ALLERCARE ANNOUNCES THIRD QUARTER RESULTS
ALLERCARE ANNOUNCES THIRD QUARTER RESULTS BLOOMINGTON, Minn., March 6 /PRNewswire/ -- Allercare, Inc.
(NASDAQ: ALLR) today announced results for the fiscal third quarter ended Jan. 31, 1992.
Net sales for the third quarter increased $236,714 over the third quarter of last year. The company had sufficient inventory to fill orders during the third quarter of this year, which accounted for the increase. Although the increase in net sales is a positive sign, sales are behind forecast. It is taking longer than planned to regain distribution lost when the company did not have funds to produce or promote its products due to an antitrust lawsuit which ended in October 1991. Net sales for the first nine months were $667,681, down from $3,559,721 for the first nine months of last year. Revenues from the Protex product line, which was sold during the second quarter of last year, accounted for 63 percent of the decrease. The balance of the decrease was due to a high level of returns and unavailability of inventory. The company reported a third quarter net loss of $165,027 versus a net loss of $1,395,033 for the third quarter of last year. The third quarter losses for both years were primarily due to the low level of sales and high level of returns. The third quarter loss last year also included a noncash charge of $535,500 for debt conversion expense. Net income for the first nine months included the gain on sale of the Protex product line of $1,265,018, as well as interest earned on escrowed funds of $221,439. In addition, the company realized an extraordinary gain from the extinguishment of trade debt of $104,408 and a $314,000 tax benefit resulting from the utilization of a net operating loss carryforward. Allercare, Inc., a Bloomington-based health and beauty aid company, markets nail and cuticle treatments under the brand name LaSalle "10." ALLERCARE, INC. SUMMARY OF RESULTS Third Quarter Ended 1/31/92 1/31/91 Net sales $278,764 $42,050 Net (loss) $(165,027) $(1,395,033) Net (loss) per share $(0.02) $(0.33) Weigthed average shares outstanding 6,966,061 4,284,275 Nine Months Ended 1/31/92 1/31/91 Net sales $667,681 $3,559,721 Net income (loss) $880,176 $(1,970,943) Net income (loss) per share $0.13 $(0.46) Weighted average shares outstanding 6,907,128 4,261,526 -0- 3/6/92 /CONTACT: Rick Kitslaar of Allercare, 612-944-0551/ CO: Allercare, Inc. ST: Minnesota IN: HOU SU: ERN
KH -- MN005 -- 5880 03/06/92 12:47 EST
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|Date:||Mar 6, 1992|
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