HOME CENTERS, INC. REPORTS THIRD QUARTER RESULTS
HOME CENTERS, INC. REPORTS THIRD QUARTER RESULTS AKRON, Ohio, Dec. 13 /PRNewswire/ -- Home Centers, Inc.
(NASDAQ: HCEN) today reported that net sales of $13.2 million for the quarter were down 23 percent from the third quarter of fiscal 1991 and net sales of $38.7 million for the nine months were down 22 percent from the comparable period in the prior fiscal year.
"The current recession and the resulting weak consumer demand for electronics and appliances have continued to adversely affect the company's sales performance," said Theodore R. Princehorn, president and CEO of Home Centers, Inc. He pointed out that these difficulties have been further impacted by intense competition. The company reported a net loss of $513 thousand for the quarter. During the third quarter, the company determined that the tax benefits recognized for the operating losses of the first two quarters of the current fiscal year will not be realizable. Accordingly, results for the nine months ended Oct. 31, 1991 have been restated to exclude approximately $762 thousand of tax benefits. Home Centers is a retailer of name brand major appliances and consumer and home electronics operating 14 stores in northern and central Ohio. -0- 12/13/91 /CONTACT: R.W. Reese of Home Centers, Inc., 216-733-1475/ (HCEN) CO: Home Centers, INc. ST: Ohio IN: REA SU: ERN
CG -- CL013 -- 2561 12/13/91 17:32 EST
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|Date:||Dec 13, 1991|
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