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 MIAMI, Aug. 4 /PRNewswire/ -- Catalina Lighting, Inc. (AMEX: LTG) today reported operating results for the third quarter and first nine months of its 1993 fiscal year.
 For the three months ended June 30, 1993, the company reported a net profit of $844,000, which represented a 151 percent increase when compared with earnings of $336,000 in the same period of the previous fiscal year. Net revenues for the April-June 1993 period increased 7.3 percent to approximately $26.7 million (vs. $24.9 million), while sales of lighting products were up approximately 11 percent. On a per-share basis (fully diluted), Catalina earned $0.13 for the most recent quarter, which compared with $0.05 in the prior-year period. Fully diluted E.P.S. were calculated on 6,740,164 weighted average shares outstanding, vs. 6,942,249 for the year-earlier quarter.
 For the nine-month period ended June 30, 1993, Catalina earned $3 million, compared with a net profit of $1,534,000 in the prior-year period. Earnings per share rose 95 percent to $0.45 (fully diluted), vs. $0.23 in the first three quarters of FY1992. Net revenues for the first nine months of FY1993 rose 6.1 percent to approximately $79.5 million (vs. $74.9 million), while sales of lighting products were up over 12 percent. Fully diluted shares outstanding averaged 6,749,055, or 2 percent less than the 6,880,514 fully diluted shares of a year earlier.
 While earnings during the third quarter of both years reflected operating results exclusively, pretax profits for the nine-month periods of both FY1993 and FY1992 included realized gains from the sale of marketable securities ($510,000 and $634,000, respectively). Excluding such non-recurring profits, Catalina's pretax earnings for the first nine months of FY1993 rose 118 percent to $4,017,000 (vs. $1,840,000).
 "In light of the continued cautiousness of consumers and retailers in the current economic environment, we are very pleased with Catalina's sales gains and impressive profit growth during the first nine months of fiscal 1993," noted Robert Hersh, chairman and chief executive officer of the company. "Lighting sales have continued to grow at double-digit rates since we withdrew from the ceiling fan business at the end of last year. We attribute this to continued expansion of our customer base and the successful management of entire lighting programs for many value- sensitive retailers."
 Interest expense declined in response to lower interest rates and reduced bank borrowings. The company's pretax profit margin approximated 5.2 percent during the most recent quarter, compared with 2.2 percent a year earlier.
 "Early in the third quarter, we announced a two-year extension of Catalina's $50 million bank credit facility, at lower interest rates than prevailed before," commented Dean Rappaport, Catalina's chief financial officer.
 Catalina Lighting, Inc. is a premier supplier of high-quality, affordably priced residential and office lighting products, which are manufactured by independent suppliers in the Far East. The company's customers primarily include leading home center and office superstore chains, membership warehouse clubs, mass merchandisers, hardware stores, and lighting showrooms. Catalina is headquartered in Miami, and has warehouse/distribution facilities in Texas, California, Massachusetts and Canada. Its shares are traded on the American Stock Exchange under the ticker symbol "LTG".
 Selected Operating Results for the Quarter Ended June 30,
 1993 1992
 NET SALES $26,681,000 $24,877,000
 GROSS PROFIT $ 4,941,000 $ 3,866,000
 OPERATING INCOME $ 1,622,000 $ 945,000
 PRETAX INCOME $ 1,391,000 $ 542,000
 PROVISION FOR INCOME TAXES $ 547,000 $ 206,000
 NET INCOME $ 844,000 $ 336,000
 FULLY DILUTED E.P.S. $ 0.13 $ 0.05
 SHARES OUTSTANDING 6,740,164 6,942,249
 Selected Operating Results for the Nine Months Ended June 30,
 1993 1992
 NET SALES $79,497,000 $74,943,000
 GROSS PROFIT $14,514,000 $12,421,000
 OPERATING INCOME $ 4,989,000 $ 3,262,000
 PRETAX INCOME $ 4,527,000(A) $ 2,474,000(A)
 PROVISION FOR INCOME TAXES $ 1,527,000 $ 940,000
 NET INCOME $ 3,000,000 $ 1,534,000
 FULLY DILUTED E.P.S. $ 0.45 $ 0.23
 SHARES OUTSTANDING 6,749,055 6,880,514
 (A) -- Pretax earnings during the first nine months of FY1993 and FY1992 include securities gains of $510,000 and $634,000, respectively.
 -0- 8/4/93
 /CONTACT: Dean Rappaport, chief financial officer of Catalina Lighting, 305-558-4777; or R. Jerry Falkner, CFA, investor relations counsel for Catalina Lighting, 800-377-9893/

CO: Catalina Lighting, Inc. ST: Florida IN: HOU SU: ERN

SS-AW -- FL001 -- 9189 08/04/93 08:21 EDT
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Publication:PR Newswire
Date:Aug 4, 1993

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