Cambridge SoundWorks announces second quarter and fiscal year 1995 results.NEWTON, Mass.--(BUSINESS WIRE)--Aug. 15, 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 It superseded the older phonographs, and itself is being displaced in popularity by CD players.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 second quarter and short fiscal year ended July July: see month. 2, 1995. The company changed its fiscal year to end on the Sunday Sunday: see Sabbath; week. nearest the end of June June: see month. . Fiscal 1995 was a "short year," which ended on July 2, 1995, and contained two quarters which are compared to a similar two quarter period ended June 30, 1994. 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 for the second quarter of fiscal 1995 increased to approximately $6.6 million, or 134 percent of net sales for the same period last year. The company incurred a net loss for the quarter of $784,042 ($.27 per share) compared to $111,068 ($.04 per share) during the same period last year. Net sales for fiscal 1995 increased 100 percent to approximately $15.0 million compared to the same six month period last year. Net loss for the year was $652,869 ($.23 per share) compared to net income of $325,700 ($.16 per share) during the same period last year. The company attributes the majority of the short fiscal year loss to amortization of $605,000 of pre-opening costs primarily associated with the company's entrance into the West Coast region late in 1994. In addition, due to the change in fiscal year end, these costs were expensed in a six month period, as opposed to a twelve month period which would include the company's historically strong calendar fourth quarter.
Three Months Ended
(Unaudited)
July 2, 1995 June 30, 1994
Net sales $6,586,685 $2,809,260 Net loss $ (784,042) $ (111,068) Net loss per share $ (.27) $ (.04) Weighted Average Number of shares outstanding 2,873,664 2,610,828 -0-
Six Months Ended
July 2, 1995 June 30, 1994
(Audited) (Unaudited)
Net sales $15,014,838 $ 7,519,030 Net (loss) income $ (652,869) $ 325,700 Net (loss) income per share $ (.23) $ .16 Weighted Average Number of shares outstanding 2,872,617 2,043,316
The company opened three new retail stores during the six months
ended July 2, 1995 bringing the total number of its company-owned
stores to 17. Two of the new stores are located in New England and
one in the San Francisco Bay area. The stores in New England are
located in Framingham and Hyannis, Mass.
Cambridge Soundworks is the country's first and largest
factory-direct stereo company. The company sells its products
directly to consumers through its company-owned retail stores and
its mail order catalog. Its products were also available in Best
Buy stores nationwide beginning in June 1995.
CONTACT: 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. Wayne Wayne, city (1990 pop. 19,899), Wayne co., SE Mich., a suburb of Detroit, on the Lower Rouge River; inc. as a village 1869, and with surrounding areas as a city 1960. It has automobile and aircraft industries and other varied manufactures. P. Garrett See also: All pages beginning with Garrett Garrett is a masculine Irish, and Anglo-Saxon first name, or surname meaning "Lord of the spear", "spear brave" or "spear wielder". , 617/332-5936 x195 |
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