Cambridge SoundWorks announces third quarter results.NEWTON, Mass.--(BUSINESS WIRE)--April 30, 1996--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 It superseded the older phonographs, and itself is being displaced in popularity by CD players.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 third quarter ended March 31, 1996. 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 $10,940,000 during the quarter ended March 31, 1996, from $8,428,000 during the quarter ended April 2, 1995. Net income for the quarter was $16,000 ($.01 per share with 2,913,322 shares outstanding) compared to $131,000 ($.05 per share with 2,907,747 shares outstanding) during the same period last year. The company's retail and wholesale sales accounted for the majority of the sales increase for the quarter ended March 31, 1996. The company had twenty-three retail stores open during the quarter ended March 31, 1996, compared to fifteen retail stores for the quarter ended April 2, 1995. Net sales increased to $33,304,000 during the nine months ended March 31, 1996 from $20,341,000 for the nine months ended April 2, 1995. Net income was $264,000 ($.09 per share with 2,932,790 shares outstanding) in the nine months ended March 31, 1996 compared to $13,000 ($.00 per share with 2,927,106 shares outstanding) during the same period last year. -0-
Three Months Ended
(Unaudited)
March 31, 1996 April 2, 1995
Net sales $ 10,939,693 $ 8,428,153 Net income $ 15,967 $ 131,173 Net income per share $ .01 $ .05 Weighted average number of common and common equivalent shares outstanding 2,913,322 2,907,747 -0-
Nine Months Ended
(Unaudited)
March 31, 1996 April 2, 1995
Net sales $ 33,303,958 $ 20,341,015 Net income $ 264,350 $ 12,624 Net income per share $ .09 $ .00 Weighted average number of common and common equivalent shares outstanding 2,932,790 2,927,106 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 June: see month. 1995. CONTACT: Cambridge SoundWorks Wayne P. Garrett, CFO See Chief Financial Officer. 617/332-5936 ext. 195 |
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