Printer Friendly

LESLIE'S POOLMART REPORTS 1991 YEAR-END RESULTS

 LESLIE'S POOLMART REPORTS 1991 YEAR-END RESULTS
 CHATSWORTH, Calif., March 4 /PRNewswire/ -- Leslie's Poolmart


(NASDAQ: LESL), which made its initial public offering in April 1991, today announced results for the year and the fourth quarter ended Dec. 31, 1991.
 Sales for 1991 grew 12.1 percent to a record $82,602,000 from $73,673,000 a year ago. Operating income advanced 24.5 percent to $5,081,000 from $4,080,000 in 1990. Net income climbed to $983,000, or $.19 per share, from $35,000, or $.01 per share, in 1990, despite the impact of non-recurring, non-cash charge of $1,777,000, or $.21 per share, taken in the second quarter, that related to the 1988 acquisition of the company. Prior to the non-recurring charge, 1991 net income actually amounted to $2,049,000, or $.40 per share. Earnings per share for the year also reflected a 38 percent increase in the weighted average number of shares outstanding as a result of the April 1991 offering.
 For the 1991 fourth quarter, sales increased 11.8 percent to $9,709,000 from $8,685,000 last year, and Leslie's again reported losses, typical for this period. The company incurred an operating loss of $2,043,000 and a net loss of $1,233,000, or $.21 per share, compared with an operating loss of $2,022,000 and a net loss of $1,796,000, or $.48 per share, in the same 1990 period.
 Brian P. McDermott, president, attributed a substantial percentage of Leslie's 1991 sales gain to the contribution of 19 new retail stores opened during the year combined with a strong performance by the company's catalog business. He noted that compared with 1990, the company's same-store sales increased 3.7 percent, and mail order sales increased 6.1 percent.
 McDermott said, "We are very encouraged by Leslie's excellent progress in 1991. Both our retail and catalog sales advanced strongly to the highest levels in the company's history, even though several of our key markets experienced unusually negative weather conditions during the peak pool-use season. In addition, we continued to increase profitability, despite a non-recurring expense of nearly $1.8 million and significant costs associated with the strategic expansion of our store network. This positive momentum is expected to carry over to 1992 and beyond."
 Founded in 1963, Leslie's Poolmart is the country's leading specialty retailer of swimming pool supplies and related products. The company currently markets its products through 104 retail stores in 23 states and a nationwide mail-order catalog.
 LESLIE'S POOLMART
 Financial Summary
 (In Thousands, Except Per Share Amounts)
 Three Months Ended Year Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Retail stores
 sales $7,882 $7,163 $70,454 $62,035
 Mail-order
 catalog sales 1,326 1,116 9,206 8,675
 Other sales 501 406 2,942 2,963
 Total sales $9,709 $8,685 $82,602 $73,673
 Gross profit 3,291 3,066 34,547 30,910
 Selling, general
 and administra-
 tive expenses 5,183 4,726 28,651 25,382
 Amortization of
 acquisition
 costs 151 362 815 1,448
 Income (loss)
 from operations (2,043) (2,022) 5,081 4,080
 Interest expense 155 789 1,549 3,208
 Amortization
 of deferred
 loan costs --- 103 102 409
 Unusual
 charge (a) --- --- 1,777 ---
 Loss on real
 estate sale --- --- --- 84
 Income (loss)
 before income
 taxes (2,198) (2,914) 1,653 379
 Income tax
 (benefit)
 provision (965) (1,118) 670 344
 Net income
 (loss) ($1,233) ($1,796) $983 $35
 Income (loss)
 per common
 share ($.21) ($.48) $.19 $.01
 Weighted
 average shares
 outstanding 5,768,884 3,763,960 5,182,307 3,763,960
 (a) Refelcts write-off of deferred loan costs and termination of consulting/covenant agreement which had the effect of reducing net income by $.21 per share.
 LESLIE'S POOLMART
 Balance Sheet
 (In Thousands)
 Dec. 31,
 1991 1990
 Assets
 Cash $32 $42
 Receivables, net 351 298
 Inventories 14,815 11,615
 Prepaid expenses 1,125 774
 Deferred offering costs --- 539
 Total current assets 16,323 13,268
 Property, plant and
 equipment, net 13,684 13,308
 Goodwill, net 2,605 2,680
 Deferred loan costs, net --- 614
 Other assets 428 556
 Total assets $33,040 $30,426
 Liabilities and Shareholders'
 Equity
 Account payable and accrued
 liabilities $6,497 $6,922
 Line of credit borrowings 3,300 3,476
 Current portion of long-term debt 65 2,234
 Current portion of covenant
 liability 173 450
 Income taxes 135 ---
 Total current liabilities 10,170 13,082
 Deposits on containers 272 418
 Deferred income taxes 2,810 2,248
 Long-term debt, net of current
 portion 378 17,715
 Covenant liability, net of
 current portion 1,043 1,785
 7.5 percent convertible note 2,767 ---
 Shareholders' Equity (Deficit)
 Common stock 21,207 1,768
 Accumulated deficit (5,607) (6,590)
 Total shareholders' equity
 (deficit) 15,600 (4,822)
 Total liabilities and
 shareholders' equity $33,040 $30,426
 -0- 3/4/92
 /CONTACT: Brian P. McDermott, president, or Hugh Pierce, CFO, 818-993-4212, both of Leslie's Poolmart; or Eugene G. Heller of Silverman, Heller Associates, 310-208-2550, for Leslie's Poolmart/
 (LESL) CO: Leslie's Poolmart ST: California IN: REA SU: ERN


DM-KJ -- LA005 -- 4973 03/04/92 12:59 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 4, 1992
Words:872
Previous Article:METRO AIRLINES ANNOUNCES FEBRUARY TRAFFIC
Next Article:NEW MEMBERS APPOINTED TO KEY TRONIC BOARD OF DIRECTORS
Topics:


Related Articles
LESLIE'S POOLMART ANNOUNCES PRELIMINARY SECOND QUARTER RESULTS
LESLIE'S POOLMART ANNOUNCES FIRST QUARTER RESULTS AND APRIL SALES
LESLIE'S POOLMART ANNOUNCES SEPTEMBER SALES, PROBABLE THIRD-QUARTER EARNINGS SHORTFALL, AND COST IMPROVEMENT PROGRAM
LESLIE'S POOLMART ANNOUNCES AUGUST SALES RESULTS
LESLIE'S POOLMART ANNOUNCES PRELIMINARY FIRST QUARTER SALES
LESLIE'S POOLMART ANNOUNCES PRELIMINARY MAY SALES RESULTS
LESLIE'S POOLMART ANNOUNCES JULY SALES RESULTS
LESLIE'S POOLMART ANNOUNCES SEPTEMBER SALES RESULTS
LESLIE'S POOLMART ANNOUNCES PRELIMINARY FIRST QUARTER SALES
LESLIE'S POOLMART ANNOUNCES PRELIMINARY APRIL SALES RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters