SECOND QUARTER ON COURSE FOR POMEROY COMPUTER RESOURCES
SECOND QUARTER ON COURSE FOR POMEROY COMPUTER RESOURCES CINCINNATI, Aug. 6 /PRNewswire/ -- Pomeroy Computer Resources, Inc.
(NASDAQ: PMRY) today released its operating results for the second quarter and first half of 1992.
For the first half of the year, net sales increased 27.1 percent as compared to the first half of 1991. For the quarter, net sales rose 23.0 percent to $14,004,000, while operating costs as a percent of sales declined to 19.0 percent from 22.1 percent for the second quarter of 1991. Pro forma net income for the current quarter showed a 91.6-percent increase, to $135,000 as compared to $71,000 in the second quarter of 1991. Pro forma net income for the first half of 1992 was $291,000, a 135.9-percent increase over first-half 1991's results of $123,000. CEO David B. Pomeroy stated, "We are particularly pleased with these results in light of the current market conditions. The 'wait and see' attitude being displayed by many large corporations in response to reported pricing changes by IBM and Compaq has not had a negative impact on our sales. We believe this is a result of the professional relationship and atmosphere of trust that we have created with our business clientele." Pomeroy Computer Resources is one of the largest ComputerLand franchisees in the nation. It also assembles and markets IBM-compatible computers under the tradename "Syclone." The Cincinnati-based company currently has branches in Cincinnati as well as Lexington and Louisville, Ky. The company continues to seek other locations for acquisition. POMEROY COMPUTER RESOURCES, INC. RESULTS OF OPERATIONS (Dollar amounts in thousands except per-share) Second Quarter Ended First Half Ended 7/4/92 7/6/91 7/4/92 7/6/91 Sales $14,004 $11,388 $28,847 $22,703 Gross profit 3,087 2,832 6,467 5,569 Operating income 359 316 821 584 Other expenses (primarily interest) (101) (162) (308) (300) Pro forma net income 135 71 291 123 Pro forma net income per share $0.06 (a) $0.18 (a) Weighted average shares outstanding 2,139,560 1,100,000 1,619,780 1,100,000 (a) Pro forma net income per share for 1991, based on actual shares outstanding plus 249,125 pro forma shares deemed to have been issued (and outstanding for all periods prior to the public offering) to pay a dividend of $1,993,000 declared before the company's offering was $.05 per share for the second quarter and $.09 per share in the first half of 1991. On the same basis, pro forma net income per share in the second quarter and first half of 1992 would be $.06 and $.17 per share, respectively. -0- 8/6/92 /CONTACT: Ed Weinstein of Pomeroy Computer Resources, 606-578-3100; or Suzanne Rabideau, 313-954-1901, for Pomeroy Computer Resources/ (PMRY) CO: Pomeroy Computer Resources, Inc. ST: Ohio IN: CPR SU: ERN
SM-ML -- DE007 -- 7409 08/06/92 08:36 EDT
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|Date:||Aug 6, 1992|
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