FIRST TEAM SPORTS, INC. ANNOUNCES RECORD EARNINGS
FIRST TEAM SPORTS, INC. ANNOUNCES RECORD EARNINGS MINNEAPOLIS, Sept. 29 /PRNewswire/ -- First Team Sports, Inc.
(NASDAQ-NMS: FTSP) announced record earnings for the second quarter ended Aug. 31, 1992. Net sales were $10,248,637 for the second quarter of fiscal 1993, an increase of 41 percent over net sales of $7,262,307 for the second quarter of 1992. Net sales for the first six months of fiscal 1993 were $21,576,558, compared to $14,213,307 for the first six months of fiscal 1992, a 52 percent increase. Net income for the second quarter of fiscal 1993 was $902,574, or $.25 per share, an increase of 70 percent over net income of $531,343, or $.15 per share in the second quarter of fiscal 1992. Net income for the first six months of fiscal 1993 was $1,875,535, or $.51 per share, an increase of 58 percent over net income of $1,189,232, or $.33 per share for the first six months of fiscal 1992.
David Soderquist, the company's president and CEO, said, "We are extremely pleased with our record results, especially in light of the current weak economic environment, coupled with unseasonable weather conditions across the nation which greatly affected all leisure and outdoor activities. We are gratified with the sales and performance of each of our expanded product lines, and particularly with the performance of our high-end merchandise." First Team Sports, Inc. manufactures and distributes high quality in-line roller skates and accessories under the trademarks Ultra-Wheels and Skate Attack. The company's products are manufactured and assembled to its specifications in the United States and foreign countries. Ultra-Wheels skates are endorsed by company spokespersons Wayne Gretzky, Janet Jones Gretzky, Katarina Witt, Brett Hull, Kurt Browning and Team USA Hockey. First Team Sports is traded on NASDAQ National Market under the symbol FTSP. -0- 9/29/92 /CONTACT: Robert Lenius, vice president of First Team Sports, 612-780-4454/ (FTSP) CO: First Team Sports, Inc. ST: Minnesota IN: LEI SU: ERN
AL -- MN005 -- 4365 09/29/92 11:45 EDT
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|Date:||Sep 29, 1992|
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