MARCADE REPORTS ANNUAL FINANCIAL RESULTS
MARCADE REPORTS ANNUAL FINANCIAL RESULTS NEW YORK, May 12 /PRNewswire/ -- The Marcade Group, Inc.
(NYSE: MAR), announced today its financial results for the fiscal year ended Feb. 1, 1992 for which Marcade recorded a net loss of $2,790,000 or $.10 per primary common share, on revenues of $237,021,000 compared with the prior fiscal year's loss of $66,037,000 or $2.41 per primary common share on revenues of $365,469,000. The loss resulted primarily from charges incurred in connection with the discontinued operations of Marcade's RJMJ and Marlene subsidiaries. Marcade today filed its annual report on Form 10-K with the SEC which contains a full analysis of its financial condition.
Charles S. Ramat, Marcade's chairman and chief executive officer stated, "We are continuing to work on restructuring Marcade's debt utilizing the values and earnings generated by Marcade's remaining subsidiaries." The Marcade Group, Inc. is a diversified apparel company. It designs and manufactures women's, men's and boy's apparel through a group of wholly owned subsidiaries: Europe Craft Imports, Inc., maker of "Members Only" outerwear and sportswear, Perry Manufacturing Company and Above-The-Belt, Inc. THE MARCADE GROUP INC. AND SUBSIDIARIES Consolidated Statements of Operations 52 weeks ended 2/1/92 2/2/91 Net revenues $237,021,000 $365,469,000 Operating costs: Cost of sales 190,724,000 297,596,000 Selling and administrative 37,185,000 74,201,000 Costs of dispositions and restructuring 1,442,000 42,456,000 Total 229,351,000 414,253,000 Income (loss) from cont. opers. bef. int. and debt exp., disposal of certain operating units, and inc. taxes 7,670,000 (48,784,000) Interest and debt exp., net 12,413,000 16,346,000 Inc. (loss) from cont. opers. bef. disposal of certain operating units, inc. taxes and extraord. items (4,743,000) (65,130,000) Income taxes 368,000 907,000 Inc. (loss) from cont. operations bef. extrord. items (5,111,000) (66,037,000) Discontinued Operations: Gain on disposal of discont. operations 775,000 -- Inc. (loss) bef. extraord. items (4,336,000) (66,037,000) Extraordinary Items: Utilization of net operating loss carryforward -- -- Gain on debt forgiveness 1,546,000 -- Net income (loss) (2,790,000) (66,037,000) Participating preferred dividends -- -- Net income (loss) allocable to common shareholders (2,790,000) (66,037,000) Per Share Data: Primary: Income (loss) from cont. opers. bef. extraord. items (.18) (2.41) Gain from discont. opers. .03 -- Extraordinary items .05 -- Net income (loss) (.10) (2.41) Weighted avg. no. of common & common equivalent shares 27,492,000 27,395,000 Fully diluted: Income (loss) from cont. opers. bef. extraord. items (.18) (2.41) Gain from discont. opers. .03 -- Extraordinary items .05 -- Net income (loss) (.10) (2.41) Weighted avg. no. of common & common equivalent shares and other dilutive securities 27,492,000 27,395,000 -0- 5/12/92 /CONTACT: Charles S. Ramat of The Marcade Group, 212-935-8484/ (MAR) CO: Marcade Group Inc. ST: New York IN: REA SU: ERN
SH-AH -- NY038 -- 9104 05/12/92 11:51 EDT
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|Date:||May 12, 1992|
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