Printer Friendly

MEGAFOODS STORES INC. ANNOUNCES REALIZATION OF TAX BENEFITS ON STORE SALE

 MEGAFOODS STORES INC. ANNOUNCES
 REALIZATION OF TAX BENEFITS ON STORE SALE
 MESA, Ariz., Nov. 13 /PRNewswire/ -- Megafoods Stores Inc. (NASDAQ: MEGF) today reported revised income tax expense and net income for the 26 weeks ended June 27, 1992, and the 13 and 39 weeks ended Sept. 26, 1992.
 Following discussions with its accounting firm, the company has made revisions to its income tax expense provisions for tax benefits arising out of the sale of the Temecula, Calif., store in June 1992. These revisions, which had no effect on pre-tax operating profits, had the effect of increasing net income for the nine months by $254,000 or $0.06 per share as set out below:
 Year-to-Date Quarter Ended
 26 Weeks End 13 Weeks End Nine Months End
 June 27, 1992 Sept. 26, 1992 Sept. 26, 1992
 Net income (loss)
 as previously
 reported (693) 551 (142)
 Income tax expense
 (benefit), as
 previously reported 250 99 349
 As adjusted (102) 197 95
 Net adjustment 352 (98) 254
 Net income (loss),
 as adjusted (341) 453 112
 Earnings (loss)
 per share, as
 adjusted (.09) .09 .03
 Earnings (loss)
 per share, as
 previously reported (.17) .11 (.03)
 -0- 11/13/92
 /CONTACT: Dean Miller of Megafoods Stores, 619-431-7213/
 (MEGF) CO: Megafoods Stores Inc. ST: California, Arizona IN: REA SU: ERN


KJ-JL -- LA025 -- 0782 11/13/92 14:45 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:Nov 13, 1992
Words:223
Previous Article:STIMSON LANE: 1992 HARVEST -- COLUMBIA VALLEY
Next Article:CHLORINE INSTITUTE ISSUES RESPONSE TO THE REPORT ON BREAST CANCER ISSUED THIS WEEK BY GREENPEACE
Topics:


Related Articles
NEW DIRECTOR NAMED AT MEGAFOODS
MEGAFOODS STORES INC. ANNOUNCES CHIEF FINANCIAL OFFICER
MEGAFOODS STORES INC. ANNOUNCES PROPOSED NEW SUPPLY ARRANGEMENT
MEGAFOODS STORES INC. ANNOUNCES NEW CONTROLLER
MEGAFOODS STORES INC. ANNOUNCES THE OPENING OF 15 STORES IN SAN ANTONIO
MEGAFOODS STORES INC. ANNOUNCES THE OPENING OF 15 STORES IN SAN ANTONIO
MEGAFOODS STORES INC. ANNOUNCES THIRD QUARTER 1993 RESULTS
Megafoods Stores, Inc. and Fleming Companies, Inc. Joint Statement

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