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Cable & Co. Worldwide announces record sales for third quarter.

NEW YORK--(BUSINESS WIRE)--Nov. 26, 1996--Cable & Co. Worldwide Inc. (the "Company")(NASDAQ: CCWW) reported net sales of $5,375,379 for the third quarter ended Sept. 30, 1996, as compared to sales of $3,318,196 for the comparable period last year.

Net loss for the current period was $219,568, as opposed to a net profit of $73,982 for the comparable period in 1995.

David Albahari, president, chairman and CEO of the company said, "we are pleased to have achieved the largest quarterly sales results in our Company's history and are delighted with our ability to penetrate new markets. While we did sustain a loss for the period, it was less than we projected and was principally occasioned by non cash items. Without these items we achieved an operating profit of $22,401. Most importantly, our gross margins rose to 35% as compared to 28.5% for the first six months of this year and gross margins on our current backlog, as of November 20, 1996, are at 40%. The current backlog itself is up 62% over the same period last year, and represents an all time high for this time of the year."

Albahari then added "We are pursuing dialogue which will allow us to begin the expansion of our business into continental Europe, Asia and India; to add to our product sources in a manner that will drive our gross margins even higher, and to add to inventory to accommodate the ramp up of sales to the $19 million-$21 million level we expect for 1997."

CABLE & CO. WORLDWIDE INC. designs, imports and markets an upscale range of men's footwear bearing the "CABLE & CO." and "BACCO BUCCI" trademark. The company markets its products to approximately 1,500 department and specialty store locations throughout the United States, including Saks Fifth Avenue, Bloomingdale's, Neiman Marcus, Parsienne, Nordstrom and Macy's. -0- This press release contains statements of a forward-looking nature relating to future events. Shareholders and other readers are cautioned that such statements are predictions and that actual events may differ significantly.

CONTACT: Howard Bronson & Company Inc., New York

Alan Kandall, 908/346-1111

Robert Giordano, 212/867-6160
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Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Nov 26, 1996
Words:359
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