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AUDIO KING CORPORATION ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS

AUDIO KING CORPORATION ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS
 MINNEAPOLIS, Sept. 3 /PRNewswire/ -- Audio King Corporation (NASDAQ: AUDK) today reported sales and earnings results for its fourth quarter and year ended June 30, 1992.
 Comparisons for fiscal 1992 versus last year are as follows: Sales were $29,240,000 versus $23,500,000; cost of goods sold was $18,115,000 versus $13,900,000; gross profit was $11,125,000 versus $9,600,000; and net income was $207,000 versus $110,000.
 Comparisons for the fourth quarter of fiscal 1992 versus the fourth quarter of last year are as follows: Sales were $7,054,000 versus $5,842,000; cost of goods sold was $4,322,000 versus $3,348,000; gross profit was $2,731,000 versus $2,495,000; and net (loss) income was $(47,000) versus $32,054.
 Sales for the year were up 24.4 percent versus last year. Comparable store sales were up 37.8 percent. Net income for the year increased by $97,000 (88.2 percent) versus last year.
 "The fourth quarter was difficult, with sales slowing in May and June, as consumer attitudes and the retail environment softened and we incurred expenses related to our new warehouse and the move of Audio Video Environments. However, our promoting specialist strategy is working, as demonstrated by our results, with sales up over 24 percent and comparable store sales up 38 percent. During the year, we closed three small stores that lacked expansion potential, moved into our new warehouse facility, remodeled and expanded our St. Cloud store, and moved our Audio Video Environments showroom. We expect the difficult retail environment to continue through the first quarter of fiscal 1993, but we continue to have confidence in our promoting specialist strategy," said Gary Thorne, president and chief executive officer.
 Audio King Corporation is a holding company formed in 1985 for the purpose of operating specialty consumer electronics stores. The company's only operating subsidiary is Audio King, Inc., which was acquired in September 1986. Audio King operates eight stores in Minnesota and one in South Dakota.
 AUDIO KING CORPORATION AND SUBSIDIARY
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended 12 Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Net sales $7,054,608 $5,842,194 $29,239,500 $23,500,736
 Cost of merchandise
 sold 4,323,444 3,347,673 18,114,580 13,903,788
 Gross profit 2,731,164 2,494,521 11,124,920 9,596,948
 Selling, general and
 administrative
 expenses 2,783,209 2,381,938 10,566,298 9,138,165
 Operating income (52,045) 112,583 558,622 458,783
 Interest expense, net 34,676 54,379 182,517 258,135
 Income before income
 taxes (86,721) 58,204 376,105 200,648
 Provision for income
 taxes (39,217) 26,150 169,000 90,250
 Net income (loss) $(47,504) $32,054 $207,105 $110,398
 Net income per share $(.02) $.02 $.09 $.05
 Weighted average number
 of shares of common
 stock outstanding 2,479,753 2,070,891 2,209,547 2,070,891
 -0- 9/3/92
 /CONTACT: Gary Thorne, president, or Randel Carlock, chairman, both of Audio King, 612-920-0505/
 (AUDK) CO: Audio King Corporation ST: Minnesota IN: REA SU: ERN


KH -- MN005 -- 6346 09/03/92 10:59 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
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