MARCADE REPORTS FIRST QUARTER FINANCIAL RESULTS
MARCADE REPORTS FIRST QUARTER FINANCIAL RESULTS NEW YORK, June 16 /PRNewswire/ -- The Marcade Group, Inc.
(NYSE: MAR), announced today its financial results for the 13 weeks ended May 2, 1992, for which Marcade recorded a net loss of $1,823,000 or $.07 per primary common share, on revenues of $47,604,000, compared with the prior fiscal year's loss of $2,034,000 or $.07 per primary common share on revenues of $70,332,000. Marcade today filed its quarterly report on Form 10-Q with the Securities and Exchange Commission which contains a full analysis of its financial condition.
Charles S. Ramat, Marcade's chairman and chief executive officer, stated, "We are pleased to report that Marcade's Europe Craft Imports, Inc. and Perry Manufacturing Company subsidiaries continue to demonstrate operating strengths and significant profits. Despite the operating strengths of these, our largest subsidiaries, Marcade reported a first quarter loss on a consolidated basis, due to our Above The Belt, Inc. subsidiary's phasing out their old product line prior to introducing new products in preparation for changing its sales methods as well as Marcade's accruals and other charges which we expect will be eliminated upon the consummation of a comprehensive restructuring of our debt. We are continuing to work on the restructuring of Marcade's debt utilizing the values and strong earnings generated by Marcade's Perry and ECI subsidiaries." The Marcade Group, Inc., is a diversified apparel company. It designs and manufactures women's, men's and boys' 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. -0- 6/16/92 /CONTACT: Charles S. Ramat, chairman and CEO of the Marcade Group, 212-935-8484/ (MAR) CO: The Marcade Group, Inc. ST: New York IN: TEX SU: ERN
GK-SM -- NY035 -- 0637 06/16/92 11:36 EDT
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|Date:||Jun 16, 1992|
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