Printer Friendly

ENTREE CORPORATION REPORTS SECOND QUARTER RESULTS

 MILWAUKEE, Nov. 11 /PRNewswire/ -- Entree Corporation (NASDAQ Electronic Bulletin Board: ENTC.U) reported net income of $146,000 or $.02 per share for the 12 weeks ended Oct. 16, 1993, compared to net income of $172,000 or $.02 per share for the same period in the prior year. The prior year included a non-operating gain of $93,000, or $.01 per share. Net sales for the 12 weeks increased to $48,383,000 from $44,086,000, or 9.7 percent. Operating earnings for the quarter increased to $309,000 from $217,000 in the prior year, or 42 percent. Selling and administrative expenses were down by 6.5 percent for the quarter.
 Net income for the 28 weeks ended Oct. 16, 1993, was $267,000, or $.03 per share compared to $194,000, or $.02 per share. The prior year included a non-operating gain of $93,000, or $.01 per share. Net sales for the twenty-eight weeks increased to $115,855,000 from $100,753,000, or 15 percent. Richard Y. Fisher, chairman of the board, stated: "Operating earnings for the year-to-date increased to 654,000 from $424,000, an increase of 54 percent. This quarter, APC benefitted from increased sales in addition to reduced operating expenses."
 Atlanta Provision Company, Inc. ("APC") is Entree's sole operating subsidiary. It distributes meat and seafood in the southeastern region of the United States.
 ENTREE CORPORATION AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 12 Weeks Ended
 October 16, October 10,
 1993 1992
 Net sales $ 48,383,000 $ 44,086,000
 Other income 4,000 30,000
 Total 48,387,000 44,116,000
 Cost of sales 47,189,000 42,948,000
 Selling and administrative expense 889,000 951,000
 Operating earnings 309,000 217,000
 Interest expense 173,000 148,000
 Non-operating income --- 93,000
 Equity in earnings of
 unconsolidated subsidiary 10,000 10,000
 Net earnings $ 146,000 $ 172,000
 Net earnings per share $ .02 $ .02
 Weighted average number of common
 shares outstanding 8,000,000 8,000,000
 ENTREE CORPORATION AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 28 Weeks Ended
 October 16, October 10,
 1993 1992
 Net sales $115,855,000 $100,753,000
 Other income 19,000 67,000
 Total 115,874,000 100,820,000
 Cost of sales 113,087,000 98,282,000
 Selling and administrative expense 2,133,000 2,114,000
 Operating earnings 654,000 424,000
 Interest expense 424,000 354,000
 Non-operating income --- 93,000
 Equity in earnings of
 unconsolidated subsidiary 37,000 31,000
 Net earnings $ 267,000 $ 194,000
 Net earnings per share $ .03 $ .02
 Weighted average number of common
 shares outstanding 8,000,000 8,000,000
 -0- 11/11/93
 /CONTACT: Keith R. Steffel of Entree Corporation, 414-289-9797/
 (ENTC.U)


CO: Entree Corporation ST: Wisconsin IN: FOD SU: ERN

AR -- CL019 -- 3243 11/11/93 12:49 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 11, 1993
Words:482
Previous Article:ARVIN DECLARES CASH DIVIDEND
Next Article:IN HOME HEALTH ESTABLISHES HOSPICE SERVICES IN CINCINNATI
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters