BANKER'S NOTE REPORTS RESULTS
BANKER'S NOTE REPORTS RESULTS ATLANTA, Dec. 23 /PRNewswire/ -- The Banker's Note, Inc.
(NASDAQ: BKNT), a chain of career women's specialty apparel stores that had filed a voluntary petition for a reorganization pursuant to Chapter 11 of the United States Bankruptcy Code on Aug. 7, 1991, today announced an operating loss before taxes and non-recurring charges of ($343,000) for the third quarter ended Nov. 2, 1991.
This compares to a loss of ($899,000) for the same period last year. On an after-tax basis including non-recurring charges, the net loss was ($1,111,000), or ($.33) per share compared with ($559,000), or ($.17) last year. For the first nine months of 1991, the operating loss before taxes and non-recurring charges was ($953,000), compared to a loss of ($417,000) in 1990. The net loss after tax and non-recurring charges was ($3,420,000), or ($1.01) per share, compared to a net loss of ($263,000). During the quarter, the company closed 25 locations and opened one outlet store, reducing the total number of stores to 41. The company anticipates closing four additional stores prior to year end. FINANCIAL SUMMARY Third quarter 1991 1990 Net sales $ 5,438,000 $ 11,606,000 Income (loss) before tax and non-recurring charges $ (343,000) $ (899,000) Net income (loss) $(1,111,000) $ (559,000) Earnings (loss) per share Primary $ (.33) $ (.17) Fully diluted $ (.33) $ (.17) Weighted average shares outstanding 3,416,341 3,277,250 Stores open at end of period 41 75 Nine months 1991 1990 Net sales $20,075,000 $ 37,604,000 Income (loss) before tax and non-recurring charges $ (953,000) $ (417,000) Net income (loss) $(3,420,000) $ (263,000) Earnings (loss) per share Primary $ (1.01) $ (.08) Fully diluted $ (1.01) $ (.08) Weighted average shares outstanding 3,394,591 3,301,895 Stores open at end of period 41 75 -0- 12/23/91 /CONTACT: Harold D. Cannon, senior vice president of The Banker's Note, 404-432-0636/ (BKNT) CO: Banker's Note, Inc. ST: Georgia IN: REA SU: ERN
BR-TG -- AT003 -- 4801 12/23/91 11:34 EST
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|Date:||Dec 23, 1991|
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