Printer Friendly

GROW BIZ INTERNATIONAL ANNOUNCES 45 PERCENT INCREASE IN REVENUE

 MINNEAPOLIS, Oct. 21 /PRNewswire/ -- Grow Biz International announced today that revenue for the third quarter was $13,622,000 compared to revenue of $9,412,000 for the same period in 1992. Net income was $72,900 or $.01 per share for the third quarter of 1993 compared to $261,500 or $.05 per share for the same period in 1992. Revenue for the nine month period ended Sept. 25, 1993, was $36,234,000 compared to revenue of $18,244,000 for the same period in 1992. Net income for the nine months ended Sept. 25, 1993, was $228,000 or $.04 per share compared to net income of $486,000 or $.10 per share for the comparable period in 1992.
 Ronald G. Olson, president, stated: "We are very pleased with results of operations for the third quarter. Net income for the third quarter and for the first nine months of 1993, while down from the same periods in 1992, were within the company's expectations. The lower level of earnings is attributable to planned expenses related to development of new retail franchise concepts and to continued investment spending in building a franchise support system for our expanding retail systems."
 Olson went on to say, "Awarding and opening of franchise units continued to be very strong in the third quarter. There were 34 Play It Again Sports(R) and 37 Once Upon A Child(R) franchises awarded and 36 Play It Again Sports and nine Once Upon A Child stores opened during the period. In addition, the company began franchising the Computer Renaissance(TM) retail concept in July."
 Grow Biz International develops and franchises value-oriented retail concepts for stores that sell, buy, trade, and consign used and new merchandise. The company's store concepts include Play It Again Sports, Once Upon A Child, Computer Renaissance, and Music Go Round(TM). At Sept. 25, 1993, there were 375 Play It Again Sports, 31 Once Upon A Child, and two Computer Renaissance franchised stores open.
 -0- 10/21/93
 /CONTACT: Robert E. Thiner of Grow Biz International, 612-520-8500/
 /FIRST ADD -- TABULAR MATERIAL -- TO FOLLOW/


CO: Grow Biz International ST: Minnesota IN: REA SU: ERN

DS-xx -- MN031 -- 5423 10/21/93 16:25 EDT
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:Oct 21, 1993
Words:370
Previous Article:FLORIDA POWER CORPORATION TO REDEEM STOCK TO MEET SINKING FUND REQUIREMENTS
Next Article:HOWTEK LAUNCHES NEW SCANMASTER 7000 PRO SERIES COLOR SCANNER & AURORA SCANNING APPLICATION AT SEYBOLD, SAN FRANCISCO
Topics:

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