FIRST TEAM SPORTS ANNOUNCES EARNINGS
FIRST TEAM SPORTS ANNOUNCES EARNINGS MINNEAPOLIS, Jan. 7 /PRNewswire/ -- First Team Sports, Inc.
(NASDAQ: FTSP) announces earnings for the third quarter ended Nov. 30, 1991. Net sales were $7,268,551, an increase of 80 percent over net sales of $4,050,124 for the third quarter of fiscal 1991. Third quarter sales of $7,268,551 represented a record sales figure for any quarter in the company's history. Net sales for the nine months of fiscal 1992 were $21,481,858, compared to $11,044,653 for the first nine months of fiscal 1991, a 95 percent increase. Net income for the third quarter of fiscal 1992 was $565,044, or $.16 per share, compared to net income of $389,000, or $.12 per share in the third quarter of fiscal 1991. Net income for the first nine months of fiscal 1992 was $1,754,276, or $.49 per share, compared to $1,389,860 or $.44 per share for the first nine months of fiscal 1991.
David Soderquist, the company's president and CEO, said, "Third quarter sales represent the company's best sales performance to date. The company's sales performance in the first nine months of fiscal 1992 reflects the continuing demand for the company's in-line skate products. As a result of the company's introduction of the new line of Koflach designed skates, and the continued success of the Wayne Gretzky signature model skates, gross margin increased from the second quarter of fiscal 1992." 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, Kurt Browning and Team USA Hockey. First Team Sports is traded on NASDAQ National Market under the symbol "FTSP." -0- 1/7/92 /CONTACT: Robert Lenius, vice president-finance of Ultra-Wheels, 612-780-4454/ (FTSP) CO: First Team Sports, Inc. ST: Minnesota IN: LEI SU: ERN
AL -- MN008 -- 7336 01/07/92 12:57 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Jan 7, 1992|
|Previous Article:||NEUTROGENA ANNOUNCES NEW AD AGENCY ASSIGNMENTS|
|Next Article:||AMEX DEVELOPS BIOTECHNOLOGY INDEX; SEEKS SEC PERMISSION TO TRADE OPTIONS ON NEW INDEX|