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 BARRIE, Ontario, Oct. 28 /PRNewswire/ -- InterTAN Inc. (NYSE: ITN) announced today that consolidated sales from its on-going operations in Canada, the United Kingdom and Australia for the first quarter of its 1994 fiscal year were $96,693,000. Sales for the comparable period in fiscal 1993, including sales for the Company's operations in continental Europe which are in the process of being closed down, were $156,599,000. When sales from continental Europe are removed from the 1993 base, this represents a decrease in sales from on-going activities of 15.7 percent. This decline is due primarily to the effect of exchange rates when translating foreign currency results into U.S. dollars. After eliminating foreign exchange effects, same store sales in Canada, Australia and the United Kingdom declined by 1.5 percent compared to the prior year. While sales did not meet anticipated levels, the results are still encouraging as they are being compared to a strong quarter last year. Same store sales in the first quarter of fiscal 1993 had shown gains of 10.9 percent over the prior year, arising from the liquidation of inventories flowing from the fiscal 1992 restructuring program.
 The Company experienced a net loss for the first quarter of fiscal 1994 of $4,496,000 compared to a loss of $7,872,000 in the prior year. Even when the operating losses for continental Europe are removed from the 1993 base, the current year results still represent an improvement of 6.4 percent over the prior year. Based on 9,228,000 average outstanding common shares during the first fiscal quarter of fiscal 1994, the loss per share was $0.49 compared to a net loss of $0.89 per share for the first quarter of fiscal 1993 using 8,843,000 average outstanding common shares.
 Commenting on the results Mr. James B. Williams, President and C.E.O. said, "While our sales in total failed to meet projected levels due to a slower than anticipated rate of economic recovery, nevertheless, through careful control of expenses, we were able to bring overall results in on target. We will continue to manage expenses against achieved margins to guard against profit erosion."
 Consolidated Statements of Operations
 (Unaudited -- U.S. dollars in thousands, except per share data)
 Periods Ended Three Months 12 Months
 Sept. 30 1993 1992 1993 1992
 Net sales $96,693 $156,599 $570,429 $700,424
 Other income 1,520 1,724 7,331 8,349
 Total 98,213 158,323 577,760 708,773
 Costs and expenses:
 Cost of products sold 53,065 84,060 328,037 365,765
 Selling, general and
 administrative exps. 44,626 74,591 251,115 326,309
 Depreciation and
 amortization 2,079 3,874 11,718 16,171
 Provision for business
 restructuring -- -- 77,400 49,754
 Total 99,770 162,525 668,270 757,999
 Operating loss (1,557) (4,202) (90,510) (49,226)
 Foreign currency transaction
 losses 1,337 1,816 5,302 4,744
 Interest expense, net 1,202 1,254 5,476 4,147
 Loss before income taxes
 and extraordinary item (4,096) (7,272) (101,288) (58,117)
 Income tax provision
 (benefit) 400 600 4,396 (6,172)
 Loss before extraordinary
 item (4,496) (7,872) (105,684) (51,945)
 Extraordinary item-realization
 of oper. loss carryforward -- -- -- 781
 Net loss (4,496) (7,872) (105,684) (51,164)
 Loss per average common share
 bef. extraord. item $(0.49) $(0.89) $(11.67) $(5.83)
 Extraordinary item per average
 common share -- -- -- 0.09
 Net loss per avg. com. shr. (0.49) (0.89) (11.67) (5.74)
 Avg. com. shrs. outstdng. 9,228 8,843 9,053 8,910
 -0- 10/28/93
 /CONTACT: Douglas C. Saunders vice president and controller of InterTAN, 705-739-6266/

CO: InterTAN Inc. ST: Ontario IN: REA SU: ERN

LG-TP -- NY015 -- 7710 10/28/93 08:18 EDT
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Publication:PR Newswire
Date:Oct 28, 1993

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