CASCADE INTERNATIONAL INC., REPORTS STABLE SALES AND EARNINGS
BOCA RATON, Fla., Nov. 15 /PRNewswire/ -- Cascade International, Inc. (NASDAQ: KOSM) today reported stable revenues and earnings for the three months ended Sept. 30, 1991.
Although revenues and net income remained virtually unchanged from the same period last year, increased cost of sales due to industry-wide mark-downs caused a reduction in gross margins, and other costs and expenses increased due in part to the restructuring of Fran's Fashions and of increases in other operating overhead. Lower operating income was offset in large part by higher non-operating gains on sale of options and gains on sale of securities.
Net sales for the quarter ended Sept. 30, 1991 were $10,662,000 as compared to $10,644,000 for the same period a year ago. Operating income decreased to $831,000 for the current period from a record high of $2,263,000 last year, or a reduction of 63 percent, due to the above circumstances. Non-operating income increased to $2,160,000 from $680,000 last year or an increase of 217 percent. Due to the above circumstances, net income for the quarter ended Sept. 30, 1991 was $1,889,000 or $.096 per share as compared to $1,876,000 or $.096 per share for the same period last year.
Management expects that with the elimination of restructuring costs and other cost savings measures, net operating income should return to higher profitability in future quarters.
Cascade International, Inc., operating through wholly owned subsidiaries under the names J.B.'s Boutiques; Fran's Fashions and Jean Cosmetics is a diversified retailer of quality cosmetics, designer fragrances, skin care products and women's fashion apparel.
CASCADE INTERNATIONAL, INC. REPORTS STABLE SALES AND EARNINGS
First Quarter Ended Sept. 30:
Sales $10,662,000 $10,644,000
Net Income before Taxes 2,991,000 2,943,000
Net Income 1,889,000 1,876,000
Earnings per share $.096 $.096
Weighted average shares
outstanding 19,571,000 19,451,000
/CONTACT: Kerri Kane of Cascade International, Inc., 407-338-8278/
(KOSM) CO: Cascade International, Inc. ST: Florida IN: REA SU: ERN MR-SS -- FL010 -- 1650 11/15/91 15:17 EST