Printer Friendly

PACIFIC SUNWEAR REPORTS RESULTS FOR 1993 SECOND QUARTER

 SANTA ANA, Calif., Aug. 17 /PRNewswire/ -- Pacific Sunwear of California Inc. (NASDAQ: PSUN) reported sales and earnings for the 13 weeks ended Aug. 1, 1993 (second quarter).
 For the second quarter of 1993, net income was $820,000, or 16 cents per share. Income before taxes for the second quarter of 1993 increased to $1,273,000, vs. $1,235,000 for the second quarter of 1992. However, net income decreased to $820,000 in the second quarter of 1993, from $1,069,000 in the second quarter of 1992, because of a 36 percent effective income tax rate in the second quarter of 1993, compared to a 14 percent rate for the second quarter of 1992 when the company was able to utilize net operating loss carryforwards to reduce its taxes.
 In addition to a higher income tax rate, earnings per share for the second quarter of 1993 vs. the second quarter of 1992 were further reduced as a result of issuing 1.8 million shares of additional stock. From June 1992 through March 22, 1993, the company issued 1.8 million additional shares, including 1.4 million shares issued in an initial public offering of the company's stock.
 Net sales for the second quarter of 1993 increased 12 percent, to $12.7 million, compared to $11.3 million for the second quarter of 1992. Comparable store sales decreased 4 percent in the second quarter of 1993, compared to an 18 percent increase for the second quarter of 1992.
 Net sales for the first half of 1993 increased 16 percent, to $23.4 million, compared to $20.1 million for the first half of 1992. Comparable store sales increased 3 percent for the first half of 1993, compared to a 20 percent increase for the first half of 1992.
 Pacific Sunwear of California Inc. is a mall-based specialty retailer of young men's everyday apparel and accessories reflecting the casual lifestyle of Southern California. As of Aug. 1, 1993, the company operated 70 stores, compared to 54 stores as of Aug. 2, 1992. The company anticipates opening an additional 13 stores during the second half of 1993.
 PACIFIC SUNWEAR OF CALIFORNIA INC.
 Summary Statements of Income
 (Unaudited)
 (000s omitted except share data)
 Second Quarter First Half
 Aug. 1, Aug. 2, Aug. 1, Aug. 2,
 1993 1992 1993 1992
 Net sales $12,695 $11,300 $23,438 $20,060
 Gross margin 4,006 3,789 7,078 6,231
 Income before
 taxes 1,273 1,235 1,501 1,263
 Net income 820 1,069 956 1,085
 Net income per
 share $.16 $.36 $.19 $.38
 Weighted average
 shares
 outstanding 5,256,919 3,154,307 4,881,425 3,107,190
 -0- 8/17/93
 /CONTACT: Michael Rayden, president, or Carl Womack, CFO, of Pacific Sunwear of California, 714-250-8887/
 (PSUN)


CO: Pacific Sunwear of California Inc. ST: California IN: REA SU: ERN

BP-JL -- LA007 -- 3392 08/17/93 08:31 EDT
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:Aug 17, 1993
Words:491
Previous Article:DAMES & MOORE SIGNS CONTRACT WITH U.S. AIR FORCE FOR ENVIRONMENTAL SERVICES AT REMOTE SITES IN ALASKA
Next Article:AMRION INC. REPORTS RECORD SECOND QUARTER RESULTS; SALES INCREASE 64 PERCENT, EARNINGS INCREASE 122 PERCENT
Topics:

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