ODD'S-N-END'S SECOND QUARTER EARNINGS
ODD'S-N-END'S SECOND QUARTER EARNINGS BUFFALO, N.Y, Sept. 2 /PRNewswire/ -- Odd's-n-End's, Inc.
(NASDAQ: ODDE), a Buffalo, New York based close-out retailer, today reported record sales and profit for the second quarter ended July 31, 1992. During the second quarter sales rose 53 percent to $5,542,000 compared to $3,629,000 during the second quarter of 1991. Net income increased 10 percent to $128,000 or $.03 per share (primary and fully diluted) during the second quarter compared to $116,000 or $.04 (primary and fully diluted) per share during the second quarter of 1991. The company issued an additional 1,785,000 shares in an initial public offering in January, 1992.
During the first six months of 1992, sales rose 45 percent to $9,529,000 compared to $6,580,000 for the first six months of 1991. Net income decreased 13 percent to $171,000 or $.03 per share (primary and fully diluted) compared to $194,000 or $.07 per share (primary and fully diluted) for the year earlier period. The company opened six new stores during the second quarter ended July 31, 1992 and in keeping with its policy expensed all costs of such openings in the second quarter. Three additional stores were opened in August 1992 and new leases have been negotiated and finalized for four additional stores to be opened this year. Currently, the company is operating 39 stores. John H. Clark, president and chief executive officer said, "Our new stores have been very successful and we anticipate record sales to continue and net income in the third and fourth quarter to more than double that of the prior year periods." Clark also announced that the company had decided upon an expansion of its merchandising to include close-out clothing in most of its existing stores and as well as all new stores, and with this in mind has been increasing the size of its new stores upwards to approximately 10,000 square feet. Clark further announced that the company had decided against building a new warehouse facility and recently entered into a long-term lease of 182,000 square feet in an office-warehouse facility. The company has options to further expand up to an additional 120,000 feet as well as an option to purchase the facility. Clark noted that by not building, the company was able to make available over $900,000 the company had previously set aside towards construction which is now being used towards opening several new stores not originally scheduled for this year. Also, Clark indicated that total occupancy costs for the leased facility represents a savings of over $200,000 annually compared to that of the proposed new facility. Sidney S. Barzman, executive vice-president and director has announced his retirement which is scheduled for May 1993. He intends, however, to continue as a director of the company. The company is pleased to announce that James J. Garner, a certified public accountant formerly with the accounting firm of Wiggle and Company, has joined Odd's-n-End's as corporate controller. The company is also pleased to announce that Sanford Sadler, a seasoned clothing buyer from the New York City area, has joined the company to head up the buying for the new close-out soft-line department. -0- 9/2/92 /CONTACT: John H. Clark, president and CEO of Odd's-n-End's, Inc., 716-874-9004/ (ODDE) CO: Odd's-n-Ends, Inc. ST: New York IN: REA SU: ERN
BM -- CL014 -- 6070 09/02/92 16:30 EDT
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|Date:||Sep 2, 1992|
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