Printer Friendly

MAC FRUGAL'S BARGAINS - CLOSE-OUTS INC. ANNOUNCES THIRD QUARTER EARNINGS

 DOMINGUEZ, Calif., Nov. 29 /PRNewswire/ -- Mac Frugal's Bargains - Close-outs Inc. (NYSE: MFI) announced today net earnings of $3,598,000, or $0.12 per share, for the third fiscal quarter ended Oct. 31, 1993. This compares with the prior year's third quarter net loss of $19,927,000, or $0.66 per share, which included a pre-tax write-down of $36,646,000 for the New Orleans Distribution Center.
 For the nine months ended Oct. 31, 1993, net earnings were $11,538,000, or $0.39 per share, compared with a net loss of $11,803,000, or $0.39 per share, in the first three quarters of the prior year.
 Leonard S. Williams, president and chief executive officer, commented that the net earnings per share of $0.12 for the fiscal quarter ended Oct. 31, 1993, represented an increase of $0.02, or 20 percent over last year, after adjusting for the warehouse writedown.
 Williams further added that with 165 Christmas stores and 35 new Mac Frugal's Bargains - Close-outs stores open before the end of the fiscal year, a good increase in fourth quarter earnings could be expected.
 The company operates a chain of 231 year-round retail stores in 12 states and a chain of 165 seasonal Christmas stores in nine states. The year-round stores, which do business as Pic N' Save and Mac Frugal's Bargains - Close-outs, feature a wide variety of first-quality general merchandise obtained through manufacturer close-outs, overruns, discontinued lines, and packaging changes. The seasonal stores, which do business as Christmas Close-outs and Christmas Enchantments, feature a wide variety of first-quality Christmas and seasonal merchandise.
 MAC FRUGAL'S BARGAINS - CLOSE-OUTS INC. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (Unaudited)
 (Amounts in thousands except per share amounts)
 For the three For the nine
 months ended months ended
 Oct. 31, Nov. 1, Oct. 31, Nov. 1,
 1993 1992 1993 1992
 Net sales $140,581 $119,976 $383,359 $342,857
 Cost of sales 74,869 63,119 204,979 178,108
 Gross profit 65,712 56,857 178,380 164,749
 Store expenses 44,976 38,382 116,205 105,959
 Warehouse and
 administrative
 expenses 13,070 12,001 38,744 35,674
 Warehouse write-
 down expense --- 36,646 --- 36,646
 Total operating
 expenses 58,046 87,029 154,949 178,279
 Operating income
 (loss) 7,666 (30,172) 23,431 (13,530)
 Interest (expense),
 net 1,670 1,923 4,201 5,355
 Earnings (loss)
 before income taxes 5,996 (32,095) 19,230 (18,885)
 Income tax
 expense (benefit) 2,398 (12,168) 7,692 (7,082)
 Net earnings (loss) $3,598 ($19,927) $11,538 ($11,803)
 Earnings (loss)
 per common share $0.12 ($0.66) $0.39 ($0.39)
 Average shares
 outstanding 29,869 29,992 29,892 30,400
 MACFRUGAL'S BARGAINS - CLOSE-OUTS INC. AND SUBSIDIARIES
 Consolidated Balance Sheets
 (Unaudited)
 (Amounts in thousands)
 Oct. 31, Jan. 31, Nov. 1,
 1993 1993 1992
 Assets
 Current assets
 Cash and cash equivalents $4,104 $21,820 $4,867
 Merchandise inventories 208,968 147,575 169,412
 Other current assets 35,837 18,111 12,490
 Total current assets 248,909 187,506 186,769
 Property, equipment and
 improvements, net 147,502 164,793 165,841
 Deferred federal and state
 income tax asset --- 12,753 13,742
 Deferred financing costs and
 other assets 5,382 6,705 7,431
 Total assets $401,793 $371,757 $373,783
 Liabilities and Stockholders' Equity
 Current liabilities
 Loan payable to bank $83,800 --- $32,000
 Current portion of long-
 term debt 120 $26,420 17,424
 Accounts payable and other
 current liabilities 64,460 55,252 48,651
 Total current liabilities 148,380 81,672 98,075
 Long-term debt 4,398 54,475 63,497
 Deferred federal and state
 income taxes 12,538 11,163 10,947
 Stockholders' equity 236,477 224,447 201,264
 Total liabilities and
 stockholders' equity $401,793 $371,757 $373,783
 -0- 11/29/93
 /CONTACT: Phil Carter, executive VP and CFO, 310-761-4167, or Dan Felsenthal, controller, 310-761-4104, both of Mac Frugal's/
 (MFI)


CO: Mac Frugal's Bargains - Close-outs Inc. ST: California IN: REA SU: ERN

NY-LS -- LA014 -- 8077 11/29/93 06:00 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 29, 1993
Words:693
Previous Article:FIRST AMERICAN TITLE INSURANCE CO. ANNOUNCES THE PURCHASE OF THIRD TEXAS TITLE OPERATION FOR 1993
Next Article:POLAROID UNVEILS NEW DRY-PROCESS IMAGING DEVELOPMENTS FOR MEDICAL; SHIPS HELIOS IN EUROPE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters