E&B MARINE REPORTS RESULTS FOR 1991
E&B MARINE REPORTS RESULTS FOR 1991 EDISON, N.J., Feb. 11 /PRNewswire/ -- E&B Marine Inc.
(NASDAQ-NMS: EBMI) announced today unaudited results for the fiscal year ended Dec. 28, 1991. The company anticipates the net loss for the year will be approximately $2,350,000, which compares with a net loss of $8,554,000 for the comparable period ended Dec. 29, 1990. The anticipated net loss for the year ended 1991 includes approximately $1,716,000 of depreciation and related non-cash items; the year ended 1990 reported $1,571,000 of depreciation and related non-cash items.
The company also anticipates the net loss for the 1991 fourth quarter to be $1,828,600, which compares with a net loss of $7,430,600 for the same quarter of last year. The 1990 fourth-quarter loss included $2,000,000 of inventory adjustments. This represents the third consecutive quarter of improved results under the company's new management. The company also reported that 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 the fourth-quarter results in light of a very soft holiday season in the United States. Our comprehensive measures aimed at reducing our operating expenses, combined with a more effective inventory management policy, enabled us to meet our operating plan objectives for the fourth quarter of 1991 as well as for the fiscal year ended Dec. 28, 1991. We believe this progress is the result of the hard work and dedication of our fellow employees and the continued support of our suppliers. We are optimistic that our progress will continue in 1992." E&B Marine Inc. is the nation's largest direct-mail merchandiser and specialty retailer of marine supplies and accessories. E&B has 47 retail outlets and operates in 13 states. -0- 2/11/92 /CONTACT: Walfrido Martinez of E&B Marine, 908-819-7400/ (EBMI) CO: E&B Marine Inc. ST: New Jersey IN: REA SU: ERN SM -- NY053 -- 8837 02/11/92 13:28 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Feb 11, 1992|
|Previous Article:||AMERIHOST FORMS EMPLOYEE LEASING SUBSIDIARY; EXPECTS TO ADD $15 MILLION TO 1992 REVENUES|
|Next Article:||CHIEF ECONOMIST TO PRESENT ECONOMIC FORECAST AND INVESTMENT OUTLOOK FOR 1992; NEWS MEDIA INVITED|