Printer Friendly

FRETTER ANNOUNCES FISCAL YEAR ENDED JAN. 31, 1992, RECORD SALES AND HIGHEST LEVEL OF EARNINGS PER SHARE IN FIVE YEARS

 FRETTER ANNOUNCES FISCAL YEAR ENDED JAN. 31, 1992, RECORD SALES
 AND HIGHEST LEVEL OF EARNINGS PER SHARE IN FIVE YEARS
 LIVONIA, Mich., April 13 /PRNewswire/ t?ter, Inc. (NASDAQ: FTTR) announced record sales of $293 million for the fiscal year ended Jan. 31, 1992; inclusive of sales of Fred Schmid Appliance & T.V. Co., Inc., which was acquired on Sept. 30, 1991. This is an increase in sales of $76 million or 35 percent over the last fiscal year. Net earnings were $4,003,000 ($.28 per share) for the year ended Jan. 31, 1992, which represents the greatest net earnings since fiscal year Jan. 31, 1987, and the greatest earnings per share since fiscal year ended Jan. 31, 1986.
 The foregoing compares to a net loss for the prior year ended Jan. 31, 1991, of ($9,969,000) or ($.70) per share. An extraordinary credit related to a tax benefit from the utilization of a net operating loss carryforward increased current year earnings by $765,000 or $.05 per share, which amount is included in the above $4,003,000 net earnings and $.28 per-share amount. A change in the method of accounting for service contract revenue in fiscal year ended Jan. 31, 1991, reduced earnings by $10,066,000 or $.70 per share ($8,758,000 or $.61 per share recorded as a cumulative effect adjustment and $1,308,000 or $.09 per share 1991 current year effect). Had the company not had the extraordinary credit in 1992 and not changed its method of accounting for service contract revenue in 1991, net income for the year ended Jan. 31, 1992, would have been $3,238,000 or $.23 per share compared to a net loss of ($1,211,000) or ($.09) per share for the year ended Jan. 31, 1991.
 Net sales for the year increased $76 million or 35.0 percent from $217 million in fiscal year 1991 to $293 million in fiscal year 1992. Comparable store sales (which exclude Fred Schmid Appliance & T.V. Co., Inc. which was acquired on Sept. 30, 1991) increased $26,100,000 or 12.2 percent.
 Earnings before taxes and extraordinary credit for the fourth quarter ended Jan. 31, 1992, were $3,586,000 or $.25 per share and earnings before taxes and the cumulative effect of the accounting change for the fourth quarter ended Jan. 31, 1991, were $2,681,000 or $.19 per share.
 Net sales for the fourth quarter ended Jan. 31, 1992, were $103,240,000 -- a 39.3-percent increase from $74,102,000 in the fourth quarter ended Jan. 31, 1991. Fourth-quarter comparable store sales declined ($1,900,000) or (2.6 percent) as compared to the prior-year fourth quarter.
 Fretter, Inc. is a leading specialty retailer of home entertainment products, consumer electronics and appliances with 64 store locations in Michigan, Illinois, Ohio, Indiana, Massachusetts and New Hampshire. Its wholly owned subsidiary, in the same business as Fretter, Inc., operates 18 store locations in Colorado, Wyoming and Montana.
 -0- 4/13/92
 /CONTACT: Dale Campbell of Fretter, Inc., 313-591-0600/
 (FTTR) CO: Fretter, Inc. ST: Michigan IN: REA SU: ERN


JG-SB -- DE022 -- 7983 04/13/92 17:46 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 13, 1992
Words:532
Previous Article:AMERITECH TO ADJOURN ANNUAL MEETING TO ALTERNATE SITE
Next Article:AMERICAN STOCK EXCHANGE DAILY REPORT


Related Articles
STEWART & STEVENSON ANNOUNCES FINANCIAL RESULTS
GENESEE CORPORATION ANNOUNCES THIRD QUARTER SALES AND EARNINGS
CRUISE AMERICA ANNOUNCES RESULTS
FRETTER REPORTS SECOND-QUARTER NET EARNINGS OF $857,000, AN INCREASE OF 141 PERCENT OVER THE PRIOR YEAR
FRETTER ANNOUNCES FISCAL YEAR RECORD SALES AND EARNINGS INCREASE OF 75 PERCENT
FRETTER, INC. REPORTS SECOND-QUARTER NET EARNINGS OF $1,130,000, 32-PERCENT INCREASE IN NET EARNINGS OVER PRIOR FISCAL PERIOD
FRETTER ANNOUNCES FISCAL YEAR RECORD SALES
FRETTER ANNOUNCES SECOND QUARTER RECORD SALES
FRETTER ANNOUNCES THIRD QUARTER RESULTS
FRETTER ANNOUNCES $222 MILLION FISCAL YEAR LOSS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters