PENTECH INTERNATIONAL REPORTS RECORD SALES AND EARNINGS FOR THIRD QUARTER OF 1992
PENTECH INTERNATIONAL REPORTS RECORD SALES AND EARNINGS
FOR THIRD QUARTER OF 1992
EDISON, N.J., Aug. 3 /PRNewswire/ -- Pentech International, Inc. (NASDAQ-NMS: PNTK) reported today that, for the third fiscal quarter ended June 30, 1992, earnings rose to a record $2,517,000, or $.21 per share, a 22 percent increase from the $2,060,000, or $.17 per share, recorded in the like quarter a year ago. Revenues for the third quarter of 1992 totalled a record $17,308,000, a 23 percent improvement on the $14,066,000 reported for the corresponding three months in the prior year.
For the first nine months of fiscal 1992, earnings rose to $3,453,000, or $.28 per share, compared to earnings of $3,157,000, or $.26 per share, reported for the same period last year. Revenues for the first nine months of 1992 were $28,680,000, versus revenues of $24,734,000 in the first three quarters of 1991.
Norman Melnick, chairman and chief executive officer, said he was "extremely pleased" of the company's performance during the current recessionary climate. He attributed Pentech's improved earnings and revenues during the quarter to higher gross margins resulting from expanded utilization of the company's Edison-based pencil and marker factory; an overall increase in business from Pentech's major customers; and healthy demand for Pentech's new Disney trademarked character pens, anti-fatigue GripStix pencil and cloth-covered Fiberz pen products.
The CEO said he expected "a strong fourth quarter," primarily fueled by traditionally strong sales during the company's back-to-school season.
Pentech is a manufacturer and marketer of more than 100 pen, pencil, marker and related products primarily retailing between $1 and $6.
Consolidated Statements of Operations
For the Three Months and Nine Months Ended
June 30, 1992 and June 30, 1991
(All figures in Thousands Except Per Share And
Weighted Average Share Data)
Three Months Ended
June 30 June 30
Revenues $17,308 $14,066
Pre-tax income 4,061 3,456
Net Income 2,517 2,060
Earnings Per Common Share .21 .17
Weighted Average Shares 12,181,211 12,080,315
Nine Months Ended
June 30 June 30
Revenues $28,680 $24,734
Pre-tax Income 5,570 5,297
Net Income 3,453 3,157
Earnings Per Common Share .28 .26
Weighted Average Shares 12,246,042 12,035,588
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/CONTACT: David Melnick, President, Pentech, 908-287-6640, or Joe Murphy of J.L.Murphy & Associates, 212-819-1066, or Rick Eisenberg of Rick Eisenberg Media Relations, 212-496-6828, both for Pentech/
(PNTK) CO: Pentech international, Inc. ST: New Jersey IN: SU: ERN
CM -- NY010R -- 6122 08/03/92 11:50 EDT