Printer Friendly


 ELKIN, N.C., Dec. 1 /PRNewswire/ -- Brendle's Incorporated ("Brendle's") (NASDAQ: BRDLQ) announced today results for the third quarter of fiscal 1994.
 For the three months ended Oct. 30, 1993, Brendle's comparable store sales increased by 4.9 percent over the same period a year ago. Net sales for the thirty stores opened during this period were $28.7 million compared with a plan of $26.2 million and $27.3 million for the same period a year ago. For the nine months ended Oct. 30, 1993, the company recorded comparable store net sales of $84.3 million versus a plan of $80.0 million; last year's comparable store sales volume was $85.4 million.
 Operating (loss) for the quarter and nine months was ($3.4) million and ($9.8) million, respectively. While last year comparable operating profit information is not available, the company reported its operating (loss) is $.8 million better than plan for the nine months ended Oct. 30, 1993.
 For the quarter and nine months ended Oct. 30, 1993, Brendle's reported a net loss of $10.1 and $20.2 million, respectively. The net loss for the quarter included reorganization costs of $6.7 million while the nine months net loss included $10.4 million of reorganization costs. These reorganization costs are attributable to the company's Chapter 11 reorganization proceeding which was commenced on Nov. 22, 1992. A net loss of $6.9 million and $17.8 million was reported for the same periods last year.
 "A major indicator of the company's viability is the fact that within a year of entering Chapter 11, we have proposed a plan of reorganization which enjoys the support of the Unsecured Creditors Committee and the bank creditors. We are, obviously, very pleased with the results for the quarter. Coupled with a comparable store sales increase in November of approximately 8 percent, we are confident that with the continuing support of our suppliers and associates, we can serve our customers well and compete effectively in our market," stated Douglas D. Brendle, chairman of the board and CEO.
 Brendle's plan of reorganization is currently being voted upon by its creditors and shareholders and a confirmation hearing is scheduled for Dec. 14, 1993, in the United States Bankruptcy Court for the Middle District of North Carolina in Winston-Salem, N.C.
 This Last This Last
 Year Year Year Year
 Net Sales $ 28,708 $ 42,808 $ 98,351 $ 137,652
 Comparable Store Sales 28,708 27,359 84,345 85,449
 Loss Before Reorganization
 Costs ( 3,384) ( 6,920) ( 9,838) (17,778)
 Net Income (Loss) (10,082) ( 6,920) (20,195) (17,778)
 Net Income (Loss)
 Per Share $( 1.22) $( .86) $( 2.43) $( 2.21)
 -0- 12/1/93
 /CONTACT: David R. Renegar, vice president and CFO, 919-526-6511, or Douglas D. Brendle, chairman and CEO, 919-526-6570, both of Brendle's/

CO: Brendle's Incorporated ST: North Carolina IN: REA SU: ERN

CM -- CH005 -- 9272 12/01/93 12:20 EST
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:Dec 1, 1993

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