Printer Friendly

AMERICAN STUDIOS, INC. ANNOUNCES FIRST QUARTER RESULTS AND ADDITIONS TO MANAGEMENT TEAM

 CHARLOTTE, N.C., April 28 /PRNewswire/ -- American Studios, Inc. (NASDAQ-NMS: AMST), the principal provider of portrait photography services to Wal-Mart stores, today reported that net sales for the first quarter of 1993 increased 68 percent to $16.6 million from $9.9 million for the comparable period in 1992.
 The net loss per share for the first quarter of 1993 was $0.03 per share which was the same as the $0.03 net loss per share for the comparable period in 1992. The net loss for the first quarter of 1993 increased to $0.7 million from $0.6 for the comparable period in 1992.
 "We are satisfied with the results for the first quarter of 1993 in light of the adverse impact on our operations of the severe inclement weather experienced in several regions in which the company operates," said R. Kent Smith, president of American Studios, Inc.
 "We have continued our rapid expansion of the permanent studio program, having opened 76 new permanent studios during the first quarter of 1993. The first quarter ended with 236 permanent studios in operation and we expect to have approximately 290 permanent studios in operation by the end of the second quarter of 1993," he said.
 As of the end of the first quarter of 1993, American Studios, Inc. provided portrait photography services in over 1,700 Wal-Mart stores in 34 states and Puerto Rico.
 The company also announced the addition to its management team of J. Robert Wren, Jr., James O. Mattox, Jr., and George A. Fazzola. Prior to joining the company in January 1993, Wren had served as general counsel to the company since its organization in 1982. Mattox, who joined the company in March 1993, and Fazzola, who joined the company in April 1993, were formerly employed by PCA International, Inc., the exclusive provider of portrait photography services to Kmart Corporation. Mattox was employed by PCA for 16 years, from 1977 to February 1993, serving in various positions in operations, including most recently as PCA's senior vice president of Kmart operations. Fazzola was employed by PCA for 13 years from 1979 to March 1993, serving in various positions in operations including most recently as a vice president.
 "We are delighted with the experience and the knowledge of the portrait photography industry brought to the company by Mattox and Fazzola," said Smith. "We are also pleased to add Wren's experience and knowledge of the company to our management team," he said. "These additions to our management team will help us greatly in managing the rapid growth of the company," he said.
 AMERICAN STUDIOS, INC.
 Statement of Operations
 (Dollars in thousands, except per share data)
 13 weeks ended 4/4/93 3/29/92
 Net sales $16,578 $ 9,861
 Cost of sales 14,108 7,236
 Gross profit 2,470 2,625
 General and administrative expenses 3,413 2,235
 Amortization of non compete agreements and
 other intangible assets 226 347
 Income (loss) before interest (1,170) 43
 Interest - principally to related parties --- 619
 Loss before income tax benefit (1,170) (576)
 Income tax benefit (456) ---
 Net loss $ (714) (576)
 Net loss per common share $ (0.03) $ (0.03)
 Weighted average number of shares outst. 21,788,734 19,067,454
 Cash dividend per common share $ 0.02 ---
 Other Data:
 Total number of Wal-Mart stores served at
 end of period 1,716 1,052
 Total number of permanent studios at end
 of period 236 25
 Total number of customers during the period 409,000 257,000
 -0- 4/28/93
 /CONTACT: R. Kent Smith, President, or A. Allen Henderson, CFO, American Studios, Inc., 704-588-4351/
 (AMST)


CO: American Studios, Inc. ST: North Carolina IN: REA SU: ERN

MM -- CH008 -- 1934 04/28/93 11:10 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 28, 1993
Words:626
Previous Article:ATHEY PRODUCTS ANNOUNCES EARNINGS
Next Article:ONEIDA LTD. DECLARES FIRST QUARTER DIVIDENDS
Topics:


Related Articles
AMERICAN STUDIOS, INC. ANNOUNCES THIRD QUARTER RESULTS
AMERICAN STUDIOS, INC. ANNOUNCES SECOND QUARTER RESULTS
AMERICAN STUDIOS, INC. ANNOUNCES THIRD QUARTER RESULTS
AMERICAN STUDIOS REPORTS FIRST QUARTER RESULTS
AMERICAN STUDIOS REPORTS FIRST QUARTER RESULTS
AMERICAN STUDIOS ANNOUNCES 3RD QUARTER RESULTS AND EXTENSION OF CREDIT FACILITY
AMERICAN STUDIOS, INC. ANNOUNCES FOURTH QUARTER RESULTS AND FULL YEAR RESULTS
American Studios Announces 3rd Quarter Results
PCA International, Inc. Announces Restructuring Plan Estimates 1996 Fourth Quarter And Full Year Results
PCA International, Inc. Reports Third Quarter Results; Sales Up 65% And Net Income Up 200%

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters