Dairy Mart Reports Higher Revenue and Earnings for Fiscal 2000 Second Quarter and First Half; Comparable Corporate-Store Sales Growth Reaches All-Time High.HUDSON Hudson, towns, United States Hudson. 1 Industrial town (1990 pop. 17,233), Middlesex co., E central Mass., on the Assabet River, in an apple-growing region; settled c.1699, inc. 1866. , Ohio--(BUSINESS WIRE)--Sept. 9, 1999-- Dairy Mart Convenience Stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. , Inc. (AMEX AMEX See: American Stock Exchange :DMC DMC Devil May Cry (video game) DMC Detroit Medical Center DMC Darryl McDaniels (rapper) DMC Destination Management Company DMC Del Mar College (Corpus Christi, TX) .A) (AMEX:DMC.B) today announced significantly improved financial results for its second quarter and first half ended July July: see month. 31, 1999. Revenues for the second quarter of fiscal 2000 increased 22 percent to $155.4 million from $127.3 million for the same period last year. Comparable corporate-store sales for the quarter increased a record 14.6 percent, following an 11.1 percent increase in the second fiscal quarter of the prior year. Additionally, total gallons of gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by sold in the second quarter of the current year increased 24 percent, to 53.0 million gallons, from 42.9 million gallons in the same quarter last year. Net income for the second quarter of the current year increased 26 percent to $1.2 million, or $0.24 per share, compared with net income of $0.9 million, or $0.20 per share, in the second quarter of the prior year. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
For the first six months of fiscal 2000, revenues increased 19 percent, to $279.1 million from $235.4 million in the same period last year. Comparable corporate-store sales for the first half of fiscal 2000 increased 11.7 percent, following a 9.7 percent increase in the first half of last year. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , total gasoline gallons sold were 99.9 million, an increase of 24 percent from 80.8 million gallons for the similar period last year. Net income for the first six months of fiscal 2000 increased to $1.3 million, or $0.27 per share, compared to $0.3 million, or $0.07 per share for the same period a year earlier. For the first half of fiscal 2000, EBITDA was $13.7 million, compared to $11.2 million in the same period last year. "The continued strong growth in our revenues and operating results validates our strategy to build a retail concept which offers customers convenience and value," stated Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Stein Stein , William Howard 1911-1980. American biochemist. He shared a 1972 Nobel Prize for pioneering studies of ribonuclease. , Jr., Dairy Mart's Chairman, President and Chief Executive Officer. "Our four growth initiatives: the continued rollout of new, inviting convenience retail centers in our core markets, branding and re-imaging our gasoline locations, a major focus on food service, and the introduction of new, traffic-building products and services such as an innovative no-fee ATM program, are generating significant increases in revenues and operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. ." To date, the Company has opened seven new retail locations this year, and has 12 others under construction. The new convenience retail centers are a combination of businesses: gasoline facility, convenience store, quick-serve restaurant and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , offering one-stop shopping for today's time-challenged customer. Dairy Mart Convenience Stores, Inc. is a major regional convenience retailer. The Company currently owns or operates 612 retail stores in seven states in the Midwest and Southeast. Through consulting and licensing agreements, the Company is also affiliated with more than 200 stores in Korea and approximately 400 locations in Malaysia. Dairy Mart is proudly celebrating its 60th anniversary this year. For more information, visit Dairy Mart's web site at www.dairymart.com. Any statements contained in this release that are not historical facts, including those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's future financial performance and new store development plans that may be considered 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. are subject to risks, uncertainties and other factors that could cause actual results to differ materially. Actual results may differ from such forward-looking statements due to the risk factors discussed in periodic reports filed by the Company with the Securities and Exchange Commission. (Table Follows) -0-
Dairy Mart Convenience Stores, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share amounts)
FOR THE SECOND FISCAL FOR THE TWO FISCAL
QUARTER ENDED QUARTERS ENDED
-------------------- -------------------
July 31, August 1, July 31, August 1,
1999 1998 1999 1998
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Revenues $155,438 $127,299 $279,081 $235,433
-------- -------- -------- --------
Cost of goods sold and expenses:
Cost of goods sold 116,522 91,695 205,949 168,449
Operating and
administrative expenses 34,005 31,548 65,177 61,064
Interest expense 2,697 2,594 5,546 5,332
-------- -------- -------- --------
153,224 125,837 276,672 234,845
-------- -------- -------- --------
Income before income taxes 2,214 1,462 2,409 588
Provision for income taxes (1,058) (545) (1,155) (264)
-------- -------- -------- --------
Net income $ 1,156 $ 917 $ 1,254 $ 324
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Earnings per share
Basic $ 0.24 $ 0.20 $ 0.27 $ 0.07
Diluted $ 0.24 $ 0.19 $ 0.26 $ 0.07
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Weighted average number of shares
Basic 4,718 4,670 4,714 4,666
Diluted 4,802 4,751 4,786 4,751
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Earnings before interest
expense, income taxes,
depreciation and
amortization (EBITDA) $ 7,817 $ 6,754 $ 13,671 $ 11,165
----------------------------------------------------------------------
AMEX TRADING SYMBOLS
CLASS A COMMON STOCK - DMC.A
CLASS B COMMON STOCK - DMC.B
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