GUEST SUPPLY ANNOUNCES THIRD QUARTER RESULTS
GUEST SUPPLY ANNOUNCES THIRD QUARTER RESULTS NORTH BRUNSWICK, N.J., July 21 /PRNewswire/ -- Guest Supply, Inc.
(NASDAQ: GEST) announced today that sales for the third quarter ended June 30, 1992, were $21,975,000. This represents a 4.9 percent increase over the $20,952,000 reported in the same period last year. Net income for the quarter increased 12.5 percent to $323,000 or $.08 per share compared to $287,000 or $.07 per share in the third quarter last year.
Commenting on the results, Clifford W. Stanley, president of Guest Supply, said, "Sales to the lodging industry began to accelerate in June, not only because of the normal seasonal increase in travel, but also because of some improvement in general economic conditions. Reduced airfares are also having a positive impact on hotel occupancies. Revenue from contract manufacturing was below prior year for the third quarter and partially offset gains which were made in sales to hotels. The reduced level of contract business was caused principally by timing differences in shipments; and, on a full-year basis, we anticipate substantial gains in this business segment. "We are pleased that net income increased 12.5 percent in the third quarter and believe the fourth quarter will show even greater improvement." Guest Supply is the leading manufacturer and marketer of toiletries, personal care products and other amenities, as well as housekeeping and accessory products, to the lodging industry in the United States. GUEST SUPPLY, INC. Condensed Consolidated Statements of Operations (In thousands, except share related data) Periods Ended Three Months Nine Months June 30 1992 1991 1992 1991 Sales $21,975 $20,952 $60,403 $56,084 Cost of sales 17,288 16,410 47,323 43,654 Gross profit 4,689 4,542 13,080 12,430 Selling, genl. & admin. exps. 4,050 3,886 12,241 11,513 Operating income 639 656 839 917 Interest expense 290 336 903 995 Inc. (loss) bef. inc. taxes 349 320 (64) (78) Inc. tax (benefit) expense 26 33 (59) (11) Net income (loss) 323 287 (5) (67) Earns. (loss) per com. share $0.08 $0.07 $ -- $(0.02) Weighted average shares outstanding 4,247,000 4,316,000 3,900,000 3,837,000 -0- 7/21/92 /CONTACT: Clifford W. Stanley of Guest Supply, 908-246-3011, or Anthony J. Russo of Noonan/Russo Communications, 212-979-9180, for Guest Supply/ (GEST) CO: Guest Supply Inc. ST: New Jersey IN: LEI SU: ERN
TS-PS -- NY052 -- 1282 07/21/92 11:28 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jul 21, 1992|
|Previous Article:||KEYCORP ANNOUNCES $125 MILLION SUBORDINATED NOTE OFFERING|
|Next Article:||RINGSIDE INTERNATIONAL CHANGES STATE OF INCORPORATION TO DELAWARE|