JEWELMASTERS REPORTS FIRST QUARTER RESULTS
JEWELMASTERS REPORTS FIRST QUARTER RESULTS WEST PALM BEACH, Fla., June 17 /PRNewswire/ -- Jewelmasters, Inc.
(AMEX: JEM) today reported results for the first fiscal quarter ended May 2, 1992.
Net sales for the quarter were $5,838,224 compared to $5,778,798 in the year ago period. The company's pre-tax loss decreased from $1,194,109 last year to $827,248 in the current year. The company had a net loss of $827,248 ($.43 per share) vs. a net loss of $728,109 ($.38 per share) last year. Comparable department sales for the 56 departments open throughout the 13 weeks ended May 2, 1992 and the 13 weeks ended May 4, 1991 increased 5.1 percent. Comparable department sales, excluding one week of sales due to the effect of the Los Angeles riots on the Robinson's Department Store group, increased 10.5 percent for the quarter compared to the same quarter in the prior year. It is interesting to note the first quarter results also include approximately $190,000 in one time losses incurred in the closing of three free- standing Mills stores in Philadelphia, Washington, D.C., and Sunrise, Fla., as well as the upscale JEM store in Palm Beach, Fla. "We have taken a number of positive steps on the road back to becoming profitable. Compared to last year, Jewelmasters cut its first quarter pre-tax operating loss in half after considering charges associated with the closed stores. In addition, our participation in the second quarter in the going out of business sales at three I. Magnin (Chapter 11) and five Hornes locations in Ohio (Hornes sold only its Ohio locations) will enable us to improve our inventory position and further reduce losses by closing these unprofitable locations. Currently we are looking forward to the opening of nine new locations at the Zion's Co-operative Mercantile Institution (ZCMI), one of America's true pioneers in retailing based in Salt Lake City, Utah. We are also actively seeking a possible second new group of department stores to further help us return to becoming a profitable operation as we had been in 37 of the previous 40 years," said Josef J. Barr, chairman and CEO. Jewelmasters, Inc. designs, manufactures and sells fine jewelry through leased departments in better department and specialty stores nationwide. JEWELMASTERS, INC. SUMMARY FINANCIAL INFORMATION (UNAUDITED) 13 WEEKS ENDED May 2, 1992 May 4, 1991 Net Sales $5,838,224 $5,778,798 Pre-tax (Loss) (827,248) (1,194,109) Net (Loss) (827,248) (728,109) Net (Loss) per share (.43) (.38) Average Shares Outstanding 1,937,500 1,937,500 -0- 6/17/92 /CONTACT: J. J. Barr, chairman and CEO of Jewelmasters, Inc., 407-655-7260/ (JEM) CO: Jewelmasters, Inc. ST: Florida IN: REA SU: ERN
AW-JB -- FL013 -- 1209 06/17/92 16:19 EDT
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|Date:||Jun 17, 1992|
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