BIG B, INC. REPORTS RESULTS
BIG B, INC. REPORTS RESULTS BESSEMER, Ala., March 11 /PRNewswire/ -- Big B, Inc.
(NASDAQ: BIGB) announced today that it had achieved record sales and earnings for its fourth quarter.
Net earnings for the 14 weeks which ended Feb. 1 rose 32.9 percent to $3,263,000 from $2,455,000 on record sales of $139,966,000. Earnings per share for the quarter rose to $.43 from $.33 in the prior year. For the year ended Feb. 1, earnings rose to $6,542,000 or $.86 per share, returning to normal profit levels from a prior year loss of $1,465,000 or $.19 per share. The significant improvement in earnings resulted from an overall improvement in store operating profits, the closing of underperforming store units, and efficiencies gained from consolidating distribution centers into the newly expanded 440,000-square-foot Bessemer, Ala., location. Anthony Bruno, president, stated that he was very pleased with the current year's performance and the positive way in which the company responded to the adversity that affected the prior year earnings. Bruno stated that he is optimistic that the measures initiated during the past year which resulted in these excellent earnings will yield even better results in the coming year. Expressing their continued confidence in Big B's future potential the board of directors announced a 25 percent increase in the quarterly dividend to $.05 per share which will be payable April 3 to shareholders of record on March 20. During the year Big B opened four stores located in Lewisburg, Tenn.; Tallapoosa, Ga.; and Prattville and Fairhope, Ala. Also stores located in Montgomery and Arab, Ala., were relocated to newly constructed stores. These store openings bring to a total of 304 stores in operation at year end. Big B, Inc. operates stores in Alabama (147), Florida (20), Georgia (109), Mississippi (9), and Tennessee (19). BIG B, INC. 14 wks. ended 2/1/92 2/2/91 Sales $487,890,000 $463,689,000 Net income (loss) 6,542,000 (1,465,000) Earnings (loss) per share $ .86 $ (.19) Average shares outstanding 7,647,000 7,530,000 Year to date 2/1/92 2/2/91 Sales $139,966,000 $136,342,000 Net income (loss) 3,263,000 2,455,000 Earnings (loss) per share $ .43 $ .33 Average shares outstanding 7,661,000 7,559,000 -0- 11/20/91 /CONTACT: Arthur M. Jones Sr. of Big B, 205-424-3421, ext. 202/ (BIGB) CO: Big B, Inc. ST: Alabama IN: REA SU: ERN DIV
BR-BN -- AT004 -- 7245 03/11/92 10:20 EST
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|Date:||Mar 11, 1992|
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