THE TOPPS COMPANY REPORTS THIRD QUARTER RESULTS
THE TOPPS COMPANY REPORTS THIRD QUARTER RESULTS NEW YORK, Dec. 17 /PRNewswire/ -- The Topps Company, Inc.
(NASDAQ: TOPP) today reported that net sales for the third quarter increased 14 percent to $74,097,000, as compared with $65,039,000 for the same period last year. Net income increased to $14,111,000, or 30 cents per share, as compared with last year's $12,197,000 or 26 cents per share.
Arthur T. Shorin, chairman, stated that third quarter results reflect strong consumer demand for Topps "Stadium Club" sports cards. "We are pleased with these results," he added, "particularly in light of the difficult competitive and economic environment." During the third quarter, the company repaid $20 million of its long-term debt, reducing its indebtedness to $5 million as of Nov. 30, 1991. As previously announced, the company expects to repay the balance of its debt before the end of the fiscal year. Topps is well known for its collectible picture products, which feature sports, entertainment and other themes, and its Bazooka brand bubble gum. THE TOPPS COMPANY, INC. Consolidated Statement of Earnings (Unaudited, in thousands, except per share data) Periods ended: Third quarter Nine months 11/30/91 12/1/90 11/30/91 12/1/90 Net sales $74,097 $65,039 $218,503 $222,474 Income before taxes 23,910 21,030 69,234 69,573 Taxes on income 9,799 8,833 27,498 29,206 Net income 14,111 12,197 41,736 40,367 Earnings per share $.30 $.26 $.88 $.86 Weighted average shares outstanding 47,308,720 47,032,198 47,301,698 47,021,339 -0- 12/17/91 /CONTACT: George Sard or Tom Sanford of Adams & Rinehart, 212-557-0100, for Topps/ (TOPP) CO: The Topps Company, Inc. ST: New York IN: SU: ERN FC-TS -- NY015 -- 2841 12/17/91 09:36 EST
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|Date:||Dec 17, 1991|
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