Crown Books Corporation Announces Earnings.LANDOVER, Md.--(BUSINESS WIRE)--June 17, 1996--Crown Books Corporation (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 : CRWN CRWN Composite Reconfigurable Wireless Network ) announced that for the thirteen weeks ended May 4, 1996, it incurred a net loss of $1,791,000 or $0.33 per share compared to a loss of $384,000 or $.07 per share for the period ended April 29, 1995. "The results of the operating losses for the quarter, which are higher than last year, are in line with our expectations," said Steve Stevens Steve Stevens (born as Steve Schneider on May 5, 1959, in Brooklyn, New York) is an American guitarist and songwriter. He is best known for playing for other artists (most notably Billy Idol and Vince Neil) and less known, but critically acclaimed for his solo efforts , President and Chief Executive Officer. "Now in the second year of our repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. strategy, we are committing significant resources in people and systems to achieve our aggressive new store opening plans for the third and fourth quarters. Our expectations are to finish the year with a break-even or slight operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. as we open 30 new Super Stores, close 37 Classic Stores, and complete the second year of our three year repositioning process. Our investments this year in systems and infrastructure will also position us for continued aggressive growth and provide the ability to enter new markets next year." Sales increased 2% to $62,492,000 for the thirteen weeks ended May 4, 1996 compared to $61,038,000 for the same period one year ago. These results reflect additional sales from new Crown Books' Super Stores. Crown Books' Super Stores consist of the original Super Stores of 6,000 to 10,000 square feet and the new Super Store prototype targeted to occupy 15,000 square feet. The new Super Store prototype was implemented for all Super Stores opening in April 1994 and thereafter. Sales for comparable stores (stores open more than 13 months) for the same 13 week period increased 1% compared to the same period one year ago. Comparable store sales for all super stores for the 13 week period increased 1%. Comparable store sales for the new Super Store prototype for the 13 week period increased 15%. Crown Books Crown Books was a bookseller based in Largo, Maryland. It was founded in the Washington, D.C. metro area by Robert Haft in 1977. History Overview Crown Books was founded in the Washington, D.C. operates 163 book stores, including 89 Super Crown stores in the Washington D.C. metropolitan area; California; Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the ; Chicago, Illinois and Seattle, Washington  This page is protected from moves until disputes have been resolved on the .The reason for its protection is listed on the protection policy page. , compared with 190 stores, including 70 Super Crown stores in operation one year ago. For further information, see Crown Books' 1996 Annual Report or Form 10-Q Form 10-Q See 10-Q. which was filed Friday, June 14, 1996 with the Securities and Exchange Commission. -0-
CROWN BOOKS CORPORATION
(in Thousands)
(except Earnings per Share)
13 Weeks 13 Weeks
Ended Ended
5/4/96 4/29/95
Sales $62,492 $61,038 Net Income (loss) before taxes $(2,808) $( 589) Net Income (loss) $(1,791) $( 384) Earnings per Share $( .33) $( .07) Weighted Average shares outstanding 5,389 5,389 CONTACT: Ein Communications, 202/223-2922 |
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