SPORTS/LEISURE ANNOUNCES UNAUDITED RESULTS
SPORTS/LEISURE ANNOUNCES UNAUDITED RESULTS BOCA RATON, Fla., Aug. 18 /PRNewswire/ -- Sports/Leisure, Inc.
(NASDAQ: SPLE) today announced unaudited results for the second quarter and for the six months ended June 30, 1992.
According to CEO, Arthur Kwiat, fiscal 1992 second quarter revenues increased 27 percent to $5,997,347 from $4,718,451 during the same period in the prior year, as a result of sales contributed by its Classic Golf of America Incorporated subsidiary ("Classic Golf") which began operations on March 4, 1992. The company incurred a loss during the second quarter of 1992 of $282,470 or $.10 per share compared to net income of $230,980 or $.16 per share earned during the same period of 1991. The operating results of the second quarter of 1992 are attributable to increased discounting of merchandise due to softness in the apparel market, higher then expected expenses associated with dual operating costs of Classic Golf until its new facility is completed in South Florida, along with several non-recurring charges relating to the resignation of the company's former chairman and the write-off of costs related to acquisition projects suspended during the quarter. Kwiat also announced that revenues for the six months ended June 30, 1992 increased 27 percent to $10,961,370 compared to $8,619,936 during the same period in the prior year. The company's net loss for the six months ended June 30, 1992 was $259,031 compared to net income of $411,869 during the same period in the prior year. Loss per share was $.10 for the six months ended June 30, 1992 compared to earnings of $.34 per share for the six months ended June 30, 1991. The company expects that revenues for the remainder of 1992 will reflect a corresponding increase from the same period in 1991 as a result of the contribution of Classic Golf. In addition, the relocation of Classic Golf to South Florida should be completed by Aug. 31, 1992 which the company believes will significantly reduce Classic Golf's overall operating costs for the future. The company's corporate headquarters are also being relocated to the new Classic Golf facility. This consolidation is expected to reduce overall corporate operating expenses. Classic Golf has recently been selected as the sole distributor of specialty golf apparel under the Ben Hogan Tour (R) label with J.C. Penney Company and has exercised its option to increase its distribution of products to the U.K. and Europe. The company believes these recent events will result in increased sales of approximately $1 to $2 million annually beginning in the fourth quarter of 1992. Sports/Leisure's other subsidiary, Softouch Company, Inc. ("Softouch"), has expanded its existing distribution with Federated Department Stores to include several other Federated Department Stores subsidiaries where Softouch was not previously selling merchandise. Sports/Leisure, Inc. designs, contracts for the manufacture of, and markets women's, men's and unisex sports apparel through Softouch and men's and women's golf apparel through Classic Golf under the labels: Hogan (R), Ben Hogan Tour (R) and Legends (R), which trademarks are licensed under an exclusive licensing agreement with The Ben Hogan Company. -0- 8/18/92 /CONTACT: Arthur Kwiat, CEO and president of Sports/Leisure, Inc., 407-483-0600/ (SPLE) CO: Sports/Leisure, Inc. ST: Florida IN: TEX SU: ERN
JJ-AW -- FL006 -- 1079 08/18/92 16:19 EDT
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|Date:||Aug 18, 1992|
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