Printer Friendly

GALLERY RODEO INTERNATIONAL REPORTS RECORD SECOND QUARTER EARNINGS

 BEVERLY HILLS, Calif., July 28 /PRNewswire/ -- Gallery Rodeo International (OTC: GROI) announced that net revenues reached record levels for the three months and six months ended June 30, 1993, at $3.60 million and $4.85 million, respectively, reflecting an increase of 129 percent and 53 percent, respectively, over the comparable periods in 1992. Net income also reached record levels for the second quarter at $1.36 million, an increase of 459 percent, and $1.49 million for the six months ended June 30, 1993, an increase of 180 percent. Earnings per share, increased to $.14 from $.04 for the three months ended June 30, 1993 and 1992, respectively, and increased to $.16 from $.08 for the six months ended June 30, 1993 and 1992, respectively.
 "We are all delighted with the direction the company has been moving lately," said Stephen M. Thompson, chief executive officer of the company. "Not only has the company been achieving record performance in our retail sales divisions, but with the addition of gaming expert George Maxson, to the board of directors, our Cripple Creek Hotel Casino project will continue to move along ahead of schedule."
 The site of the proposed Wandering Star Hotel Casino is one of the first locations within the gaming district visitors arrive at as they enter the historic town of Cripple Creek, Colo., on Highway 67. The company envisions that the project will consist of one of the largest single-floor casino operations yet constructed in the state, approximately 150 rooms, conference rooms, a movie theater, a comedy club, some retail shops for ice cream or candy stores, a fine art gallery and two restaurants. In the setting of the beauty of Pikes Peak and the surrounding area which has been enjoyed by large numbers of tourists for decades, the company believes that the Wandering Star Casino will be one of the premier destination locations to visit in the United States.
 In addition to the development of the Wandering Star Hotel Casino, the company, through its retail art locations, markets original fine art and limited edition serigraphs, lithographs and sculptures. In addition to representing well-known artists' estates such as Renoir and Picasso, the company also promotes its own artists, such as Brett-Livingstone Strong, through its three company-owned galleries in Beverly Hills and Lake Arrowhead, Calif.; and Scottsdale, Ariz.
 Gallery Rodeo International, a publicly traded company, can be found quoted on the electronic bulletin board under the symbol "GROI."
 GALLERY RODEO INTERNATIONAL
 Condensed Consolidated Statement of Income
 (Unaudited)
 Six months ended
 June 30,
 1993 1992
 Sales $4,856,221 $3,183,362
 Cost of sales $1,239,345 $915,258
 Gross profit $3,616,876 $2,268,104
 Selling expenses $1,112,270 $717,434
 G&A expenses $1,019,577 $1,018,845
 Income from operations $1,485,029 $531,825
 Other income (expense) $8,162 $476
 Income before income taxes $1,493,191 $532,301
 Income taxes 800 ---
 Net income $1,492,391 $532,301
 Earnings per share $.16 $.08
 -0- 7/28/93
 /CONTACT: Gary Kucher, executive VP, of Gallery Rodeo International, 310-273-2105/
 (GROI)


CO: Gallery Rodeo International Inc. ST: California IN: REA SU: ERN

JL-MF -- LA004 -- 6575 07/28/93 08:06 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 28, 1993
Words:535
Previous Article:JACOBS SELECTED AS ENVIRONMENTAL ALLIANCE CONTRACTOR FOR CHEVRON CORP.
Next Article:DAMES & MOORE REPORTS FIRST QUARTER RESULTS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters