Printer Friendly

MICHAEL ANTHONY JEWELERS, INC. RELEASES THIRD QUARTER/NINE MONTHS RESULTS

 MT. VERNON, N.Y., April 27 /PRNewswire/ -- Michael Anthony Jewelers, Inc. (AMEX: MAJ), a leading manufacturer and marketer of gold jewelry, today reported record sales results for the third quarter and nine months ended March 31, 1993.
 Third quarter net sales increased 14 percent to $26,400,000 from $23,200,000 in the prior year's period. The company sustained a net loss of $235,000 or 3 cents per share on 7,011,000 average shares outstanding versus a net loss of $104,000 or 2 cents per share on 6,554,000 average shares outstanding in last year's third quarter, however, reported results were after an $870,000 non-cash pre-tax charge (7 cents per share after taxes) in connection with the issuance of stock relating to the early termination of an employment agreement. Excluding this charge, net earnings would have been 4 cents per share compared to only 1 cent per share last year on a comparable basis.
 For the nine month period, net sales increased 4 percent to $94,077,000 from $90,667,000 last year. Net income was $1,148,000 or 17 cents per share, on 6,909,000 average shares outstanding versus net income of $1,324,000 or 20 cents per share on 6,554,000 average shares outstanding. These results were after $2,059,000 of non-cash pre-tax charges (18 cents per share after taxes) in connection with the issuance of stock relating to the early termination of employment contracts. Excluding this charge, net earnings would have been 35 cents per share, compared to 36 cents last year on a comparable basis.
 Michael Paolercio, president and chief executive officer, said, "Despite lower average gold prices, sales accelerated during the third quarter, due primarily to increased demand from the discount store retail segment. Our domestically produced, high quality rope chain continues to be in great demand and our licensed product sales (i.e., NFL, Major League Baseball, NBA, NHL) also showed significant year-to- year gains." He further stated that he expects significant sales gains from the discount store retail segment in fiscal 1994.
 Regarding the termination of the employment agreements with two executives, Paolercio stated that the company will realize lower cash compensation expense in excess of $800,000 over the next 15 months.
 "After two consecutive quarters of sales increases over last year, we are optimistic about the future. And most important, we are well- positioned to benefit from any improvement in the economic environment and the current trend of many of our retail customers to focus on 14 karat gold jewelry as a vehicle to generate incremental business," Paolercio concluded.
 MICHAEL ANTHONY JEWELERS, INC.
 Financial Highlights
 (Unaudited)
 Periods Ended Three Months Nine Months
 March 31 1993 1992 1993 1992
 Net sales $26,400,000 $23,200,000 $94,077,000 $90,667,000
 Income/(loss)
 before taxes (381,000)(A) (96,000)(A) 1,961,000(B) 2,270,000(B,C)
 Net income/
 (loss) (235,000) (104,000) 1,148,000 1,324,000
 Earnings/(loss)
 per share $(.03) $(.02) $.17 $.20
 Weighted average
 no. of shares
 outstanding 7,011,000 6,554,000 6,909,000 6,554,000
 (A) Includes $870,000 and $260,000, respectively, of non-cash expenses in connection with stock issuance relating to the early termination of an employment agreement.
 (B) Includes $2,059,000 and $1,133,000, respectively, of non-cash expenses in connection with stock issuance relating to the early termination of employment agreements.
 (C) Includes a one-time charge of $500,000.
 -0- 4/27/93
 /CONTACT: Allan Corn of Michael Anthony Jewelers, 914-699-0000, ext. 464/
 (MAJ)


CO: Michael Anthony Jewelers, Inc. ST: New York IN: HOU SU: ERN

LR-PS -- NY076 -- 1408 04/27/93 12:54 EDT
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:Apr 27, 1993
Words:626
Previous Article:VIDEOCART SIGNS THREE-YEAR PACT WITH MCI
Next Article:MAYTAG REPORTS RESULTS
Topics:


Related Articles
MICHAEL ANTHONY JEWELERS REPORTS FIRST QUARTER RESULTS
MICHAEL ANTHONY REPORTS THIRD QUARTER/NINE MONTHS RESULTS
/C O R R E C T I O N -- MICHAEL ANTHONY JEWELERS/
MICHAEL ANTHONY JEWELERS REPORTS FIRST QUARTER RESULTS
MICHAEL ANTHONY JEWELERS REPORTS SHARP INCREASE IN YEAR END AND FOURTH QUARTER RESULTS
MICHAEL ANTHONY JEWELERS, INC. REPORTS RECORD FIRST QUARTER SALES, SUBSTANTIAL INCREASE IN EARNINGS
MICHAEL ANTHONY JEWELERS, INC. RELEASES THIRD QUARTER, NINE MONTHS RESULTS
Michael Anthony Jewelers, Inc. Reports Improved Results for Third Quarter, Nine Months
Michael Anthony Jewelers, Inc. Reports First Quarter Results
Michael Anthony Jewelers, Inc. Reports Results for Third Quarter, Nine Months

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