THE BANKER'S NOTE REPORTS RESULTS
THE BANKER'S NOTE REPORTS RESULTS SMYRNA, Ga., Aug. 24 /PRNewswire/ -- The Banker's Note, Inc.
(OTC: BNKTQ), a chain of women's career specialty apparel stores operating under Chapter 11 of the United States Bankruptcy Code, today announced operating income before taxes and non-recurring charges of $14,000 for the second quarter ended Aug. 1.
This compares to operating loss of ($661,000) for the same period last year. Net income was $88,000 after tax and non-recurring charges or $.03 per share compared to net loss of ($2,350,000) or ($.68) per share for the prior year's second quarter. For the six months operating income before tax and non-recurring charges was $237,000 compared to a loss of ($609,000) for the same period last year. Net income for the six months was $314,000 or $.09 per share compared to a net loss of ($2,309,000) or ($.67) per share last year. Management attributed the improved results to enhanced gross margin on merchandise and maintained control over operating expenses. The company filed Chapter 11 in the prior year's second quarter, and anticipates that its plan of reorganization will be filed in several months in order to emerge from Chapter 11. THE BANKER'S NOTE, INC. Financial Summary Second quarter 1992 1991 Sales $4,632,000 $6,601,000 Income (loss) before tax and non- recurring charges 14,000 (661,000) Net income (loss) 88,000 (2,350,000) Earnings (loss) per share $.03 ($.68) Avg. shares outstanding 3,326,550 3,448,107 Stores open at end of period 37 65 Six months 1992 1991 Sales $9,591,000 $14,637,000 Income (loss) before tax and non- recurring charges 237,000 (609,000) Net income (loss) 314,000 (2,309,000) Earnings (loss) per share $.09 ($.67) Avg. shares outstanding 3,326,550 3,431,308 Stores open at end of period 37 65 -0- 8/24/92 R /CONTACT: Harold D. Cannon, senior vice president of The Banker's Note, 404-432-0636/ (BNKTQ) CO: The Banker's Note, Inc. ST: Georgia IN: REA SU: ERN
BN-CF -- AT012 -- 2757 08/24/92 17:25 EDT
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|Date:||Aug 24, 1992|
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