Printer Friendly

Hi/LO AUTOMOTIVE ANNOUNCES THIRD QUARTER RESULTS

 HOUSTON, Oct. 28 /PRNewswire/ -- Hi-Lo Automotive, Inc. (NYSE: HLO) today reported the company's third quarter and year to date earnings for the period ended Sept. 30, 1993.
 Sales for the third quarter increased 14.0 percent to $58.5 million from $51.3 million for the same period a year ago. Same store sales increased 5.1 percent. Net income was $2.2 million, down 17.7 percent from $2.6 million reported in the third quarter of 1992. Earnings per share for the quarter were $0.20 compared to $0.27 last year.
 Sales for the nine months ended Sept. 30, 1993, increased 9.3 percent to $155.5 million compared to $142.3 million for the prior year. Same stores sales for the nine months increased 0.5 percent. Net income for the nine month period was $5.7 million, down 16.8 percent from $6.8 million in 1992. Earnings per share for the nine months were $0.54, compared to $0.70 in 1992. During the first nine months of 1993, Hi/LO opened 12 stores, nine in Dallas, two in South Texas and one in Louisiana, bringing the total store count to 141. The company plans to open 7-9 additional stores in 1993.
 T. Michael Young, chairman and chief executive officer, commented: "Same store sales during the quarter improved from the prior two quarters but continued to reflect the general economic softness in the company's markets. Profitability for the quarter was significantly affected by lower product margins, primarily due to competitive pricing of air conditioning products, including freon."
 Hi-Lo Automotive, Inc. sells automotive parts, products and accessories to retail and commercial customers through its 141 stores in Texas and Louisiana.
 -0- 10/28/93
 /CONTACT: T. Michael Young, chairman and chief executive officer, of Hi-Lo Automotive, 713-663-6700/
 (HLO)


CO: Hi-Lo-Automotive, Inc. ST: Texas IN: AUT SU: ERN

SB -- CH003 -- 7748 10/28/93 09:18 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:Oct 28, 1993
Words:321
Previous Article:DELTA AIR LINES REPORTS NET INCOME OF $60.35 MILLION FOR THE SEPTEMBER 1993 QUARTER
Next Article:WORLDTEX, INC. REPORTS THIRD QUARTER RESULTS
Topics:

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