Printer Friendly

DAMARK INTERNATIONAL, INC. REPORTS THIRD-QUARTER AND FIRST THREE QUARTERS' RESULTS

 MINNEAPOLIS, Oct. 12 /PRNewswire/ -- DAMARK International, Inc. (NASDAQ: DMRK) today reported results for the first three quarters ended Oct. 2, 1993. For the third quarter, net sales increased 16.8 percent to $73.2 million compared with $62.7 million for the same period in 1992. Net income increased 67.7 percent to $1.2 million versus $715,000 last year. On a per share basis, earnings for the quarter increased by 55.6 percent to 14 cents from nine cents for the third quarter last year.
 For the first three quarters, net sales increased 19.4 percent to $224.8 million from $188.2 reported in the year ago period. Net income of $2.7 million increased 143.5 percent compared with $1.1 million last year. And on a per share basis, excluding the effects of a warrant valuation increase last year, earnings increased by 120.0 percent to 33 cents from 15 cents reported for the prior-year period.
 "We are particularly pleased with the consumer purchasing trends of our business," said Mark A. Cohn, DAMARK's chairman and chief executive officer. "Total sales per catalog mailed continued strong, increasing 22.8 percent versus the third quarter last year which included increases in the front-end, back-end and club catalogs.
 "We also completed the acquisition of certain assets of the COMB Corporation in September. From a strategic standpoint, the COMB acquisition provides us with COMB's active mailing list of approximately 1.4 million names and should allow us to achieve operating efficiencies by serving the former COMB customers without a commensurate percentage increase in operating expenses. Additionally, our combined subscription club membership list now totals 570,000 versus 315,000 last year."
 Founded in 1986, DAMARK International, Inc., is a product-driven, information-based national direct marketer of brand name and other quality general merchandise.
 DAMARK INTERNATIONAL, INC.
 STATEMENTS OF OPERATIONS
 (Dollar and share amounts in thousands except per share data)
 (unaudited)
 Quarter Ended First Three Quarters Ended
 10/2/93 9/26/92 10/2/93 9/26/92
 Net sales $73,221 $62,681 $224,801 $188,233
 Cost of sales 52,878 47,005 166,197 138,598
 Gross profit 20,343 15,676 58,604 49,635
 Selling, general
 & administrative
 expenses 18,057 14,240 53,810 46,673
 Operating income 2,286 1,436 4,794 2,962
 Interest expense,
 net 88 270 124 1,243
 Other expense, net 383 66 568 138
 Income before taxes
 and change in
 acc'ting principle 1,815 1,100 4,102 1,581
 Income tax expense 617 385 1,395 560
 Income before change
 in accounting
 principle 1,198 715 2,707 1,021
 Change in income tax
 accounting principle
 (cumulative) -- -- -- 91
 Net income $1,198 $715 $2,707 $1,112
 Income (loss) per
 Common Share and
 common share
 equivalents: -- -- -- --
 Primary and Fully
 diluted: -- -- -- --
 Income (loss) before
 cumulative effect of
 change in accounting
 principle $0.14 $0.09 $0.33 ($0.53)
 Change in income tax
 accounting principle
 (cumulative) -- -- -- 0.01
 Net income (loss) $0.14 $0.09 $0.33 ($0.52)
 Weighted average
 common shares and
 common share equiva-
 lents outstanding 8,388 8,031 8,188 7,205
 Supplemental income per common share
 and common share equivalents
 excluding the impact of the
 increase in the value of
 warrants of $4891 in the first
 three quarters of 1992:
 Net income $0.14 $0.09 $0.33 $0.15
 Weighted average
 common shares and
 common share
 equivalents 8,388 8,031 8,188 7,392
 -0- 10/12/93
 /CONTACT: James E. Tuller of Damark, 612-531-0066/
 (DMRK)


CO: Damark International, Inc. ST: Minnesota IN: REA SU: ERN

CP-DB -- MN010 -- 1258 10/12/93 16:04 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 12, 1993
Words:615
Previous Article:MICROCHIP TECHNOLOGY REPORTS RECORD QUARTERLY RESULTS
Next Article:CNS, INC. GETS APPROVAL TO MARKET NASAL DILATOR
Topics:

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