Printer Friendly

BEN FRANKLIN RETAIL STORES, INC. REPORTS FIRST QUARTER RESULTS FOR FISCAL YEAR 1994

 CAROL STREAM, Ill., July 14 /PRNewswire/ -- Ben Franklin Retail Stores, Inc. (NASDAQ: BFRS) reported net income of $7.1 million, or $1.26 per share, for its first quarter ended June 30, 1993, as compared with a net loss of $717,000, or $.13 per share for the same period of the prior year, it was announced today by Dale D. Ward, president and chief executive officer. Loss before cumulative effect of change in accounting principle related to FASB No. 109 "Accounting for Income Taxes" was $900,000, or $.16 per share, compared to $717,000, or $.13 per share, in the first quarter of fiscal year 1994 and 1993, respectively. For the first quarter of fiscal year 1994, the company recorded a $8.0 million gain, or $1.42 per share, related to the adoption of FASB No. 109.
 The company has historically had a seasonal related loss in its fiscal first quarter. Ward stated that, "First quarter results were negatively impacted by extreme weather conditions and a continued sluggish retail environment. This sales slowdown was most pronounced at our variety stores."
 Net sales for the first quarter in fiscal 1994 were $76.8 million, flat with the $77.2 million recorded in the previous year. Operating loss for the first quarter was $1.5 million, as compared to $1.1 million in the prior year quarter.
 During the first quarter of fiscal year 1994, the company opened 5 Ben Franklin Crafts franchised superstores. Ben Franklin Retail Stores has in place agreements for the opening of 98 franchised Ben Franklin Crafts superstores over the next five years, including the 29 opened to date.
 Ben Franklin Retail Stores is franchisor to 661 variety stores and 247 craft stores in 47 states. The company also owns and operates 10 Ben Franklin Crafts "superstores".
 BEN FRANKLIN RETAIL STORES, INC. AND SUBSIDIARIES
 CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)
 AND SUMMARIZED BALANCE SHEET DATA (UNAUDITED)
 (In thousands, except per share amounts)
 Quarter Ended
 June 30,
 1993 1992
 Income Statement Data:
 Net Sales $76,821 $77,241
 Total operating expenses 78,292 78,337
 Operating loss (1,471) (1,096)
 Other income (expense) 95 (90)
 Loss before income taxes and
 cumulative effect of change
 in accounting principle (1,376) (1,186)
 Income tax (benefit) (476) (469)
 Loss before cumulative effect of
 change in accounting principle (900) (717)
 Cumulative effect of change in
 accounting principle 8,042 ---
 Net Income (Loss) $7,142 $(717)
 Income (loss) per share
 Loss before cumulative effect of
 change in accounting principle $(.16) $(.13)
 Cumulative effect of change in
 accounting principle 1.42 ---
 Net Income (Loss) $1.26 $(.13)
 Average Common Shares Outstanding 5,651 5,500
 Summarized Balance Sheet Data: As Of
 June 30, 1993 March 31, 1993
 Total Assets $147,518 $121,332
 Working Capital 73,021 54,646
 Long-Term Obligations
 Excluding Current Portion 25,168 4,746
 Stockholders' Equity 59,601 52,459
 -0- 7/14/93
 /CONTACT: John Menzer, executive vice president of Ben Franklin Retail Stores, Inc., 708-462-6312/
 (BFRS)


CO: Ben Franklin Retail Stores, Inc. ST: Illinois IN: REA SU: ERN

BM -- CL007 -- 1281 07/14/93 10:10 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:Jul 14, 1993
Words:523
Previous Article:HUNTINGTON BANCSHARES REPORTS RECORD QUARTER WITH 49 PERCENT INCREASE IN SECOND QUARTER 1993 EARNINGS
Next Article:VARITY'S KELSEY-HAYES UNIT RECEIVES $135 MILLION ANNUAL CONTRACT TO SUPPLY ANTI-LOCK BRAKE SYSTEMS TO VOLKSWAGEN GROUP
Topics:


Related Articles
BEN FRANKLIN RETAIL STORES, INC. SUBSTANTIALLY REDUCES SEASONAL OPERATING LOSS FOR FIRST QUARTER
BEN FRANKLIN RETAIL STORES, INC. REPORTS INCREASED RESULTS FOR BOTH SECOND QUARTER AND FIRST HALF OF FISCAL 1993
BEN FRANKLIN RETAIL STORES, INC. REPORTS INCREASED RESULTS FOR BOTH THIRD QUARTER AND FIRST NINE MONTHS OF FISCAL 1993
BEN FRANKLIN RETAIL STORES, INC. RECORDS INCREASED RESULTS FOR FISCAL YEAR 1993
BEN FRANKLIN RETAIL STORES, INC. REPORTS YEAR-END AND FISCAL FOURTH QUARTER RESULTS
BEN FRANKLIN RETAIL STORES, INC. REPORTS IMPROVED NET INCOME FOR SECOND QUARTER AND FIRST HALF OF FISCAL YEAR 1995
BEN FRANKLIN RETAIL STORES, INC. REPORTS IMPROVED NET INCOME FOR THIRD QUARTER AND FIRST NINE MONTHS OF FISCAL YEAR 1995
BEN FRANKLIN RETAIL STORES, INC. REPORTS YEAR-END AND FISCAL FOURTH QUARTER RESULTS
BEN FRANKLIN RETAIL STORES, INC. REPORTS SECOND QUARTER AND FIRST HALF OF FISCAL YEAR 1996 RESULTS
BEN FRANKLIN RETAIL STORES, INC. REPORTS THIRD QUARTER AND NINE MONTH RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters