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HEILIG-MEYERS COMPANY ANNOUNCES RESULTS

 HEILIG-MEYERS COMPANY ANNOUNCES RESULTS
 RICHMOND, Va., March 26 /PRNewswire/ -- Heilig-Meyers Company


(NYSE: HMY), the Richmond-based home furnishings retailer, today announced record results for the fiscal year ended Feb. 29, 1992. Total revenues for the year increased 16.1 percent to $519.9 million from $447.8 million last year while earnings from operations rose 29.3 percent to $27.0 million from $20.9 million in the prior year. Earnings per share from operations, which reflect a three-for-two stock split on Jan. 8, 1992, rose to $1.47 compared to $1.32 last year. Net earnings for the prior year, including a $2.6 million non-recurring charge from the Company's change in accounting for the sale of warranty contracts, were $18.3 million or $1.16 per share.
 Troy A. Peery, Jr., President and Chief Operating Officer, stated that management was pleased to report record revenue and earnings growth in light of the recessionary environment. Much of the Company's success can be attributed to increased market share resulting from its successful operating strategies and continued expansion. During the year, the Company revamped the composition and presentation of its electronics and jewelry departments and more aggressively utilized its targeted advertising program. In addition to refining its operating strategies, the Company continued to expand by successfully pursuing attractive acquisition opportunities. As the economic environment improves, this expanded market share should provide even greater opportunities for continued revenue and earnings growth.
 William C. DeRusha, Chairman and Chief Executive Officer, commented that the Company is well positioned for the future. During fiscal 1992, the Company continued to improve customer service and management information through the implementation of an automated, store-level accounts receivable system. In December 1991, the Company began construction of a fifth distribution center in Thomasville, Georgia to support expansion primarily in the southern Georgia-northern Florida area. The Company strengthened its financial position by completing a secondary common stock offering, during the first quarter, of approximately 2.1 million shares, raising nearly $53 million in net proceeds. Subsequent to year end, the Company, in order to take advantage of currently low interest rates, reached an agreement with several insurance companies to borrow $85 million in long-term debt. This combination of improved systems, increased distribution capacity and strengthened financial position has prepared the Company for continued growth.
 Heilig-Meyers Company, a Virginia corporation, operated 374 stores in 14 states as of Feb. 29, 1992.
 HEILIG-MEYERS COMPANY
 CONSOLIDATED BALANCE SHEETS
 (Amounts in thousands except par value data)
 February 29(28)
 1992 1991
 ASSETS
 Current assets:
 Cash $ 2,813 $ 2,175
 Accounts receivable, net 315,949 234,638
 Other receivables 15,938 11,639
 Inventories 119,803 113,945
 Other 15,860 17,376
 Total current assets 470,363 379,773
 Property and equipment, net 107,954 96,930
 Other assets 39,276 30,643
 $617,593 $507,346
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Notes payable $28,500 $ 81,900
 Long-term debt due
 within one year 13,586 14,121
 Accounts payable 40,578 27,256
 Accrued expenses 37,669 26,060
 Total current liabilities 120,333 149,337
 Long-term debt 226,112 164,369
 Deferred income taxes 7,216 8,482
 Commitments -- --
 Stockholders' equity:
 Preferred stock, $10 par value -- --
 Common stock, $2 par value 38,652 21,153
 Capital in excess
 of par value 83,942 43,773
 Retained earnings 141,338 120,232
 Total stockholders' equity 263,932 185,158
 $617,593 $507,346
 CONSOLIDATED STATEMENTS OF EARNINGS
 (Amounts in thousands except per share data)
 Fiscal Year Three Months
 Ended Ended
 Feb. 29(28) Feb. 29(28)
 (Unaudited)
 1992 1991 1992 1991
 Revenues:
 Sales $436,664 $376,701 $123,150 $ 94,597
 Other income 83,229 71,050 24,211 19,583
 Total revenues 519,893 447,751 147,361 114,180
 Costs and Expenses:
 Costs of sales 276,971 238,107 79,157 60,760
 Selling, general and
 administrative 159,998 136,130 46,265 36,345
 Interest 21,389 26,037 5,078 6,213
 Provision for doubtful
 accounts 20,298 16,299 6,349 4,843
 Total costs and
 expenses 478,656 416,573 136,849 108,161
 Earnings before
 provision for
 income taxes and
 cumulative effect
 of accounting
 change 41,237 31,178 10,512 6,019
 Provision for
 income taxes 14,232 10,289 3,693 2,038
 Earnings before
 cumulative effect of
 accounting change 27,005 20,889 6,819 3,981
 Cumulative effect of
 accounting change -- (2,552) -- --
 Net earnings $27,005 $18,337 $ 6,819 $ 3,981
 Earnings per share of
 common stock before
 cumulative effect of
 accounting change $ 1.47 $ 1.32 $ .35 $ .25
 Cumulative effect of
 accounting change -- (.16) -- --
 Net earnings per share
 of common stock $ 1.47 $ 1.16 $ .35 $ .25
 Cash dividends per
 share of common
 stock $ .32 $ .29 $ .08 $ .07
 Weighted average
 common shares
 outstanding 18,424 15,851 19,283 15,859
 -0- 3/26/92
 /CONTACT: Roy Goodman, Heilig-Meyers Company, 804-359-9171/
 (HMY) CO: Heilig-Meyers Company ST: Virginia IN: REA SU: ERN


CM-JZ -- CH001 -- 1851 03/26/92 09:42 EST
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Date:Mar 26, 1992
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