Printer Friendly

ERO, INC REPORTS FOURTH QUARTER AND ANNUAL RESULTS

 MOUNT PROSPECT, Ill., Feb. 10 /PRNewswire/ -- ERO, Inc. (NASDAQ: EROI) today reported sales results for the fourth quarter ended Dec. 31, 1992 of $31,877,000, compared to $29,896,000 the prior year. For the year ended Dec. 31, 1992, sales were $101,777,000 versus $87,535,000.
 Income from continuing operations for the quarter was $3,820,000 or $.37 per share, compared to $3,348,000 or $.43 per share a year ago. For the year, income from continuing operations was $4,952,000 or $.50 per share, compared to $4,985,000 or $.65 per share a year ago. The 1992 results include non-recurring charges, net of taxes, of $1,530,000 relating to the acquisition of SGI.
 The company recorded net income of $1,483,000 or $.15 per share for the year ended Dec. 31,1992, compared to net income of $3,831,000 or $.50 per share a year ago. Included in the 1992 results are several non-recurring items, including a loss on the early extinguishing of debt, net of applicable taxes, of $1,558,000 or $.16 per share, and a charge to income for the cumulative
effect of adopting FASB 109 Accounting for Income Taxes'' of $1,911,000 or $.19 per share. Included in the prior year's results is a loss of $1,154,000 or $.15 per share from discontinued operations.
 Robert Lipsig, chairman, stated The 16 percent sales increase continued ERO's record of twelve straight years of sales growth. Income from continuing operations would have been approximately $5,960,000, a 19 percent increase, without the various non-recurring items and the accounting change. While 1992 has been a challenge year, with the completion of the consolidation of SGI into ERO, the benefit of SGI for a full year in 1993, and new products for 1993, we currently expect 1993 to show improved results.''
 ERO, Inc. is a leading marketer of exclusive consumer leisure products. The company manufactures and imports the following principal product lines: slumber products, including indoor sleeping bags and playtents; water sports products, including flotation devices and swim accessories; back-to-school products, including back packs and school bags; sport bags; and soft-sided coolers. ERO's products are sold to all mass merchandisers.
 ERO, INC.
 Summary Statement of Operations
 Periods ended Dec. 31 Quarter ended
 1992 1991
 Revenues $31,877,000 $29,896,000
 Net Income $ 3,820,000 $ 3,348,000
 Average Shares 10,465,000 7,700,000
 Earnings per Share $0.37 $0.43
 Periods ended Dec. 31 Year Ended
 Revenues $101,777,000 $87,535,000
 Income from Continuing Operations 4,952,000 4,985,000
 Loss from Discontinued Operations -- (1,154,000)
 Extraordinary Charge $(1,558,000) --
 Accounting Change $(1,911,000) --
 Net Income $ 1,483,000 $ 3,831,000
 Average Shares 9,847,000 7,700,000
 Earnings per Share
 Income from Continuing Operations $0.50 $0.65
 Income before Extraordinary Charge 0.50 0.50
 Net Income $0.15 $0.50
 -0- 2/10/93
 /CONTACT: William A. Klettke, Sr. Vice President-Finance of ERO, Inc., 708-803-9200, ext.351/
 (EROI)


CO: Ero, Inc. ST: Illinois IN: HOU SU: ERN

TM -- NY116 -- 5446 02/10/93 20:10 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:Feb 10, 1993
Words:536
Previous Article:TRANSCO REPORTS IMPROVED FOURTH QUARTER EARNINGS
Next Article:LTV ANNOUNCES AGREEMENT WITH J&L FIRST MORTGAGE BONDHOLDERS
Topics:


Related Articles
ERO INC. ANNOUNCES RECORD SECOND QUARTER SALES
ERO, INC. REPORTS THIRD QUARTER SALES RESULTS
ERO, INC. REPORTS RECORD SECOND QUARTER NET INCOME
ERO, INC. REPORTS 1993 RESULTS AND ANNOUNCES A RESTRUCTURING CHARGE
ERO INC. REPORTS RECORD THIRD QUARTER SALES AND NET INCOME
ERO, INC. REPORTS FIRST QUARTER RESULTS
ERO, INC. ANNOUNCES RECORD RESULTS FOR 1995
ERO, INC. REPORTS SECOND QUARTER RESULTS
ERO, Inc. Reports Record Third Quarter Sales and Earnings
ERO, Inc. Announces Record Results for 1996

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