OSHMAN'S SPORTING GOODS ANNOUNCES RESULTS
OSHMAN'S SPORTING GOODS ANNOUNCES RESULTS HOUSTON, Sept. 8 /PRNewswire/ -- Oshman's Sporting Goods, Inc.
(OTC: OSHM) announced today that second quarter and six month results showed significant improvement over the same period last year.
Earnings for the quarter equaled $62,000 or $.01 per share compared to a loss of $1,698,000 or $.29 per share last year. For the six months, the company had a loss of $924,000 or $.16 per share this year compared to a loss of $3,181,000 or $.55 per share (before the cumulative effect of a tax change) last year. Same store sales were up 3.4 percent in the quarter and 2.8 percent in the first half, while total sales increased 5.2 percent for the quarter and 3.5 percent for the first half. Alvin N. Lubetkin, chief executive officer, noted that the sales increase was achieved while the company was operating nine fewer stores than last year and without much help from the economy. Oshman's opened its third SuperSports USA megastore in Albuquerque on May 2, 1992 and its fourth in Minneapolis on Aug. 11, 1992. Both have performed above plan. The company's fifth SuperSports USA megastore is scheduled to open in San Diego just prior to Thanksgiving. Oshman's previously announced that on Aug. 31, 1992 it entered into an agreement providing for a three year, $32,500,000 revolving credit facility with The CIT/Group/Business Credit, Inc. Advanced under the facility will be based on a borrowing base formula, and subject to certain loan reserves, and the facility is secured primarily by inventory, accounts receivable and real estate. The credit agreement includes various restrictions, requirements and financial covenants. At the end of the quarter, the company was operating 175 stores compared to 184 at the end of the second quarter last year and 183 at Feb. 1, 1992. OSHMAN'S SPORTING GOODS, INC. Consolidated Statements of Operations (unaudited) Three Months Six Months 8/1/92 8/3/91 8/1/92 8/3/92 Net sales $80,962,000 $76,988,000 $143,148,000 $138,275,000 Earnings (loss) before income taxes $ 102,000 $(2,539,000) $ (1,502,000) $ (4,856,000) Income taxes (benefits) 40,000 (841,000) (578,000) (1,675,000) Earnings (loss) before cumulative effect of a change in accounting principle 62,000 (1,698,000) (924,000) (3,181,000) Cumulative effect on prior years (to Feb. 2, 1991) of a change in accounting for income taxes (C) -- -- -- 1,188,000 Net earnings (loss) (B) $ 62,000 $(1,698,000) $ (924,000) $(1,993,000) Earnings (loss) per share $ 0.01 $ (.29) $ (.16) $ (.34) (A) (B) Average shares (A) 5,817,000 5,795,000 5,804,000 5,795,000 (A) Earnings (loss) per share is computed on the average number of common shares outstanding during each period. (B) Includes after tax LIFO charges of $62,000 and $123,000 or $.01 and $.02 per share for the three months and six months ended Aug. 1, 1992 versus $87,000 and $151,000 or $.02 and $.03 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- 9/8/92 R /CONTACT: Edward R. Carlin of Oshman's Sporting Goods, Inc., 713-928-3171/ (OSHM) CO: Oshman's Sporting Goods, Inc. ST: Texas IN: REA SU: ERN
KD-AH -- NY030 -- 6995 09/08/92 12:02 EDT
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|Date:||Sep 8, 1992|
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