Printer Friendly

GANTOS, INC. REPORTS THIRD-QUARTER 1991 FINANCIAL RESULTS

 GANTOS, INC. REPORTS THIRD-QUARTER 1991 FINANCIAL RESULTS
 GRAND RAPIDS, Mich., Nov. 20 /PRNewswire/ -- Gantos, Inc. (NASDAQ: GTOS) today reported net sales for the third quarter ended Nov. 2, 1991, of $61.0 million, compared to $60.0 million in the prior year. The third-quarter net income of $224,000, or $0.04 per share, compared to a net loss of $2,376,000, or $0.45 per share, for the same period last year.
 Net sales for the nine months ended Nov. 2, 1991, were $180.4 million, compared to $182.2 million a year ago. The year-to-date net loss of $2,278,000, or $0.43 per share, compared to a net loss of $5,757,000, or $1.09 per share, for the same period a year ago.
 As previously announced, the company discontinued its catalog operations during the first quarter of 1991. Excluding catalog sales, the company's net sales for the 1991 third quarter were $61.0 million, a 7-percent increase from net sales of $56.9 million in the prior year; and $179.1 million for the first nine months of 1991, a 2-percent increase from net sales of $176.2 million in the prior year.
 For stores open throughout both periods, sales increased by 8 percent for the third quarter, and decreased by 4 percent for the year-to-date.
 L. Douglas Gantos, president and chief executive officer of the company, said, "In light of the difficult retail environment, I am pleased to announce our return to profitability. Our performance continues to improve strongly over the same period a year ago. While most of our success has been in the area of S,G & A expense reductions, I am encouraged by our strengthening sales trend."
 "Our major area of focus is now to improve our gross margin. We've made great strides over the last 18 months by taking major steps to return the company to profitability. Our goal now is to achieve a proper return for our shareholders."
 Gantos, Inc. is a leading specialty retailer of quality women's apparel and accessories. The company currently operates 161 stores in 25 states.
 GANTOS, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Amounts in thousands, except per-share and store data)
 Unaudited
 Third Quarter Ended Nine Months Ended
 Nov. 2 Nov. 3 Nov. 2 Nov. 3
 1991 1990 1991 1990
 Net sales $61,023 $59,956 $180,370 $182,245
 Cost of sales
 (including buying,
 distribution and
 occupancy costs) 48,880 47,500 145,756 145,877
 Gross income 12,143 12,456 34,614 36,368
 Selling, general
 and administrative
 expense 12,432 16,552 40,003 46,977
 Operating loss (289) (4,096) (5,389) (10,609)
 Interest expense (1,336) (1,085) (3,949) (2,688)
 Finance charge and
 other revenue 1,984 1,380 5,787 4,107
 Income (loss) before
 provision (credit)
 for income taxes 359 (3,801) (3,551) (9,190)
 Provision (credit)
 for income taxes 135 (1,425) (1,273) (3,433)
 Net income (loss) $224 ($2,376) ($2,278) ($5,757)
 Net income (loss)
 per share $0.04 ($0.45) ($0.43) ($1.09)
 Weighted avg. shares
 outstanding 5,256 5,256 5,256 5,256
 Stores open at
 end of period 161 167 161 167
 GANTOS, INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Amounts in thousands)
 Unaudited
 Nov. 2, Nov. 3,
 1991 1990
 ASSETS
 Current assets:
 Cash $1,298 $1,411
 Accounts receivable (net) 41,317 36,755
 Merchandise inventories 48,038 46,617
 Prepaid expenses and other 4,390 9,286
 Total current assets 95,043 94,069
 Property and equipment (net) 47,636 55,856
 Total assets $142,679 $149,925
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $23,093 $32,321
 Accrued expenses and other 15,899 11,213
 Deferred income taxes 632 2,784
 Total current liabilities 39,624 46,318
 Long-term debt 63,178 53,081
 Other long-term liabilities 1,247 0
 Deferred taxes 1,299 3,882
 Shareholders' equity 37,331 46,644
 Total liabilities and
 shareholders' equity $142,679 $149,925
 -0- 11/20/91
 /CONTACT: Dennis Hoyt of Gantos, Inc., 616-940-9295/
 (GTOS) CO: Gantos, Inc. ST: Michigan IN: REA SU: ERN


SM-KK -- DE005 -- 5334 11/20/91 10:21 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 20, 1991
Words:703
Previous Article:FIRST BANCORP DECLARES DIVIDEND
Next Article:F & M NATIONAL CORPORATION AND THE FARMERS AND MERCHANTS BANK OF KEYSER ANNOUNCE AGREEMENT AND PLAN OF MERGER
Topics:


Related Articles
GANTOS, INC. ANNOUNCES OCTOBER 1991 SALES
GANTOS' STRONG 4TH QUARTER GENERATES 1991 FULL-YEAR PROFIT
GANTOS, INC. REPORTS FIRST-QUARTER 1992 EARNINGS
GANTOS, INC. REPORTS 2ND-QUARTER 1992 EARNINGS
GANTOS, INC. REPORTS 3RD QUARTER 1992 EARNINGS
GANTOS, INC. REPORTS FEBRUARY SALES
GANTOS, INC. REPORTS FISCAL YEAR 1992 EARNINGS
GANTOS, INC. REPORTS 3RD QUARTER 1993 RESULTS
GANTOS, INC. REPORTS 2ND QUARTER 1995 RESULTS
Gantos, Inc. Reports Third Quarter 1996 Results

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