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INTERTAN REPORTS FISCAL 1993 RESULTS

 BARRIE, Ontario, Aug. 26 /PRNewswire/ -- InterTAN Inc. (NYSE: ITN) reported today that consolidated sales for the fourth quarter of fiscal 1993 were $105,756,000 as compared to $138,441,000 reported in the fourth quarter of fiscal 1992. The $32,685,000 difference reflects the closure of 200 stores announced in June 1992, the exclusion of sales in the final month of the current year of discontinued European operations and the effect of the decline in value of foreign currencies when translating operating results into U.S. dollars. Sales for the fiscal year ended June 30, 1993 were $630,335,000 as compared to $681,440,000 in fiscal year 1992. For the year, comparative store sales in on-going operations in Canada, U.K. and Australia were 3.4 percent higher as compared to the prior year.
 The company reported a net loss for the year of $109,060,000 (including a restructuring charge of $77,400,000 and operating losses in discontinued European operations of $21,832,000) or $12.20 per share based on 8,939,000 average shares outstanding. This compared to a net loss for the prior year of $45,892,000 (including a restructuring charge of $49,754,000) or $5.15 per share based on 8,912,000 shares outstanding. The company's net loss for the fourth quarter this year of $95,891,000 or $10.65 per share compares to a net loss last year of $52,043,000 or $5.81 per share. Operating income for fiscal year 1993 for on-going operations in Canada, U.K. and Australia was $6,077,000.
 The fourth quarter results include the charge for business restructuring of $77,400,000 which was announced in May 1993. This charge provides for the closure of the remaining European operations in Belgium and France. The company estimates that the cash cost of the closure will not exceed $12,000,000. Approximately 300 stores will be closed or sold through an orderly liquidation process currently under way. Inventory liquidation should be accomplished by the end of calendar 1993 and the entire process will be substantially completed by year end of fiscal 1994. The company is confident that this decision will permit management to focus on the more successful operations in the remaining countries of Canada, Australia and the United Kingdom.
 The company also announced that agreement has been reached on terms and conditions for restructuring the debt of approximately $42,000,000 acquired by Tandy from the company's bank syndicate. The indebtedness will be repayable over six years commencing in 1995. In addition, Tandy has provided approximately $10,000,000 of additional term debt maturing in 1996 and credit terms have been agreed upon for amounts owing currently and in the future of merchandise supplied through Tandy.
 INTERTAN INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (In thousands, except per share data)
 Period ended Three months Percent Twelve months Percent
 June 30, 1993 1992 Change 1993 1992 Change
 (unaudited)
 Net sales $105,756 $138,441 (23.6) $630,335 $681,440 (7.5)
 Other income 2,927 3,165 -- 7,535 9,011 --
 Total 108,683 141,606 -- 637,870 690,451 --
 Costs and expenses:
 Cost of
 products sold 63,518 71,915 -- 359,032 349,865 --
 SG&A expenses 58,684 77,300 -- 281,080 324,551 --
 Depreciation and
 amortization 2,902 3,970 -- 13,513 15,835 --
 Provision for
 business
 restructuring 77,400 49,754 -- 77,400 49,754 --
 Total 202,504 202,939 -- 731,025 740,005 --
 Operating loss (93,821) (61,333) -- (93,155) (49,554) --
 Foreign currency
 transaction
 (gains) losses 573 (272) -- 5,781 2,126 --
 Interest
 expense, net 1,051 945 -- 5,528 3,431 --
 Loss before income
 taxes, extraord.
 item and cumulative
 effect of
 acct. change (95,445) (62,006) (53.9) (104,464) (55,111) (89.6)
 Income tax (benefit)
 provision 446 9,963 -- 4,596 (10,225) --
 Loss before extraord.
 item and cumulative
 effect of
 acct. change (95,891) (52,043) -- (109,060) (44,886) --
 Cumulative effect of
 acct. change for
 amort. of fixed
 assets net of inc.
 taxes of $811 -- -- -- -- (1,006) --
 Net loss (95,891) (52,043) (84.3) (109,060) (45,892)(137.6)
 Loss per average common
 share before extraord.
 item and cumulative
 effect of
 acct. change (10.65) (5.81) -- (12.20) (5.04) --
 Cumulative effect of
 acct. change per average
 common share -- -- -- -- (.11) --
 Net income (loss)
 per average
 common share (10.65) (5.81) (83.3) (12.20) (5.15)(136.9)
 Average common shares
 outstanding 9,004 8,961 -- 8,939 8,912 --
 -0- 8/26/93
 /CONTACT: Keith H. Wettlaufer, senior vice president - finance and administration, 705-739-6268/
 (ITN)


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

SM-MS -- NY014 -- 6062 08/26/93 10:08 EDT
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Date:Aug 26, 1993
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