Printer Friendly

MR. COFFEE ANNOUNCES SHARPLY IMPROVED 1992 FINANCIAL RESULTS

 CLEVELAND, Feb. 23 /PRNewswire/ -- Mr. Coffee, inc. (NASDAQ: JAVA) today announced that net sales, net income and earnings per share for the fourth quarter and year ended Dec. 27, 1992, showed strong improvement compared with the same periods a year ago.
 Net sales for the fourth quarter of 1992 reached $64.8 million, a 26 percent increase from the $51.4 million recorded in the fourth quarter of 1991. All major product lines contributed to the sales increase, particularly the company's recently introduced Potato Perfect(TM) Quick Potato Baker by Mr. Coffee(R) and the Accel(TM) line of automatic drip coffeemakers.
 The increased sales volume and a favorable product mix helped improve profitability. Quarterly net income in 1992 was $2.3 million, or $0.27 per share. In the fourth quarter a year ago the company recorded a net loss of $1.7 million, or $0.21 per share, which included an extraordinary loss of $472,000, or $0.06 per share, related to the early repayment of debt.
 For 1992, net sales were $169.0 million, up 6 percent from $158.8 million in 1991. Net income of $3.7 million, or $0.45 per share, for the current year compares with a net loss in 1991 of $1.4 million, or $0.17 per share.
 Peter C. McC. Howell, Mr. Coffee's president and chief executive officer, stated: "Our products are being well received by consumers and retailers. We are very pleased with the success of the Potato Perfect(TM), our first non-beverage-related appliance. In addition, our Accel(TM) line of automatic drip coffeemakers continues to increase in popularity. Due to our major investment in national advertising in the fourth quarter, we continued to experience a favorable sales trend for the Mr. Coffee(R) Water Filter, as well as a resurgence in demand for THE ICED TEA POT(TM).
 "During the year we became a more efficient manufacturer and a financially stronger company," continued Howell. "Even with a 6 percent increase in sales during 1992 and a much broader product line, we were able to reduce inventories by 36 percent or nearly $8 million. Additionally, our management information systems were strengthened to enable our production to more closely parallel our customers' order patterns."
 Mr. Coffee, inc. is the leading manufacturer of automatic drip coffeemakers in the United States. The company offers an extensive line of automatic drip coffeemakers, coffee filters and other countertop kitchen appliances. The company also manufactures THE ICED TEA POT(TM), the Potato Perfect(TM) Quick Potato Baker by Mr. Coffee(R) and the Mr. Coffee(R) Water Filter.
 MR. COFFEE, INC.
 Condensed Statements of Operations (unaudited)
 (In thousands, except per share data)
 Quarters Ended
 Dec. 27, Dec. 29,
 1992 1991
 Net Sales $64,761 $51,426
 Income (loss) before income taxes
 and extraordinary item 4,370 (1,116)
 Provision for income taxes 2,111 134
 Income (loss) before extraordinary
 item 2,259 (1,250)
 Extraordinary item, net -- (472)
 Net income (loss) $2,259 $(1,722)
 Preferred stock dividends
 and accretion 1 (1)
 Net income (loss) applicable to
 common shares $2,260 $(1,723)
 Primary and fully diluted earnings
 (loss) per common share:
 Income (loss) before extraordinary
 item $0.27 $(0.15)
 Extraordinary item, net -- (0.06)
 Net income (loss) $0.27 $(0.21)
 Weighted average number of common
 shares and equivalents 8,243 8,212
 Years Ended
 Dec. 27, Dec. 29,
 1992 1991
 Net Sales $169,010 $158,830
 Income (loss) before income taxes
 and extraordinary item 7,335 (422)
 Provision for income taxes 3,594 504
 Income (loss) before extraordinary
 item 3,741 (926)
 Extraordinary item, net -- (472)
 Net income (loss) $3,741 $(1,398)
 Preferred stock dividends
 and accretion (1) (21)
 Net income (loss) applicable to
 common shares $3,740 $(1,419)
 Primary and fully diluted earnings
 (loss) per common share:
 Income (loss) before extraordinary
 item $0.45 $(0.11)
 Extraordinary item, net -- (0.06)
 Net income (loss) $0.45 $(0.17)
 Weighted average number of common
 shares and equivalents 8,235 8,114
 -0- 2/23/93
 /CONTACT: Richard C. Adamany, senior vice president and chief financial officer of Mr. Coffee, inc., 216-464-4000/
 (JAVA)


CO: Mr. Coffee, inc. ST: Ohio IN: FOD SU: ERN

DA -- CL007 -- 9330 02/23/93 10:18 EST
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:Feb 23, 1993
Words:712
Previous Article:KEYCORP ELECTS DIMMER AND HOGAN TO BOARD OF DIRECTORS
Next Article:ACC CORP. ANNOUNCES QUARTERLY DIVIDEND
Topics:


Related Articles
MR. COFFEE ANNOUNCES THIRD QUARTER AND NINE MONTH FINANCIAL RESULTS
MR. COFFEE ANNOUNCES 1993 FIRST QUARTER FINANCIAL RESULTS
MR. COFFEE ANNOUNCES SECOND-QUARTER AND FIRST-HALF FINANCIAL RESULTS
NET INCOME INCREASES 92 PERCENT FOR MR. COFFEE IN 1993 THIRD QUARTER
MR. COFFEE, inc.
MR. COFFEE ANNOUNCES RETENTION OF FINANCIAL ADVISOR
MR. COFFEE ACHIEVES STRONG INCOME GROWTH IN 1993 FOURTH QUARTER AND FULL YEAR
MR. COFFEE RESPONDS TO STOCKHOLDER SUIT
MR. COFFEE ANNOUNCES 1994 SECOND-QUARTER AND FIRST-HALF FINANCIAL RESULTS
Health o meter Products Reports Financial Results for Fiscal 1997 First Quarter

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