Dart Group announces earnings.LANDOVER, Md.--(BUSINESS WIRE)--Dec. 15, 1995--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), announced that for the nine months and three months ended Oct. 31, 1995, it incurred a net loss of $12,922,000, or $7.11 per share and $15,328,000, or $8.16 per share compared to a net loss of $64,637,000, or $34.98 per share, and $68,597,000, or $36.91 per share, in the same period last year. The loss was primarily the result of a $14.5 million (pre-tax) write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of the Cabot-Morgan Real Estate Company (CMREC CMREC Central Maryland Research and Education Center (University of Maryland College of Agriculture and Natural Resources) ) partnership interest to fair value during the nine months and three months ended Oct. 31, 1995. The magnitude of the prior year loss during the nine months and the three months ended Oct. 31, 1994 were primarily attributable to reserves taken for future store closings and abandoned warehouse facilities, charges resulting from or accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. for litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and the increase in the value of stock options of a subsidiary which the company has as obligation to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. . Revenue for the nine months and three months ended Oct. 31, 1995 was $478,803,000, and $161,484,000 respectively. Revenue for these periods were affected by the fact that the accounts of Shoppers Food are consolidated with Dart's through May 28, 1994, but not thereafter, as a result of a reduction of Dart's ownership to 50% and to a lesser extent by the fact that CMREC's real estate joint ventures are consolidated through Oct. 6, 1995, but not thereafter. Dart's investment in Shoppers Food is reflected in the financial statements using the equity method of accounting for periods subsequent to May 28, 1994. 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. , Trak Auto and Total Beverage comparable sales decreased 3.8% and 1.9% for the nine months and three months ended Oct. 31, 1995. Dart dart see blow dart. dart gun see blow dart. owns approximately 51% of Crown Books, 67% of Trak Auto, 50% of Shoppers Food Warehouse, and 100% of Total Beverage. Trak Auto operates 267 parts stores including 101 Super Trak stores and 24 Super Trak Warehouse stores in the Washington, D.C.; Richmond, Virginia Richmond IPA: [ɹɯʒmɐnɖ] is the capital of the Commonwealth of Virginia, in the United States. ; Chicago; and Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. metropolitan areas. Crown Books operates 178 book stores including 84 Super Crown Books stores in the Washington D.C. area; California; Houston; Chicago; and Seattle. Shoppers Food Warehouse operates 34 stores in the Washington D.C. metropolitan area. Total Beverage operates four beverage super stores in the Washington, D.C. metropolitan area. -0
Dart Group Corp.
(in thousands)
(Except Per Share Amounts)
Three Months Ended Nine Months Ended
Oct. 28, Oct. 31, Oct. 28, Oct. 31,
1995 1994 1995 1994
Revenue(a) $161,484 $169,650 $ 478,803 $ 769,747 Loss before income taxes, equity in affiliate and minority interest $(14,537) $(94,466) $ (11,869) $(83,543) Net Loss $(15,328) $(68,597) $ (12,922) $(64,637) Loss Per Share $ (8.16) $ (36.91) $ (7.11) $ (34.98) Weighted Average shares outstanding 1,889 1,867 1,889 1,867 (a) Reflects the accounts of Shoppers Food Warehouse as consolidated through May 28, 1994, but not thereafter, as a result of a reduction in Dart's ownership to 50%. Subsequent to May 28, 1994, Dart's investment is reflected in the financial statements using the equity method of accounting. CONTACT: S.E. Rubenstein 212/986-6108 |
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