Printer Friendly

CROWLEY, MILNER & COMPANY REPORTS SECOND-QUARTER RESULTS

 CROWLEY, MILNER & COMPANY REPORTS SECOND-QUARTER RESULTS
 DETROIT, Sept. 22 /PRNewswire/ -- Andrew J. Soffel, Crowley, Milner


& Company's (AMEX: COM) chairman, today announced results for the second quarter ended Aug. 1, 1992.
 For the quarter, a net loss of $1,399,462, or $2.75 per share, was recorded compared to a net loss of $1,434,109, or $2.82 per share, for the second quarter last year. Due to the company's inability to tax- effect losses, the pre-tax results are a better indication than the after-tax results of the company's performance. The pre-tax loss for the quarter ended Aug. 1, 1992, was $1,399,462 compared to $1,617,109 last year. At the end of the quarter, the company converted its shoe department at all locations to a leased operation from an owned operation and sold the existing inventory to the lessee. As a result of the transaction, the company recorded inventory adjustments that resulted in a favorable impact on earnings in the second quarter, of approximately $562,000, or $1.10 per share.
 Net sales for the second quarter were down 2 percent to $21,202,588 from $21,628,766 for the comparable period last year.
 For the six months ended Aug. 1, 1992, a net loss of $2,193,671, or $4.31 per share, was recorded compared to a tax-effected net loss of $1,851,423, or $3.64 per share, last year. A total of $223,000 in severance payments have been paid during this period. Sales for the six months have increased 3.9 percent to $45,803,922 compared to $44,070,647 last year.
 Soffel attributed the second-quarter results to the unusually cool summer weather experienced in the region. He also stated he remains positive about the second half of the year and the company's prospects of returning to profitability.
 He also announced that the company would be instituting a Crowley's credit card program in October, and opening a 7,000-square-foot women's specialty store in Lansing, Mich., in November.
 CROWLEY, MILNER & COMPANY
 SECOND QUARTER ENDED Aug. 1, 1992 Aug. 3, 1991
 Net sales $21,202,588 $21,628,766
 Loss before income taxes (1,399,462) (1,617,109)
 Income tax credits --- (183,000)
 Net loss ($1,399,462) ($1,434,109)
 Net loss per share ($2.75) ($2.82)
 SIX MONTHS ENDED Aug. 1, 1992 Aug. 3, 1991
 Net sales $45,803,922 $44,070,647
 Loss before income taxes (2,193,671) (2,196,423)
 Income tax credits --- (345,000)
 Net loss ($2,193,671) ($1,851,423)
 Net loss per share ($4.31) ($3.64)
 -0- 9/22/92
 /CONTACT: Mark A. VandenBerg of Crowley's, 313-962-2400, Ext. 586/
 (COM) CO: Crowley, Milner & Company ST: Michigan IN: REA SU: ERN


JG -- DE015 -- 2145 09/22/92 11:43 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 22, 1992
Words:470
Previous Article:HARRIS PUBLISHING STUDY NAMES BEST AND WORST MANUFACTURING EMPLOYMENT SECTORS IN AMERICA
Next Article:THE STANDISH CARE COMPANY ANNOUNCES AN AGREEMENT OF PRINCIPLE TO DIVEST ITS GENERAL PARTNERSHIP INTEREST IN FLORIDA SENIOR LIVING COMMUNITY
Topics:


Related Articles
CROWLEY, MILNER AND COMPANY REPORTS THIRD-QUARTER RESULTS
CROWLEY, MILNER AND COMPANY ANNOUNCES FISCAL 1991 YEAR-END RESULTS
CROWLEY, MILNER AND COMPANY REPORTS FIRST-QUARTER RESULTS
CROWLEY'S REPORTS REVISED YEAR-END AND FIRST-QUARTER RESULTS
CROWLEY, MILNER & COMPANY SECOND QUARTER SALES
CROWLEY, MILNER & COMPANY REPORT FOURTH QUARTER SALES
CROWLEY, MILNER AND COMPANY SECOND QUARTER RESULTS
Crowley's Slashes Second Quarter Loss
Crowley's Announces First Quarter Results
Crowley's Announces Second Quarter Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters