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 DALLAS, Aug. 18 /PRNewswire/ -- CompUSA Inc. (NYSE: CPU), America's largest Computer Superstore retailer, today reported that for the fiscal 1993 fourth quarter ended June 26, 1993, net sales increased 63.5 percent to a record $387.5 million from $237.1 million for the fiscal 1992 fourth quarter ended June 27, 1992.
 On a fully taxed basis, net income for the fiscal 1993 fourth quarter was up 123.5 percent to $3.8 million (20 cents per share) from $1.7 million (10 cents per share) in the fourth quarter of fiscal 1992. There were 19.0 million average shares outstanding for the fiscal 1993 fourth quarter, compared with 16.8 million shares the prior year.
 Fiscal 1993 net sales exceeded the billion-dollar mark, increasing 63.5 percent to $1.34 billion from $820.8 million for fiscal 1992. On a fully taxed basis, fiscal 1993 net income was up 105.0 percent to $12.3 million, compared with $6.0 million for fiscal 1992. Fully taxed income applicable to common stockholders was $12.3 million (67 cents per share) for fiscal 1993, compared with $4.4 million (35 cents per share) a year ago. There were 18.3 million average shares outstanding for fiscal 1993, vs. 12.7 million shares a year ago.
 "Net sales for the fourth quarter were substantially higher than a year ago, reflecting a 24.7 percent increase in comparable-store sales. In addition, the 20 new stores opened in fiscal 1993 contributed heavily by outpacing their plan. Our core retail business is very healthy," said Nathan Morton, chairman and chief executive officer.
 "We enjoyed a strong gross margin -- compared with the first half of fiscal 1993 -- due to greater merchandise efficiencies and the sales growth from developing our higher-margin training and technical services," Morton said. "Store operating costs and pre-opening expenses were both higher than a year ago as we absorbed the costs of opening six stores and the costs of building management in preparation for the opening of as many as 10 new stores in the fiscal 1994 first quarter.
 "Also, we recently expanded Compudyne Direct's ability to sell all products carried at CompUSA stores that are authorized by our vendors to be sold to our customers by mail order. This has broadened our mail order offering and lessened our dependence on individual products," Morton said.
 "Six new stores were opened during the fourth quarter, including the second and third stores in the greater New York City metropolitan market, our second San Diego location, and one each in three new markets -- Dayton, Ohio, Greensboro, N.C., and Rochester, N.Y. We ended the year with 48 Computer Superstores, in line with our plan," Morton added.
 CompUSA Inc. currently operates 54 high-volume Computer Superstores in 31 metropolitan areas throughout the U.S. Each Superstore offers more than 5,000 computer products, including hardware, software, accessories and related products, at deep-discount prices to retail, business, governmental and institutional customers. The Superstores also offer full-service technical departments and classroom training facilities.
 Consolidated Statements of Income
 (in thousands, except per share data)
 13 wks. ended 52 wks. ended
 6/26/93 6/27/92(a) 6/26/93 6/27/92(a)
 Net sales $387,525 $237,071 $1,341,985 $820,779
 Cost of sales and
 occupancy costs 334,921 207,155 1,164,895 714,767
 Gross profit 52,604 29,916 177,090 106,012
 Store operating expenses 35,495 19,652 118,601 69,465
 Pre-opening expenses 1,761 800 6,111 2,010
 Gen. and admin. expenses 8,542 6,663 30,806 22,320
 Operating income 6,806 2,801 21,572 12,217
 Other expense (income):
 Interest expense 877 316 2,224 2,669
 Other income (150) (182) (468) (534)
 Total 727 134 1,756 2,135
 Income before income taxes
 and extraordinary item 6,079 2,667 19,816 10,082
 Income tax expense 2,289 415 7,510 415
 Income bef. extraord. item 3,790 2,252 12,306 9,667
 Extraordinary loss - early
 extinguishment of debt --- --- --- 233
 Net income(b) $ 3,790 $ 2,252 $ 12,306 $ 9,434
 Net income applicable to
 common stock(c) $ 3,790 $ 2,252 $ 12,306 $ 7,808
 Earnings per common and
 common equiv. share(b) $ 0.20 $ 0.13 $ 0.67 $ 0.62
 Wtd. avg. common and
 common equiv. shares 19,002 16,825 18,324 12,686
 (a) Adjusted from previously reported figures to reflect 13-week quarters.
 (b) If the results of operations for the 13 weeks and 52 weeks ended June 27, 1992, had been fully taxed at the company's fiscal 1993 effective tax rate of 38 percent, net income would have been $1.7 million (10 cents per share) and $6.0 million (47 cents per share), respectively.
 (c) Net income for the 52 weeks ended June 27, 1992, has been reduced by preferred stock dividends and accretion of warrants related to redeemable securities to calculate income applicable to common stock. The company does not currently have any redeemable securities outstanding.
 -0- 8/18/93
 /CONTACT: Noelle Greene-Hunt, senior director, Investor Relations/Communications, of CompUSA, 214-919-4404/

CO: CompUSA Inc. ST: Texas IN: REA SU: ERN

BN-RA -- AT011 -- 4095 08/18/93 17:27 EDT
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Publication:PR Newswire
Date:Aug 18, 1993

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