Curtis International Ltd. Announces Record Second Quarter Fiscal 2000 Results: Net Income Increase of 25.9%.Business Editors TORONTO--(BUSINESS WIRE)--Jan. 18, 2000 Curtis International Ltd. (Nasdaq:CURT) announced record revenue and net income for its second quarter of fiscal 2000. Second quarter 2000 revenues were $18,624,623 versus $16,718,102 for an increase of 11.4%. Net income was $818,818 for an increase of 25.9% from the $650,349 of fiscal 1999. Curtis International Ltd. had previously announced on October October: see month. 18, 1999 record first quarter fiscal results of a net income increase of 30.2% and revenues increased by 19.8% with revenues for the quarter exceeding $10,000,000 and net income approaching $500,000. At the time, Aaron Herzog, President stated, "We are being penalized pe·nal·ize tr.v. pe·nal·ized, pe·nal·iz·ing, pe·nal·iz·es 1. To subject to a penalty, especially for infringement of a law or official regulation. See Synonyms at punish. 2. for not being a dot/com company, but rather a brick and mortar See bricks and mortar. growth company." In commenting about the second quarter results, Mr. Aaron Herzog stated, "We are pleased with our sustained strong sales growth. Sales growth would have been more significant, but the Taiwan earthquake delayed delivery delayed delivery Delivery of a certificate after the day on which delivery would occur with a regular-way contract. Delayed delivery is sometimes specified by the seller when the order to sell is entered. See also seller's option contract. of some products so that we were unable to meet all of our demand. Now that production has resumed, the delay will no longer be an issue." Curtis International Ltd. develops, markets and distributes a broad range of consumer audio and telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. products. With its recent entry into the U.S. market, the company has raised the bar of success. Customers include mass merchandisers such as Bradlees, Dollar General, Bi-Way Stores and Family Dollar; drug store chains such as Rite-Aid, London Drugs London Drugs is a large chain of Canadian retail stores that provides a wide range of products and health services. The store carries a range of merchandise from personal care products to electronics and computers. , Thrifty Payless Thrifty PayLess Holdings, Inc. was a pharmacy holding company that owned the Thrifty Drugs and PayLess Drug Store chains in the western United States. The combined company was formed when Los Angeles-based TCH Corporation, the parent company of , Jean Coutu Jean Coutu could be:
QVC Question Valid Command , The Home Shopping Network “HSN” redirects here. For other uses, see HSN (disambiguation). The Home Shopping Network (HSN) is a mostly 24-hour shopping network that is seen on cable, satellite, and some terrestrial channels in the United States. , Shop At Home; consumer electronic retailers such as Future Shop, Fry's and ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. Warehouse; and appliance A stand-alone hardware device or software environment dedicated to a specific task. See hardware appliance and software appliance. and department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. such as Boscov. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Curtis International Ltd. and its business. The predictions embodied em·bod·y tr.v. em·bod·ied, em·bod·y·ing, em·bod·ies 1. To give a bodily form to; incarnate. 2. To represent in bodily or material form: in these statements will involve risks and uncertainties and accordingly, Curtis's actual results may differ significantly from the results discussed or implied in such forward-looking statements.
CURTIS INTERNATIONAL LIMITED
Interim Consolidated Statement of Income
For the Three Months Ended November 10, 1999 and 1998
(Amounts Expressed in U.S. Dollars)
Three Months Ended Three Months Ended
November 10, 1999 November 10, 1998
------------------ ------------------
SALES 18,624,623 16,718,102
Cost of Sales 15,614,399 13,966,851
------------------ ------------------
GROSS PROFIT 3,010,234 2,751,251
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EXPENSES
Administrative 398,290 466,675
Selling 930,659 945,804
Financial 108,599 254,856
1,437,549 1,667,335
------------------ ------------------
INCOME BEFORE INCOME TAXES 1,572,586 1,083,916
Income Taxes 753,868 433,567
------------------ ------------------
NET INCOME 818,818 650,349
------------------ ------------------
------------------ ------------------
NET INCOME PER WEIGHTED
AVERAGE COMMON SHARE 0.15 0.16
------------------ ------------------
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 5,373,145 3,949,667
------------------ ------------------
CURTIS INTERNATIONAL LIMITED
Interim Consolidated Statement of Income
For the Six Months Ended November 10, 1999 and 1998
(Amounts Expressed in U.S. Dollars)
Six Months Ended Six Months Ended
November 10, 1999 November 10, 1998
------------------ ------------------
SALES 29,036,171 25,411,315
Cost of Sales 24,117,060 21,006,221
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GROSS PROFIT 4,921,061 4,406,094
------------------ ------------------
EXPENSES
Administrative 877,409 1,012,525
Selling 1,298,841 1,343,158
Financial 434,777 398,698
2,611,027 2,754,381
------------------ ------------------
INCOME BEFORE INCOME TAXES 2,310,034 1,650,713
Income Taxes 1,048,317 660,286
------------------ ------------------
NET INCOME 1,261,717 990,427
------------------ ------------------
------------------ ------------------
NET INCOME PER WEIGHTED
AVERAGE COMMON SHARE 0.23 0.26
------------------ ------------------
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 5,373,145 3,824,833
------------------ ------------------
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