Dairy Mart assesses value of Northeastern assets and announces relocation of corporate headquarters to Ohio.ENFIELD, Conn.--(BUSINESS WIRE)--Sept. 12, 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 that it has hired Oppenheimer & Co. Inc. to assess the value of the company's assets in the northeastern United States, specifically, its store and retail gasoline locations in the states of Connecticut, Massachusetts, Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. and 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 . "By retaining an independent investment banking firm to assess the value of our assets in the Northeast, we will be able to plan our corporate strategies more effectively and be in a better position to know whether any offer that might be made to buy our stores in the region would be worth exploring," said Robert B. Stein Jr., Dairy Mart's chairman, president, and chief executive officer. "We have not made a formal decision to sell our assets in the Northeast, nor has any offer been made for them." Dairy Mart had previously announced that it has undertaken a $100 million, five-year store improvement program that includes, among other things, the construction of new, higher-volume stores and the remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling of a number of existing locations. "Our $100 million, five-year plan will be funded mostly from internally generated cash flow, supplemented or accelerated by the sale of certain assets," Stein said. "Dairy Mart's dairy manufacturing operations were sold last year, and certain administrative buildings, including the corporate headquarters, are currently for sale. If stores in the Northeast were sold to another operator, the proceeds could be used to strengthen our presence in our other market areas and accelerate our five-year plan." Dairy Mart's strongest concentration of stores is in the Midwest with approximately 700 stores (450 of which are in the state of Ohio). Accordingly, the company has also announced that it will relocate its corporate headquarters to northeastern Ohio in 1997. "Our senior management can best serve our stores in those markets where we have the greatest concentration and presence of assets," Stein continued. "Our vision is to be geographically focused, strong regional retailer that offers our customers superior service and facilities." A processing center, which primarily includes accounting and management information services See Information Systems. , will remain in Connecticut. The company recently announced that its revenue for the first six months of fiscal 1997 increased to $297.5 million from $284.3 million in last year's first half. Net income for the six-month period was $1.84 million in comparison with $1.9 million in the prior year, while earnings-per-share increased to $0.39 from $0.33 in 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.
Dairy Mart Convenience Stores Inc., is one of the nation's leading convenience store chains. The company owns, operates and franchises convenience retail stores in 11 states, a number of which also sell gasoline. CONTACT: Dairy Mart Gregory G. Landry 860/741-4516 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion