Printer Friendly

HA-LO INDUSTRIES REPORTS THIRD QUARTER/NINE MONTHS RESULTS; RECENT PUBLIC OFFERING TO 'FUEL GROWTH'

 SKOKIE, Ill., Nov. 23 ~PRNewswire~ -- HA-LO Industries, Inc. (NASDAQ: HALO), a lender in the distribution of specialty and premium advertising products, today reported results for the third quarter and nine months ended Sept. 30, 1992.
 On Oct. 28, 1992, the company completed its initial public offering of 1.6 million shares at $6.50 per share through an underwriting syndicate headed by Hamilton Investments, Inc. "After spending a significant portion of 1992 completing the offering, management is again able to focus on operations," Lou Weisbach, president and chief executive officer, said.
 Third quarter pro forma net income was $72,000 or $.03 per share on sales of $5.4 million compared to pro forma net income of $208,000 or $.07 per share on sales of $5.5 million for the same period last year. The pro forma income includes provisions for federal and state income tax at an effective rate of 38 percent, as if the company had not elected to be treated as an S Corporation.
 For the nine months ending Sept. 30, 1992, pro forma net income was $444,000 or $.16 per share on sales of $17.1 million versus pro forma net income of $430,000 or $.15 per share on sales of $15.4 million for the like period of the prior year.
 The third quarter and nine months of 1991 included sales of $2.1 million and $2.7 million, respectively, from one customer that has not generated significant 1992 sales. While the company was able to replace these sales, the new product mix was not as favorable. Since the president was deeply involved in the offering in 1992, he decided to waive any commissions for his third quarter sales.
 The company also announced that it added two new corporate fulfillment programs in the fourth quarter, Andersen Consulting and FMC Corporation. The Andersen program includes its offices worldwide and FMC will be distributing catalogs of HA-LO merchandise to each of its 23,000 employees.
 "We are excited about 1993. Since the offering, the proposal level has been very strong. The credibility and recognition of being a public company has opened the door to establishing corporate fulfillment programs next year for many more major companies in the U.S.," Weisbach commented.
 In order to finance the expected growth, the company has obtained a commitment for a new $15 million credit facility to fund corporate fulfillment programs, Weisbach noted.
 As part of the company's program to have a national presence, a small Los Angeles office was opened during the third quarter, which will be expanded to a full showroom and sales office early in 1993.
 "While 1992 is being impacted by the offering process, we are confident of the future and look to exceed our historical growth rate in 1993," Weisbach concluded.
 HA-LO INDUSTRIES, INC.
 Financial Highlights (Unaudited)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Sales $5,380,000 $5,478,000 $17,127,000 $15,373,000
 Net income 116,000 336,000 716,000 694,000
 Pro forma net income(A) 72,000 208,000 444,000 430,000
 Pro forma income
 per share (A) $ .03 $ .07 $ .16 $ .15
 Weighted average shares
 outstanding(B) 2,776,000 2,776,000 2,776,000 2,776,000
 (A) Includes provisions for federal and state income taxes at an effective rate of 38 percent as if the company had not elected to be treated as a S Corporation prior to its initial public offering on Oct. 28, 1992.
 (B) After giving effect to 2,776.428-for-1 stock split declared Aug. 28, 1992.
 -0- 11~23~92
 ~CONTACT: Richard A. Magid of HA-LO Industries, Inc., 708-674-3900~
 (HALO)


CO: HA-LO Industries, Inc. ST: Illinois IN: ADV SU: ERN

TM-OS -- NY072 -- 0717 11~23~92 16:08 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 23, 1992
Words:635
Previous Article:AMERICAN NATIONAL PETROLEUM REPORTS REVERSAL OF RULING ON TAX CLAIM
Next Article:CITIBANK: PERU AND BANK COMMITTEE REACH AGREEMENT
Topics:


Related Articles
HA-LO INDUSTRIES REPORTS FIRST QUARTER RESULTS
HA-LO REPORTS 4TH QUARTER/YEAR-END RESULTS; SEES STRONG '94 EARNINGS GROWTH
HA-LO Acquires UPSHOT
HA-LO Reports Record 2nd Quarter/Six Months Results
HA-LO Acquires Lipson Alport Glass & Associates
HA-LO Reports Record Third Quarter/Nine Months Results; Quarterly Net Income Up 43%.
HA-LO Industries Reports Record Fourth Quarter/Year End Results; Quarterly Net Income Up 39%; Annual Net Income Up 65%.
HA-LO Industries Reports Record First Quarter; Quarterly Net Income Up 58%; Sales Climb 26%.
HA-LO Industries Announces Third Quarter Results to be Below Expectations.
HA-LO Industries Reports Third Quarter And Nine Months Results In Line With Expectations.

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