Printer Friendly

NUTMEG REPORTS RECORD FIRST QUARTER SALES AND EARNINGS

 NUTMEG REPORTS RECORD FIRST QUARTER SALES AND EARNINGS
 TAMPA, Fla., May 19 /PRNewswire/ -- Nutmeg Industries, Inc. (NYSE: NTM) today reported record net sales of $26.0 million for its first fiscal quarter ended April 25, 1992, an increase of 52 percent over the $17.1 million reported in the comparable quarter a year ago. Net income in this year's first quarter was $1,312,000 or ten cents per share compared to net income of $155,000 or two cents per share in last year's first quarter. All per-share amounts have been adjusted to reflect the company's three-for-two stock split paid on Jan. 24, 1992. A second three-for-two stock split payable on June 1, 1992 will be reflected in the second quarter's results.
 Richard E. Jacobson, Nutmeg chairman and chief executive officer, said, "This is our eighth consecutive quarter of record sales and profits. Our growth continues to be driven by the enthusiasm for our upscale licensed sports products. Our backlog stands at $70 million as compared to $41 million at this time a year ago."
 Jacobson added, "We are very optimistic about the year as a whole. Our ability to get early orders for fall delivery and our commitment to responding quickly to reorders are reflective of the strategic partnering in place with our customers. The addition of caps to our product line at the end of last year and of jackets this year, through our recently signed agreement with Campari International PLC, adds substantial long-term potential. Our very strong balance sheet and ample liquidity also continue to enable us to pursue other opportunities which may present themselves in the marketplace."
 Nutmeg designs, manufactures and markets high-quality sportswear under licenses granted by Major League Baseball, the National Basketball Association, the National Football League, the National Hockey League, most major colleges and universities, ABC Sports and other licensors. The licenses authorize Nutmeg to use team names, logos and other graphics on a wide variety of apparel.
 NUTMEG INDUSTRIES, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited)
 (In thousands, except per share data)
 Quarter Ended
 April 25, April 26,
 1992 1991
 Net sales $25,986 $17,090
 Cost and expenses:
 Cost of merchandise sold 17,365 12,143
 Selling, general and administrative 6,604 4,232
 Interest (income) expense (125) 330
 Minority interest and other 2 135
 Total costs and expenses 23,846 16,840
 Income before income taxes 2,140 250
 Income tax provision 828 95
 Net income $ 1,312 $ 155
 Net income per common share $ .10 $ .02
 Weighted average number of common
 shares used in the calculation 12,513 8,664
 -0- 5/19/92
 /CONTACT: George N. Derhofer, senior vice president and chief financial officer of Nutmeg Industries, Inc., 813-247-6044/
 (NTM) CO: Nutmeg Industries, Inc. ST: Florida IN: TEX SU: ERN


SS-XX -- FL004 -- 1654 05/19/92 08:54 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:May 19, 1992
Words:471
Previous Article:ABB GROUP REPORT FOR THE FIRST THREE MONTHS OF 1992
Next Article:GAINSCO REINSTITUTES SEMI-ANNUAL 5 PERCENT STOCK DIVIDEND POLICY AND DECLARES REGULAR QUARTERLY CASH DIVIDEND
Topics:


Related Articles
NUTMEG REPORTS RECORD SALES AND EARNINGS FOR THIRD QUARTER
NUTMEG REPORTS RECORD SALES AND EARNINGS FOR FISCAL 1992
NUTMEG REPORTS NINTH CONSECUTIVE QUARTER OF RECORD SALES AND EARNINGS
NUTMEG REPORTS TENTH CONSECUTIVE QUARTER OF RECORD SALES AND EARNINGS
NUTMEG'S ANNUAL SALES, EARNINGS REACH RECORD HIGHS
NUTMEG REPORTS RECORD SALES AND EARNINGS FOR 13TH CONSECUTIVE QUARTER
NUTMEG RECORD THIRD-QUARTER INCOME OF $6.4 MILLION IS 14TH CONSECUTIVE QUARTERLY INCREASE
VF CORPORATION ANNOUNCES FIRST QUARTER RESULTS AND DECLARES DIVIDEND
VF CORPORATION ANNOUNCES RECORD THIRD QUARTER RESULTS AND DIVIDEND INCREASE
VF CORPORATION ANNOUNCES FIRST QUARTER RESULTS AND DECLARES DIVIDEND

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters