INTERMARK ANNOUNCES SECOND QUARTER RESULTS
INTERMARK ANNOUNCES SECOND QUARTER RESULTS LA JOLLA, Calif., Nov. 13 /PRNewswire/ -- Intermark Inc.
(ASE:IMI) today reported results of operations for its second fiscal quarter ended Sept. 30, 1991. The company reported a net loss of $10.8 million, or $.60 per share, compared to a loss of $9.9 million, or $.85 per share, in the prior year. Revenues for the quarter amounted to $77.4 million compared to $89.8 million in the prior year. The revenue decline was due principally to the closure earlier this year of 19 of the retail outlets of Liquor Barn, Intermark's 67 percent owned subsidiary, and a decline in revenues at National Airmotive Corp. and Western Metal Lath.
Intermark sustained a loss from continuing operations for the quarter ended Sept. 30, 1991 of $9.1 million, or $.51 per share, compared to $11 million, or $.89 per share, in the same period a year earlier. The improved results are primarily due to better margins and reduced administrative expenses at Liquor Barn, partially offset by the company's 26 percent share of the $5.9 million quarterly loss at Fuqua Industries. For the six months ended Sept. 30, 1991, revenues declined 24 percent to $137.6 million from $181 million last year, and the company sustained a loss of $15 million, or $.84 per share, compared to a loss of $16 million, or $1.52 per share, in the prior year. The per share results are affected by the issuance of 8,581,000 new Intermark shares in connection with the Aug. 30, 1990 merger with Triton Group Ltd. Commenting on the results, John C. Stiska, Intermark's president, stated, "The loss incurred in the current quarter is primarily a result of the loss at Fuqua Industries combined with our substantial interest expense. While we are disappointed with the quarterly loss, we are encouraged by the recent improvement in Fuqua's stock price reflecting a key analyst report signalling the turnaround at that company. Also noteworthy are the improved results at Liquor Barn reflected by its comparable unit gains and improved margins. Our challenge remains to successfully service and ultimately reduce our debt and related interest expense." Intermark is an operating/holding company whose business is to acquire a controlling interest in, operate through and add value to well-established, successful, mid-sized American growth companies in broadly diverse industries. INTERMARK INC. Consolidated Operating Highlights (In thousands except per share data) Three Months Six Months Ended September 30 Ended September 30 1991 1990 1991 1990 Revenues $ 77,366 $ 89,762 $137,586 $180,997 Cost of sales 60,632 71,137 111,678 147,948 Selling and administrative expenses 18,624 21,931 37,984 42,845 Operating costs and expenses 79,256 93,068 149,662 190,793 Operating loss (1,890) (3,306) (12,076) (9,796) Interest expense 9,605 11,805 20,421 22,999 Loss before income taxes and minority interest (11,495) (15,111) (32,497) (32,795) Income tax benefit (1,920) (988) (4,878) (1,581) Minority interest (472) (3,097) (800) (10,094) Loss from continuing operations (9,103) (11,026) (26,819) (21,120) Income from discontinued operations 1,101 1,367 5,093 Loss before extraordinary item (9,103) (9,925) (25,452) (16,027) Extraordinary item (1,664) 10,498 Net loss $(10,767) $ (9,925) $(14,954) $(16,027) Income (loss) per share: Continuing operations $(.51) $(.89) $(1.51) $(2.00) Discontinued operations .04 .07 .48 Extraordinary item (.09) .60 Net loss $(.60) $(.85) $ (.84) $(1.52) -0- 11/13/91 /CONTACT: Mitchell R. Woodbury, senior VP and corporate counsel of Intermark, 619-456-1000/ (IMI) CO: Intermark ST: California IN: FIN SU: ERN AL -- SD005 -- 4169 11/13/91 17:55 EST
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|Date:||Nov 13, 1991|
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