FUNCO ANNOUNCES FIRST QUARTER RESULTS
FUNCO ANNOUNCES FIRST QUARTER RESULTS EDEN PRAIRIE, Minn., Sept. 10 /PRNewswire/ -- Funco, Inc.
(NASDAQ: FNCO), today announced financial results for the first quarter ended July 5, 1992. Net sales for the quarter were $1,495,831, an increase of 107.4 percent from sales of $721,254 for the same period last year. The company reported a net loss of $635,117, or $0.19 per share, compared to net income of $8,354 for the same period in 1991.
At July 5, 1992, the company operated 20 stores including nine new stores opened during the first quarter, as compared with four stores operating at quarter end in the prior year. Subsequent to July 5, the company has opened an additional seven stores, and anticipates opening approximately 23 additional stores by fiscal year end. The first quarter loss, in line with company expectations, is primarily attributable to expenses associated with first and second quarter new store openings, further development of corporate functions, including staff additions, and publication of the Game Informer magazine. The first quarter historically is the company's lowest sales period. Eden Prairie-based Funco, Inc., is engaged in the business of providing interactive home entertainment, primarily through the purchase and resale of previously played Nintendo and Sega/Genesis video games, along with related hardware and accessories. The company's stock is traded on the NASDAQ system under the symbol FNCO. FUNCO, INC. Three Months Ended 7/5/92 6/30/91 Net sales $1,495,831 $721,254 Net income (loss) $(635,117) $8,354 Earnings (loss) per share $(0.19) $0.00 Weighted average number of shares 3,432,241 3,392,241 -0- 9/10/92 /CONTACT: David R. Pomije of Funco, 612-946-7220/ (FNCO) CO: Funco, Inc. ST: Minnesota IN: REA SU: ERN
AL -- MN016 -- 8247 09/10/92 17:30 EDT
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|Date:||Sep 10, 1992|
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