OSHMAN'S ANNOUNCES THIRD-QUARTER RESULTS
OSHMAN'S ANNOUNCES THIRD-QUARTER RESULTS HOUSTON, Dec. 6 /PRNewswire/ -- Oshman's Sporting Goods, Inc.
(NASDAQ: OSHM) today reported results for the third quarter and nine months ended Nov. 2, 1991.
Third Quarter Results Sales: $63,827,000 this year vs. $68,836,000 last year, a 7.3 percent decrease. Net loss: $3,358,000 this year vs. $2,768,000 last year. Loss per share: $.58 this year vs. $.48 last year. Nine Months Results Sales: $202,102,000 this year vs. $221,291,000 last year, an 8.7 percent decrease. Net loss: $5,351,00 this year vs. $4,382,000 last year. Loss per share: $.92 this year vs. $.76 last year. Alvin N. Lubetkin, chief executive officer, stated that sales decreased 7.3 percent in the third quarter and 8.7 percent in the first nine months of the year. Same-stores sales declined 8.4 percent in the third quarter and 10.1 percent for the first nine months. Lubetkin stated that substantially lower sales in the company's Western stores (17.1 percent sales decline in the third quarter and 18.9 percent in the first nine months) continue to negatively impact overall results. He attributed the decline in sales primarily to a shortage of inventory. This out of stock situation, which occurred while the company was consolidating its California administrative offices into its Houston location has been corrected and sales have improved substantially. Sales in Texas, the company's home state, fared better with total sales up 4.9 percent for the quarter and 4.1 percent for nine months. Lubetkin indicated that he expects an improved sales trend in the fourth quarter even with a shorter Christmas selling season and although he expects the company to be profitable in the fourth quarter, profits most likely will not be sufficient for the company to be profitable for the year. After closing six stores during the first nine months of 1991 and opening two, the company was operating 185 stores compared to 192 at the same time in 1990. OSHMAN'S SPORTING GOODS, INC. Consolidated Statements of Operations (Unaudited) Three months 11/2/91 11/3/90 Net sales $63,827,000 $68,836,000 Loss before income taxes (5,128,000) (4,717,000) Income taxes (benefits) (1,770,000) (1,949,000) Loss before cumulative effect of a change in accounting principle (3,358,000) (2,768,000) Cumulative effect on prior years (to Feb. 2, 1991) of a change in accounting for income taxes (C) -- -- Net loss (B) (3,358,000) (2,768,000) Loss per share (A)(B) $(.58) (.48) Average shares (A) 5,801,000 5,792,000 Nine months 11/2/91 11/3/90 Net sales $202,102,000 $221,291,000 Loss before income taxes (9,984,000) (7,182,000) Income taxes (benefits) (3,445,000) (2,800,000) Loss before cumulative effect of a change in accounting principle (6,539,000) (4,382,000) Cumulative effect on prior years (to Feb. 2, 1991) of a change in accounting for income taxes (C) 1,188,000 -- Net loss (B) (5,351,000) (4,382,000) Loss per share (A)(B) $(.92) $(.76) Average shares (A) 5,797,000 5,788,000 (A) -- Loss per share is computed on the average number of common shares outstanding during each period. (B) -- Includes, for the current year, an after tax LIFD charge of $72,000 and $223,000 or $.01 and $.04 per share for the three months and nine months ended Nov. 2, 1991, vs. $114,000 and $406,000 or $.02 or $.07 per share last year for the same periods. (C) -- The company changed its method of accounting for income taxes by adopting the Statement of Financial Accounting Standards No. 96. The cumulative effect of the change of $1,188,000 is a one-time credit to income. -0- 12/6/91 /CONTACT: Edward R. Carlin of Oshman's Sporting Goods, 713-928-3171/ (OSHM) CO: Oshman's Sporting Goods Inc. ST: Texas IN: REA SU: ERN
CK -- NY032 -- 0086 12/06/91 11:56 EST
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|Date:||Dec 6, 1991|
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