MOVIE STAR REPORTS THIRD QUARTER PROFIT; THIRD QUARTER SALES INCREASE 23 PCT.; NINE-MONTH NET INCOME UP 95 PCT.
NEW YORK, May 12 /PRNewswire/ -- Movie Star, Inc. (AMEX: MSI) today reported results for the third quarter and nine months ended March 31, 1993. For the third quarter ended March 31, 1993, sales totaled $29,541,000, representing an increase of 23 percent over sales of $23,985,000 during the third quarter ended March 31, 1992. During the third quarter of fiscal 1993, net income amounted to $402,000, or $.03 per share, compared to a net loss of $736,000, or $.05 per share, in the third quarter of fiscal 1992. For the nine months ended March 31, 1993, sales totaled $98,698,000, vs. sales of $95,167,000 during the nine months ended March 31, 1992. Net income during the first nine months of fiscal 1993 increased 95 percent to $2,350,000, or $.17 per share, from net income of $1,204,000, or $.08 per share, during the first nine months of fiscal 1992. Commenting on the results, Mark M. David, chairman of Movie Star, said, "The turnaround in our results during the recently ended quarter marks the reversal of a two-year trend of third quarter losses. This improvement is largely the result of the increased efficiency we have achieved at the manufacturing level, coupled with the growing success of various products introduced over the past two years. We anticipate that this improved performance will allow the company to remain profitable during the second half of fiscal 1993, which is traditionally the more difficult part of our fiscal year. This should also result in our first year-to-year increase in annual sales since 1989. Based on current indications, we expect to carry this momentum into the new fiscal year, which should result in a very strong 1993 fall season." Movie Star, Inc. designs, manufactures, markets and sells an extensive line of ladies sleepwear, robes, leisurewear, loungewear, panties and daywear; men's work and leisure shirts; children's clothing; and also operates 24 retail outlet stores. Effective Jan. 1, 1993, the company formally changed its name from Sanmark-Stardust Inc. to Movie Star, Inc. MOVIE STAR, INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended March 31, 1993 1992 Net Sales $ 29,541,000 $ 23,985,000 Net Income (Loss) $ 402,000 $ (736,000) Net Income (Loss) Per Share $ .03 $ (.05) Weighted Average Number of Shares Outstanding 14,165,000 14,510,000 For the Nine Months Ended March 31, 1993 1992 Net Sales $ 98,698,000 $ 95,167,000 Net Income $ 2,350,000 $ 1,204,000 Net Income Per Share $ .17 $ .08 Weighted Average Number of Shares Outstanding 14,192,000 14,655,000 -0- 5/12/93 /CONTACT: Saul Pomerantz of Movie Star, Inc., 212-684-3400; or Barry A. Rothman of Greenstone Roberts Public Relations, 305-975-3500, for Movie Star, Inc./ (MSI)
CO: Movie Star, Inc. ST: New York IN: TEX SU: ERN
JB-SS -- FL005 -- 7448 05/12/93 09:57 EDT
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|Date:||May 12, 1993|
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