Printer Friendly

HIGHLAND REPORTS FOURTH-QUARTER AND YEAR-END RESULTS

 HIGHLAND REPORTS FOURTH-QUARTER AND YEAR-END RESULTS
 PLYMOUTH, Mich., April 29 /PRNewswire/ -- Highland Superstores, Inc.


(OTC Bulletin Board: HIGH) today reported results for its fourth quarter and 1991 fiscal year ended Jan. 31, 1992.
 For the fourth quarter of fiscal 1991, Highland reported net income of $2,911,000, or $.16 per share, on net sales and other revenues of $154.4 million. Net income for the fourth quarter of fiscal 1990 was $1,780,000, or $.10 per share, on net sales and other revenues of $285.9 million.
 For the year, Highland reported a net loss of $153,982,000, or $8.43 per share, on net sales and other revenues of $575.2 million. The fiscal 1991 net loss consists of the cumulative effect of a change in accounting principle for extended warranty contracts of $67.8 million, restructuring charges of $68.6 million in connection with the exiting of the Minneapolis/St. Paul and upstate New York markets ($10.5 million) and the exiting of the Texas and New England markets and other restructuring costs ($58.1 million) and a loss before taxes, cumulative effect of change in accounting principle and restructuring charges of $17.6 million. Net loss for fiscal 1990 was $11,770,000, or $.64 per share, on net sales and other revenues of $860.8 million.
 Highland also indicated that sales for the first quarter of fiscal 1992 continue to be soft. Although the company will report an operating loss for that quarter, the amount of that loss will be substantially less than the loss incurred in the first quarter of fiscal 1991. The company is continuing its efforts to negotiate an out-of-court restructuring of its indebtedness.
 Highland Superstores, Inc., headquartered in Plymouth (Detroit), currently operates 49 consumer electronics and appliance retail stores in Michigan, Ohio, Indiana and Illinois. Highland shares are traded over the counter and are quoted on the NASD OTC Bulletin Board under the symbol "HIGH."
 Statements following:
 -- Condensed Consolidated Statements of Operations for the three months (unaudited) and fiscal years ended Jan. 31, 1992 and 1991.
 -- Condensed Consolidated Balance Sheets as of Jan. 31, 1992 and 1991.
 HIGHLAND SUPERSTORES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATION
 (Dollar amounts in thousands, except per-share data)
 (unaudited)
 Three Months Ended Year Ended
 Jan. 31, Jan. 31,
 1992 1991 1992 1991
 Net sales and
 other revenues $154,443 $285,922 $575,201 $860,786
 Cost and expenses:
 Cost of sales 108,396 200,515 399,858 596,991
 Selling, general
 and administrative
 expenses 41,085 80,303 183,050 272,161
 Restructuring charge --- --- 68,556 ---
 Operating income
 (loss) 4,962 5,104 (76,263) (8,366)
 Interest expense
 and other, net (2,051) (3,076) (9,921) (10,778)
 Income (loss) before
 income taxes and
 cumulative effect
 of change in
 accounting
 principle 2,911 2,028 (86,184) (19,144)
 Provision (credit)
 for income taxes --- 248 --- (7,374)
 Income (loss) before
 cumulative effect of
 change in accounting
 principle 2,911 1,780 (86,184) (11,770)
 Cumulative effect to
 Feb. 1, 1991, of
 change in accounting
 for extended warranty
 contracts --- --- 67,798 ---
 Net income (loss) $2,911 $1,780 $(153,982) $(11,770)
 Weighted average
 number of shares
 outstanding 18,271,290 18,263,440 18,267,667 18,260,755
 Net income (loss)
 per share $.16 $.10 $(8.43) $(.64)
 Stores (open at
 end of period) 49 92 49 92
 HIGHLAND SUPERSTORES, INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
 Jan. 31,
 ASSETS 1992 1991
 Current assets:
 Cash and equivalents $52,021 $47,814
 Accounts receivable, trade and other 4,141 7,027
 Refundable income taxes --- 2,820
 Merchandise inventory 77,984 161,286
 Prepaid expenses 673 1,133
 Total current assets 134,819 220,080
 Investments --- 3,552
 Property and equipment, net 70,416 137,126
 Other assets 619 475
 Total Assets $205,854 $361,233
 LIABILITIES
 Current liabilities:
 Accounts payable $21,459 $47,496
 Accrued liabilities and other 34,346 52,527
 Deferred revenue on extended warranty
 contracts, current portion 29,689 12,817
 Long-term debt, current portion 89,676 14,079
 Accrual for restructuring 9,812 1,350
 Total current liabilities 184,982 128,269
 Deferred revenue on extended warranty
 contracts, less current portion 41,356 ---
 Long-term debt, less current portion 22,226 121,513
 Deferred income taxes --- 196
 Shareholders' Equity (Deficiency) (42,710) 111,255
 Total Liabilities and Shareholders' Equity
 (Deficiency) $205,854 $361,233
 -0- 4/29/92
 /CONTACT: Danette Wineberg, vice president, Highland Superstores, 313-451-3532/
 (HIGH) CO: Highland Superstores, Inc. ST: Michigan IN: REA SU: ERN


SB -- DE025 -- 4623 04/29/92 17:31 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 29, 1992
Words:767
Previous Article:AWT SUBSIDIARY AWARDED $2.3 MILLION CONTRACT TO INSTALL NEW ESP AT LOUISVILLE GAS & ELECTRIC
Next Article:WINDSOR'S RICH HISTORY CELEBRATED IN CENTENNIAL YEAR; OBSERVANCE INCLUDES 'THANKS, MICHIGAN!' WEEKEND MAY 1-3


Related Articles
Highlands Insurance Group, Inc. Announces Fourth Quarter 1997 Results
Highlands Insurance Group, Inc. Announces Fourth Quarter 1998 Results.
BANK POSTS BIG PROFIT GAIN.
PALMDALE'S DEFENSE LEAVES HIGHLAND YEARNING : PALMDALE 14 HIGHLAND 3.
Hudson Highland Group Reports 2003 Fourth Quarter and Full Year Financial Results.
Hudson Highland Group Reports 2004 Fourth Quarter and Full Year Financial Results.
Hudson Highland Group Reports 2004 Fourth Quarter and Full Year Financial Results.
Hudson Highland Group Announces Fourth Quarter 2003 Charge; Fourth Quarter 2003 Financial Results Will Be Released on February 5, 2004.
Hudson Highland Group Reports 2006 Fourth Quarter and Full-Year Results.
Hudson Highland Group Reports 2006 Fourth Quarter and Full-Year Results.

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