JEWELMASTERS, INC. REPORTS SECOND QUARTER RESULTS
JEWELMASTERS, INC. REPORTS SECOND QUARTER RESULTS WEST PALM BEACH, Fla., Sept. 23 /PRNewswire/ -- Jewelmasters, Inc.
(AMEX: JEM) today reported results for the second fiscal quarter ended Aug. 1, 1992.
Net sales for the quarter were $7,899,420 compared to $6,882,908 in the year ago period. The net loss of ($701,706) or ($.36 per share) compares to a net loss of ($367,697) or ($.19 per share) last year. For the 26 weeks ended Aug. 1, 1992 Jewelmasters reported net sales of $13,737,644 compared to $12,661,706 in the year ago period. The company had a net loss of ($1,528,954) or ($.79 per share) for the 26 weeks vs. a net loss of ($1,095,806) or ($.57 per share). Pretax losses for the 13 and 26 week periods ended Aug. 1, 1992 were ($701,706) and ($1,528,954) respectively compared to ($603,697) and ($1,797,608) in the year ago period. The increase in net sales for the quarter was attributable to going- out-of-business sales conducted by host stores in which the company operated fine jewelry departments (five Horne's locations in Ohio, three I. Magnin locations) offset by a 9.5 percent decrease in comparable department sales. The company's sales volume continues to be adversely affected by a weak retail environment in the United States. In addition, sales were impacted by the Los Angeles riots which occurred during the second busiest selling season, Mother's Day, and by the ongoing newspaper strike in Pittsburgh, Pa. On Aug. 5, 1992, Parisian's notified the company of its intent not to renew its license agreement after the current expiration date of Feb. 2, 1993. Currently, the company operates 11 fine jewelry departments at Parisian's locations in Ohio, Georgia, Tennessee, Alabama, and Florida. For the 26 week period ended Aug. 1, 1992, sales at these locations represented 7.6 percent of the company's total net sales and 9.8 percent of sales of ongoing open stores. Losses at these locations, excluding overhead allocation, were approximately $136,000 or 9 percent of the company's pre-tax losses for the 26 weeks ended Aug. 1, 1992. The Parisian's division excluding overhead allocation has been unprofitable for the previous three fiscal years. Jewelmasters' business is seasonal and the company typically generates the major part of its sales and earnings during the fourth quarter, which includes the Christmas selling season. The company designs, manufactures, and sells fine jewelry through 59 leased departments in better department and specialty stores nationwide and its Garfinckel's conture fine jewelry store in Washington, D.C. JEWELMASTERS, INC. SUMMARY FINANCIAL INFORMATION (UNAUDITED) 13 Weeks Ended 26 Weeks Ended Aug. 1, Aug. 3, Aug. 1, Aug. 3, 1992 1991 1992 1991 Net sales $7,899,420 $6,882,908 $13,737,644 $12,661,706 Pretax (loss) (701,706) (603,697) (1,528,954) (1,797,608) Net (loss) (701,706) (367,697) (1,528,954) (1,095,806) Net (loss) per share $ (.36)$ (.19) $ (.79)$ (.57) Average shares outstanding 1,937,500 1,937,500 1,937,500 1,937,500 -0- 9/23/92 /CONTACT: JJ Barr, chairman and CEO of Jewelmasters, 407-655-7260/ (JEM) CO: Jewelmasters, Inc. ST: Florida IN: REA SU: ERN
JB-AW -- FL008 -- 2825 09/23/92 17:00 EDT
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|Date:||Sep 23, 1992|
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