E&B MARINE COMMENTS ON THIRD QUARTER INCOME
E&B MARINE COMMENTS ON THIRD QUARTER INCOME EDISON, N.J., Sept. 29 /PRNewswire/ -- E&B Marine Inc.
(NASDAQ: EBMI) announced today that it anticipates that its net income for the third quarter ending Sept. 26, 1992, will be approximately $720,000, compared with a net loss of $64,000 during the comparable period last year.
The company's financial condition continues to improve in 1992. Strong operating cash flow enabled the company to maintain reduced borrowing levels. For the nine months ended Sept. 26, 1992, the company anticipates that net income will approximate $2,729,000, compared with a net loss of $521,000 experienced during the comparable period last year. In addition, the company reported it continues to be in compliance with all of its loan covenants. Kenneth Peskin, the company's chairman and chief executive officer, said: "We are extremely pleased that we were able to achieve these results in the light of a lackluster economic recovery. We continued to focus on reducing operating expenses and improving our sales performance. Our south Miami retail location was destroyed in Hurricane Andrew. However, this store was fully insured and will be replaced as soon as possible. "We have met our operating plan objectives for the nine months ended September 1992. We presently expect to return to profitability in 1992 in spite of a normally weaker second half due to seasonal factors, in contrast to our 1991 loss of $2,328,000. We believe this progress is the result of the hard work and dedication of our fellow employees and the ongoing support of our suppliers. We are optimistic that our program will continue." E&B Marine Inc. is one of the nation's largest direct-mail merchandiser and specialty retailer of marine supplies and accessories. E&B has 46 retail outlets and operates in 13 states. -0- 9/29/92 /CONTACT: Walfrido Martinez, vice president and chief financial officer of E&B Marine, 908-819-7400/ (EBMI) CO: E&B Marine Inc. ST: New Jersey IN: REA SU: ERP
KD -- NY057 -- 4429 09/29/92 13:50 EDT
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|Date:||Sep 29, 1992|
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