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CONSOLIDATED PRODUCTS, INC. REPORTS REVENUES AND EARNINGS BEFORE INTEREST AND INCOME TAXES REACH RECORD HIGHS

       CONSOLIDATED PRODUCTS, INC. REPORTS REVENUES AND EARNINGS
          BEFORE INTEREST AND INCOME TAXES REACH RECORD HIGHS
    INDIANAPOLIS, Nov. 11 /PRNewswire/ -- Consolidated Products, Inc. (NASDAQ: COPIC) reported revenues and earnings before interest and income taxes reached new record highs for the fiscal year ended Sept. 25, 1991.  Revenues for fiscal 1991 increased 10 percent to $117,119,334 from $106,843,854 in the prior year while earnings before interest and income taxes increased seven percent to $10,915,556 as compared to $10,185,198 last year.  For the fourth quarter, revenues increased six percent and earnings before interest and income taxes increased 11 percent.  The company attributed the outstanding results to the continued excellent performance of the Steak n Shake restaurants despite a difficult economic environment throughout the year.
    Net sales increased primarily from the addition of nine (includes four restaurants opened during the fourth quarter in fiscal 1990) Steak n Shake restaurants somewhat offset by the sale of five restaurants in Atlanta to a Steak n Shake franchisee in June and increased level of marketing activity throughout the year.  Planned costs associated with the introduction in April of a television advertising program in the central Indiana market and four freestanding newspaper inserts during the year featuring special value coupons, offering low and limited discounts for short intervals of time, slightly reduced the rate of profit margin gains resulting from the increased sales levels.  Based on the success of the television and marketing program in Indiana, a similar program was initiated in the St. Louis market on Oct. 3, 1991.
    The increase in interest expense relates to the debt incurred in the first quarter pursuant to the company's recapitalization plan.  Net earnings were $912,517 and $3,263,601 for the quarter and the year ended Sept. 25, 1991.  Primary earnings per share on the pro forma basis assuming there had been no recapitalization, were $.33 ($.31 in prior year) for the quarter and $1.22 ($1.15 in prior year) for the fiscal year.  Primary earnings per share after the effect of the recapitalization were $.20 and $.74 for the quarter and year ended Sept. 25, 1991.
                          CONSOLIDATED PRODUCTS, INC.
                SUMMARY OF CONSOLIDATED STATEMENTS OF EARNINGS
                                  (UNAUDITED)
                                               TWELVE WEEKS ENDED
                                             09/25/91      09/26/90
    Net sales                              $27,534,395   $26,285,298
    Total revenues                          28,151,759    26,504,452
    Cost of sales                            7,342,181     7,556,333
    Other costs and expenses                17,927,875    16,349,043
    Earnings before interest and income
      taxes                                  2,881,703     2,599,076
    Interest expense                         1,364,186       459,723
    Earnings before income taxes             1,517,517     2,139,353
    Income taxes                               605,000       800,000
    Net earnings                              $912,517    $1,339,353
    Net earnings per common and common
      equivalent share:
        Pro forma primary assuming no
          recapitalization                        $.33          $.31
        Primary                                   $.20          $.31
        Pro forma fully diluted assuming no
          recapitalization                        $.33          $.31
        Fully diluted                             $.14          $.31
    Weighted average shares outstanding
      Pro forma primary assuming no
        recapitalization                     4,383,328     4,292,675
      Primary                                4,539,817     4,292,675
      Pro forma fully diluted assuming no
        recapitalization                     4,383,341     4,292,416
      Fully diluted                          7,612,607     4,292,416
                                            FIFTY-TWO WEEKS ENDED
                                             09/25/91      09/26/90
    Net sales                             $115,436,214  $105,838,092
    Total revenues                         117,119,334   106,843,854
    Cost of sales                           31,842,780    30,560,560
    Other costs and expenses                74,360,998    66,098,096
    Earnings before interest and income
      taxes                                 10,915,556    10,185,198
    Interest expense                         5,476,955     1,929,703
    Earnings before income taxes             5,438,601     8,255,495
    Income taxes                             2,175,000     3,300,000
    Net earnings                            $3,263,601    $4,955,495
    Net earnings per common and common
      equivalent share:
        Pro forma primary assuming no
          recapitalization                       $1.22         $1.15
        Primary                                   $.74         $1.15
        Pro forma fully diluted assuming no
          recapitalization                       $1.22         $1.15
        Fully diluted                             $.55         $1.15
    Weighted average shares outstanding
      Pro forma primary assuming no
        recapitalization                     4,344,348     4,291,225
      Primary                                4,434,897     4,291,225
      Pro forma fully diluted assuming no
        recapitalization                     4,365,932     4,299,641
      Fully diluted                          7,062,521     4,299,641
                 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
                                              09/25/91
                                             (Unaudited)    09/26/90
    ASSETS
      Current assets                         $13,110,765  $5,742,573
      Property and equipment-net              38,539,331  39,042,079
      Leased property-net                     10,390,303   9,839,302
      Other assets                             2,101,931   1,154,976
        Total assets                         $64,142,330 $55,778,930
    LIABILITIES AND SHAREHOLDERS' EQUITY
      Current liabilities                    $17,219,648 $17,221,357
      Deferred income taxes                      106,000     144,000
      Obligations under capital leases        13,880,186  13,255,555
      Long-term debt                          37,369,200   2,703,586
      Shareholders' equity (deficit)          (4,432,704) 22,454,432
        Total liabilities and
          shareholders' equity               $64,142,330 $55,778,930
    -0-                        11/11/91
    /CONTACT: James W. Bear, senior vice president, administration and finance of Consolidated Products, Inc., 317-633-4100/
    (COPIC) CO:  Consolidated Products, Inc. ST:  Indiana IN:  REA SU:  ERN KK -- CL003 -- 2896 11/11/91 09:07 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 11, 1991
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