Dairy Mart announces fiscal 1997 first quarter financial results.ENFIELD, Conn.--(BUSINESS WIRE)--June 18, 1996--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. (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 :DMCVA & DMCVB DMCVB Denver Metro Convention and Visitors Bureau ) announced financial results for its fiscal 1997 first quarter, which ended May 4, 1996. The first fiscal quarter is typically a seasonably sea·son·a·ble adj. 1. In keeping with the time or the season. See Usage Note at seasonal. 2. Occurring or performed at the proper time; timely. slow quarter. Yet, despite harsher-than-normal winter weather and an increase of nearly $400,000 in quarterly interest expense, the pretax loss pretax loss A loss reported before tax benefits are considered. in the fiscal 1997 first quarter increased only slightly to $653,000 from $569,000 in the prior year. The additional interest expense was associated with the company's issuance, in December 1995, of an additional $13.5 million of Senior Subordinated Notes, the proceeds of which were used to purchase the interests of a former principal shareholder. The pretax loss would have been cut in half but for additional interest expense, indicating a continued trend of operational improvement. In fact, 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.
Revenues for the first quarter of fiscal 1997 increased $7.9 million, or 5.9 percent from $133.4 million in the prior year to $141.3 million in the current year. Convenience store revenues increased due to a 2.3 percent increase in comparable store sales partially offset by a reduction of 65 underperforming stores. 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 revenues increased due to a 2.6 percent increase in comparable store gallons sold and an increase in the average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. of gasoline of over nine cents per gallon from the prior year first fiscal quarter. Total gasoline gallons sold increased marginally despite a reduction of 34 low-volume gasoline retailing facilities. "These results are in line with our expectations for the quarter," commented Robert B. 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. "As we said before, fiscal 1997 will be a year of further positioning this company for the future. Establishing the foundation for a sustainable trend of improving operating and financial results is an important goal of our business plan this year. We are `writing a new book' on Dairy Mart and moving forward with our five-year plan Five-Year Plan, Soviet economic practice of planning to augment agricultural and industrial output by designated quotas for a limited period of usually five years. to upgrade our store base. Our optimism continues." Dairy Mart, with its corporate offices in Enfield, Conn., is one of the nation's leading convenience store chains. It operates in 11 states with approximately 900 stores, 376 of which also sell gasoline. -0-
Dairy Mart Convenience Stores Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
For the First Fiscal
Quarter Ended
May 4, April 29,
1996 1995
Revenues $141,328 $133,442
Cost of goods sold and expenses:
Cost of goods sold 105,082 98,170
Operating and administrative
expenses 34,151 33,480
Interest expense 2,748 2,361
141,981 134,011
Loss before income taxes (653) (569) Benefit from income taxes 260 240 Net loss $(393) $(329) Weighted average shares outstanding 4,371 5,564 Loss per share $(0.09) $(0.06) -0- CONTACT: Dairy Mart Gregory G. Landry, 860/741-4516 |
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