PETSTUFF, INC. REPORTS THIRD QUARTER RESULTS.ROSWELL Roswell (rŏz`wĕl), city (1990 pop. 44,654), seat of Chaves co., SE N.Mex., near the Pecos River; settled 1869 as a trading post, inc. 1903. It is the trade, marketing, and rail center of an irrigated farm area. , Ga.--(BUSINESS WIRE)--November 29, 1994--Petstuff, Inc. (Nasdaq:PTSF PTSF Pennsylvania Trauma Systems Foundation (Mechanicsburg, PA) PTSF Percent Time-Spent-Following (two-lane highway capacity) PTSF Peace Through Superior Firepower (UK band) ) today announced operating results for the 13 week period (third quarter) and 39 week period ended October October: see month. 30, 1994. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight rose 209% for the 13 week period to $30,194,000, as compared with sales of $9,768,000 reported for the same period last year. Comparable store sales increased 39%. Comparable store sales were calculated by matching full fiscal month same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of for this year versus last year; in the last fiscal month of the quarter, there were 20 stores in this sales comparison. The Company reported a net loss for the quarter of $2,439,000 or $0.26 per share (historical), compared with a net loss of $3,220,000 or $0.45 per share (pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma ) for the same period a year ago. On a pro forma tax effected basis, the net loss was $1,463,000, or $0.15 per share, compared to a net loss of $1,932,000 or $0.27 per share for the same period last year. Sales for the first 39 weeks of fiscal 1994 were $77.3 million, an increase of 287% over the same period last year. Comparable store sales increased 41%. The Company reported a net loss for the 39 week period ended October 30, 1994 of $10.3 million, or $1.08 per share (historical), compared with a net loss of $7.0 million or $0.98 per share (pro forma) for the same period last year. "Our financial results for the third quarter met our internal plan and street expectations," noted Jim Flanegan, President and Chief Executive Officer. "In particular we were able to increase gross margin this quarter by 2.8 percentage points over the same period last year. Also, our same store sales for our 20 stores open for more than one year are running 39% higher in the quarter and 41% higher year to date. Additionally, we experienced our second highest level of increased comparable store sales for the quarter, 35%, in our most competitive market, Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. ." "Our results are even more impressive," Mr. Flanegan continued, "considering that we incurred an expense during the period of $0.05 per share (on a pro-forma tax effected basis) as a result of our Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. expansion. Our opening of three stores in the Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing market represents our first international expansion. We currently have committed to nine additional leases in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of ." Mr. Flanegan concluded, "Domestically, we added eight additional stores during the period, six of which enhanced existing clusters. With our aggressive expansion, we continue to build towards our goal of being the largest chain of pet food and supply superstores This is a list of superstores by country. Multi-national
Petstuff, Inc. is a leading specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retail operator of pet food and supply superstores in the eastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company operates 53 superstores and expects to have 58 superstores in operation by year end, January January: see month. 29, 1995. -0-
PETSTUFF, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
October 30, 1994 January 30, 1994
(Unaudited)
ASSETS
Cash and cash equivalents $10,675,000 $35,560,000
Inventories 25,785,000 14,434,000
Other current assets 2,597,000 2,083,000
Total current assets 39,057,000 52,077,000
PROPERTY AND EQUIPMENT - Net 16,812,000 9,545,000
OTHER ASSETS 1,020,000 494,000
$56,889,000 $62,116,000
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES $13,200,000 $ 9,360,000
DEFERRED RENT 1,283,000 445,000
DEFERRED REVENUE 330,000 -
Total Liabilities 14,813,000 9,805,000
SHAREHOLDERS' EQUITY 42,076,000 52,311,000
$56,889,000 $62,116,000
PETSTUFF, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in $000's, except share and per share amounts)
(Unaudited)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
10/30/94 10/31/93 10/30/94 10/31/93
Net Sales $30,194 $ 9,768 $77,295 $19,951
Cost of Sales 22,836 7,660 60,070 15,636
Gross Profit 7,358 2,108 17,225 4,315
Store Expenses 7,470 3,330 21,516 6,966
Preopening Expenses 1,010 1,072 1,986 1,926
General and administrative
expenses 1,447 1,007 4,576 2,617
Operating Loss (2,569) (3,301) (10,853) (7,194)
Interest Income 130 81 578 181
Net Loss $(2,439) $(3,220) $(10,275) $(7,013)
LOSS PER SHARE INFORMATION
Historical Basis
Loss Per Common
Share $ (0.26) $ (1.08)
Number of Common
Shares Outstanding 9,508,000 9,505,000
Pro-Forma Basis
Loss Per Common and
Common Equivalent
Share ($ 0.45) ($ 0.98)
Number of Common and
Common Equivalent
Shares Outstanding 7,159,000 7,159,000
CONTACT: Petstuff, Inc., Roswell
Thomas J. Klimback
Chief Financial Officer
Henry Schaffer
Director of Financial Planning
404/667-2759
or
Howard Zar/Melissa Garelick/Wendy Merson
Press Contact: Stacy Berns
Morgen-Walke Associates
212/850-5600
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