DYANSEN ANNOUNCES THIRD QUARTER RESULTS
DYANSEN ANNOUNCES THIRD QUARTER RESULTS NEW YORK, Nov. 5 /PRNewswire/ -- Dyansen Corporation (NASDAQ: DYAN)
today reported results for the third quarter of fiscal 1991.
For the third quarter ended Sept. 30, 1991 net sales were $6.8 million, compared to the $9.0 million reported in the same three month period of 1990. Net loss for the third quarter of 1991 was $777,000 or $0.14 on a primary and fully diluted share basis compared to net income of $5,000 or $0.00 on a primary and fully diluted share basis in the comparable period of 1990. For the nine months ended Sept. 30, 1991, net sales were $20.2 million compared to $32.6 million reported in the same period in 1990. Net loss for the nine months ended Sept. 30, 1991 was $1,811,000 or $0.32 per share on a primary and fully diluted basis as compared to net income of $1,255,000 or $0.22 on a primary share and $0.19 on a fully diluted share basis. Sales and earnings for the nine months ended Sept. 30, 1990 were favorably impacted as a result of the death of Erte. Harris Shapiro, chairman and president, stated: "While our nation- wide summer sale boosted sales during the third quarter, the economic recession and soft art market continue to negatively affect our business. The reduction in gross margin as a result of the sale significantly increased our loss for the quarter." We are still hopeful that our new product development and cost reduction measures will enable Dyansen Corporation to return to profitability once the recession ends. Dyansen is a publicly owned retailer of fine art with 90 percent of its revenues generated at its 14 retail locations throughout the United States. DYANSEN CORPORATION (Amounts in thousands, except per share data, unaudited) Three months ended Sept. 30; 1991 1990 Sales $6,794 $9,003 Net (loss) income (777) 5 Net (loss) income per share Primary (.14) .00 Fully diluted (.14) .00 Weighted average number of shares and equivalent shares outstanding: Primary 5,618 5,624 Fully diluted 5,618 7,374 Nine months ended Sept. 30; 1991 1990 Sales $20,245 $32,614 Net (loss) income (1,811) 1,255 Net (loss) income per share Primary (.32) .22 Fully diluted (.32) .19 Weighted average number of shares and equivalent shares outstanding: Primary 5,618 5,637 Fully diluted 5,618 6,980 -0- 11/5/91 /CONTACT: Harris Shapiro, chairman of the board, or Philip Dondiego, Jr., chief financial officer, 212-644-5100, both of Dyansen/ (DYAN) CO: Dyansen Corporation ST: New York IN: REA SU: ERN FC-OS -- NY036 -- 1243 11/05/91 12:31 EST
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|Date:||Nov 5, 1991|
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