARNINGS
CROWN BOOKS ANNOUNCES EARNINGS
Crown Books Corporation Announces Operating Results
Statement by the Executive Board of Crown Books Corporation
Crown Books Corporation Announces Operating Results
Banta Reports Second Quarter Results; Records Previously Announced Restructuring Charge.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters