Dart Group Announces Quarterly Earnings.LANDOVER, Md.--(BUSINESS WIRE)--June 17, 1996--Dart Group Corp. (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 : DARTA) today announced earnings for the quarter ended April 30, 1996. Earnings reflect results of ongoing 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. strategies for 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. , Total Beverage and Trak Auto's aggressive growth programs. In keeping with these factors, Dart dart see blow dart. dart gun see blow dart. Group's earnings for the quarter posted a net loss of ($467,000) equivalent to ($0.36) per share compared to net income of $913,000 or $0.31 per share for the quarter ended April 30, 1995. Dart owns 67% of Trak Auto, 51% of Crown Books, 100% of Total Beverage, 100% of Cabot-Morgan Real Estate Company ("CMREC CMREC Central Maryland Research and Education Center (University of Maryland College of Agriculture and Natural Resources) ") and 50% of Shoppers Food Warehouse. Dart Group's financial statements are consolidated with Crown Books, Trak Auto, Total Beverage and CMREC (collectively, the "Company"). Trak Auto today reported income of $1,180,000 for its quarter ended May 4, 1996 compared to net income of $1,116,000 for the quarter ended April 29, 1995. The modest increase was primarily due to Trak Auto's continuing conversion to the new concept Super Trak and Super Trak Warehouse Stores and to its expansion through acquisition into the Pittsburgh, PA automotive aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. . Crown Books today reported a net loss of $1.8 million for its quarter ended May 4, 1996 compared to a net loss of $0.4 million for the quarter ended April 29, 1995. These results reflect this year's investment in systems and infrastructure, as well as the anticipated costs of repositioning Crown Books with the opening of 30 new Super Crown and the closing of 37 Classic Crown Books stores. Comparable store sales for Crown Books' new Superstore su·per·store n. A very large retail store that stocks highly diversified merchandise, such as groceries, toys, and camera equipment, or a wide variety of mechandise in a specific product line, such as computers or sporting goods. prototype for the thirteen week period increased 15%. Total Beverage had a net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $0.6 million for the quarter. During this period, Total Beverage consolidated operations by closing its Dale City, VA store. Total Beverage has announced plans to expand in targeted Washington, D.C. metropolitan areas. Dart's interest in Shoppers Food Warehouse is reflected using the equity method of accounting. During the quarter, Dart recorded an increase of $2.4 million in its equity in Shoppers Food Warehouse. Consolidated revenue for the three months ended April 30, 1996 totaled $157,936,000 compared to $152,830,000 for the three months ended April 30, 1995. Crown Books, Trak Auto, and Total Beverage's sales increased 7.7% for the three months ended April 30, 1996. CONTACT: Ein Communications 202/223-2922 |
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