FIRST TEAM SPORTS ANNOUNCES RECORD EARNINGS
FIRST TEAM SPORTS ANNOUNCES RECORD EARNINGS MINNEAPOLIS, June 30 /PRNewswire/ -- First Team Sports, Inc.
(NASDAQ-NMS: FTSP) announced today record earnings for its first quarter ended May 31, 1992. Net sales were $11,327,921, an increase of 63 percent over net sales of $6,951,000 for the first quarter of fiscal year ended Feb. 29, 1992. Pre-tax earnings for the first quarter of fiscal 1993 were $1,590,819, compared to $1,121,109 for the first quarter of fiscal 1992. Net income was $972,960, an increase of 48 percent over net income of $657,889 for the first quarter of fiscal 1992. Earnings per share were $.27 for the first quarter of fiscal 1993, compared to $.19 per share for fiscal 1992.
David Soderquist, the company's president and CEO, said, "The record sales performance in the first quarter reflects the continued strong demand for the company's in-line skate products, including the world- wide acceptance of the European designed, high performance skates. With the expansion of our product line, increase in our distribution network and endorsements of Wayne and Janet Jones Gretzky, Katarina Witt, Brett Hull and Kurt Browning, we continue to anticipate another year of solid growth." 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- 6/30/92 /CONTACT: Robert Lenius of First Team Sports, 612-780-4454/ (FTSP) CO: First Team Sports, Inc. ST: Minnesota IN: LEI SU: ERN
AL -- MN002 -- 5094 06/30/92 10:28 EDT
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|Date:||Jun 30, 1992|
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