Cambridge SoundWorks announces first quarter results.NEWTON, Mass.--(BUSINESS WIRE)--Nov. 1, 1995--Cambridge SoundWorks 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 :HIFI n. 1. An electronic device that plays phonograph records, reproducing the original sound with a high degree of fidelity. It superseded the older phonographs, and itself is being displaced in popularity by CD players. ) today announced its results for the first quarter ended Oct. 1, 1995. The company changed its fiscal year to end on the Sunday nearest the end of June and previously reported results for the six month period ended July 2, 1995. 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 increased to approximately $7.4 million during the quarter ended Oct. 1, 1995, from $3.2 million during the quarter ended Sept. 30, 1994, an increase of 131 percent. The company's retail and wholesale sales accounted for the majority of the sales increase for the quarter ended Oct. 1, 1995. In addition, the company opened four retail stores during the quarter, bringing the total number of company-owned stores to 21, compared to five retail stores for the quarter ended Sept. 30, 1994. Two of the new stores are located in Manchester and Salem, N.H. The other two stores are located in Saugus, Mass., and Harvard Square Harvard Square is a large triangular area in the center of Cambridge, Massachusetts, at the intersection of Massachusetts Avenue, Brattle Street, and John F. Kennedy Street. in Cambridge, Mass. The company incurred a net loss for the quarter of $282,480 (.10 per share with 2,888,824 shares outstanding) compared to $321,270 (.11 per share with 2,878,845 shares outstanding) during the same period last year. -0-
Quarter Ended
(Unaudited)
Oct. 1, 1995 Sept. 30, 1994
Net sales $7,355,487 $3,153,708 Net loss $ (282,480) $ (321,270) Net loss per share $ (.10) $ (.11) Weighted average number of shares outstanding 2,888,824 2,878,845 -0- Cambridge SoundWorks Cambridge SoundWorks is an North Andover, Massachusetts based consumer audio manufacturer and retailer. The company is a subsidiary of Creative Technology Ltd.. History Cambridge SoundWorks was founded in 1988 by Henry Kloss, an audio engineer and businessman. is the country's first and largest factory-direct stereo See stereophonic. company. The company sells its products directly to consumers through its company-owned retail stores and its mail order 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. . Its products were also available in Best Buy stores nationwide beginning in June 1995. CONTACT: Cambridge SoundWorks Wayne P. Garrett, 617/332-5936 ext. 195 |
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