Printer Friendly

MEGAFOODS STORES INC. ANNOUNCES SECOND QUARTER 1992 EARNINGS

 MEGAFOODS STORES INC. ANNOUNCES SECOND QUARTER 1992 EARNINGS
 MESA, Ariz., Aug. 5 /PRNewswire/ -- Megafoods Stores Inc. (NASDAQ: MEGF) today reported increased sales and net income for the second quarter 1992.
 Sales during the second quarter ended June 27, 1992 totaled $68.2 million compared to $60.6 million during the same quarter last year, an increase of 12.6 percent. Year-to-date sales grew 13.6 percent to $129 million, from $114 million in the prior year. Same store sales for the second quarter increased by 4.6 percent despite food deflation of 1.5 percent. Chief Executive Officer Dean Miller stated that the company is extremely pleased with the same store sales growth and market share gains in the quarter. Third quarter same stores sales through the first four weeks continue to show gains.
 Net income for the quarter increased to $239,000, or 6 cents per share, compared to $17,000, or 1 cent per share, for the same quarter last year. The company reported a year-to-date net loss of $693,000 due to a $1.3 million one-time charge to earnings relating to the closure of the Temecula, Calif., store. In light of a significant reduction in projected population growth in the area management decided to focus its future California growth in San Diego County only.
 The company opened its 16th store on June 17, 1992 in Flagstaff, Ariz. The store is a converted 55,000-square-foot K-Mart and is performing substantially above planned sales levels. Earlier in the quarter the company also opened a store in El Centro, Calif. Two new stores are scheduled to open in San Diego County in late August, one in Nogales, Ariz. and for the second half Megafoods expects to open six new stores in total. Current store expansion plans are proceeding well and ahead of schedule. Miller stated that increased expansion plans are under way beyond 1993.
 Megafoods completed the initial public offering of 2 million new shares on July 24 with proceeds being used to repay indebtedness, new store expansion and general corporate purposes. The company operates 16 price impact supermarkets in Arizona and in San Diego and Imperial counties, Calif. Megafoods has strategically positioned its stores between supermarkets and membership warehouse club stores by offering price-conscious consumers the convenience, broad selection, specialty departments and atmosphere of a supermarket while featuring the low prices, large quantity packs and warehouse style merchandising that typify club stores.
 MEGAFOODS STORES INC.
 Financial Highlights
 13 Weeks Ended 26 Weeks Ended
 June 27, June 22, June 27, June 22,
 1992 1991 1992 1991
 Sales 68,226,000 60,617,000 129,389,000 113,901,000
 Net income
 (loss) 239,000 17,000 (693,000) 119,000
 Depreciation and
 amortization 798,000 710,000 1,617,000 1,461,000
 Interest expense 478,000 448,000 938,000 851,000
 Income taxes 160,000 1,000 250,000 2,000
 -0- 8/5/92
 /CONTACT: Laurie Pollitt of Megafoods Stores, 602-892-5973/
 (MEGF) CO: Megafoods Stores Inc. ST: Arizona IN: SU: ERN


AL-KJ -- LA026 -- 7215 08/05/92 15:42 EDT
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:Aug 5, 1992
Words:514
Previous Article:WAREHOUSE CLUB REPORTS RESULTS FOR THIRD QUARTER AND NINE MONTHS ENDED FOR FISCAL 1992
Next Article:NUEVO ENERGY PRODUCES 1,274 BOPD FROM THE PROVOST NO. 3 WELL AT WEEKS ISLAND
Topics:


Related Articles
MEGAFOODS STORES INC. ANNOUNCES THIRD QUARTER 1992 EARNINGS
MEGAFOODS STORES INC. ANNOUNCES 1992 AND FOURTH QUARTER EARNINGS
MEGAFOODS STORES INC. ANNOUNCES SECOND QUARTER EARNINGS
MEGAFOODS STORES INC. ANNOUNCES PRELIMINARY RESULTS FOR THE THIRD QUARTER
MEGAFOODS STORES INC. ANNOUNCES 1993 AND FOURTH QUARTER EARNINGS
MEGAFOODS STORES INC. ANNOUNCES RECOVERY IN FIRST QUARTER
MEGAFOODS STORES INC. ANNOUNCES $20 MILLION CREDIT FACILITY
MEGAFOODS STORES INC. ANNOUNCES NOTICE OF DEFAULT FROM FOOTHILL CAPITAL CORP.
MEGAFOODS STORES INC. ANNOUNCES SECOND QUARTER RESULTS
MEGAFOODS STORES, INC. FILES REORGANIZATION PLAN

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