Creative Technologies Corp. reports record third quarter results; expects record fourth quarter sales and profits.BROOKLYN, N.Y.--(BUSINESS WIRE)--Nov. 1, 1994--Creative Technologies Corp. (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 :CRTV CRTV Cameroon Radio Television CRTV Cathode Ray Television ;BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). :CTV CTV Canadian Television (Network Limited) ) Tuesday reported record results for the third quarter ended Sept. 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 quarter increased by 64% to $7,601,000 in 1994 from the $4,637,000 recorded in the same period last year. For the nine months, sales increased by 104% to $20,492,000 from $10,022,000 reported last year. Net income attributable to common shareholders was $1,158,000 for the quarter, a 92% increase from the $602,000 reported for the same period last year. For the nine months, net income attributable to common shareholders more than doubled to $2,208,000 from $1,011,000 recorded in the same period of 1993. Primary and fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were both 23 cents for the quarter ended Sept. 30, 1994 compared to 20 cents primary and 13 cents fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. for the same period in 1993, increases of 15% and 77% respectively. For the nine months primary earnings per share were 48 cents compared to 34 cents for the same period in 1993 while fully diluted earnings per share were 44 cents for the nine month period ended Sept. 30, 1994 compared to 24 cents for the same period in 1993. Richard Helfman, president of Creative said: "I am extremely pleased to report another record breaking quarter, the most profitable in the company's history. Following the end of the quarter sales have continued to be strong. October sales were in excess of $4 million vs. approximately $1.5 million in October 1993. We currently have a strong backlog of open orders and once again expect to report record sales and record profits for the fourth quarter." Creative Technologies Corp. designs, manufactures, markets and distributes small electric appliances that are used in the home kitchen. The company is currently developing market awareness for its unique, patented products through infomercials which are developed and run by the company. Currently CTC's top selling items are a series of fresh pasta While the only basic difference between these names is the shape of the pasta, each pasta is typically matched with a particular sauce based on cooking time, consistency, ability to hold sauce, ease of eating, etc. making machines, which are leading sellers in this category nationwide, and the GRILL Grill may refer to: In food:
CREATIVE TECHNOLOGIES CORP.
CONDENSED STATEMENTS OF OPERATIONS
(000's omitted except per share amounts)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1994 1993 1994 1993
---- ---- ---- ----
Net Sales $7,601 $4,637 $20,492 $10,022
Cost of Sales 3,965 3,006 11,193 6,479
Gross Profit 3,636 1,631 9,299 3,543
Operating Expenses:
Selling, general and
administrative expense 1,454 727 3,752 1,856
Advertising expense 696 71 2,607 106
Interest expense 131 120 337 293
2,281 918 6,696 2,255
Net Income before
provision for
income taxes 1,355 713 2,603 1,288
Provision for
income taxes 196 46 374 80
Net Income $1,159 $ 667 $2,229 $1,208
Net Income attributable
to common shareholders $1,158 $ 602 $2,208 $1,011
Primary earnings per
common share $ .23 $ .20 $ .48 $ .34
Fully diluted earnings
per common share $ .23 $ .13 $ .44 $ .24
CONTACT: Radcliffe & Associates Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Donald Radcliffe, 212/605-0526 |
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