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PERRY REPORTS NET EARNINGS UP FOR FISCAL 1992

 PONTIAC, Mich., Dec. 15 /PRNewswire/ -- Perry Drug Stores, Inc. (NYSE: PDS) today reported that its net earnings for the fiscal year ended Oct. 31 were up over fiscal 1991.
 "We have completed a good year despite a sluggish economy," said Jack A. Robinson, chairman of the board and president. "We increased our sales, improved earnings and strengthened our balance sheet by sharply reducing debt."
 Net earnings for the year were $8.3 million, or 75 cents per share, compared to $3.1 million, or 30 cents per share, in fiscal 1991. The 1991 net earnings reflected a $3.0 million charge, or 29 cents per share for discontinued operations most of which was recorded in the fourth quarter.
 Fiscal 1992 net earnings were achieved on sales of $674 million compared to 1991 sales of $641 million. These sales were achieved despite the fact that Perry operated 22 fewer drugstores in 1992 than in 1991.
 Sales in comparable Michigan stores (stores open for at least a year) increased more than 10 percent during fiscal 1992.
 Fourth-quarter net earnings totaled $2.1 million, or 18 cents a share, compared to the 1991 fourth-quarter loss of $1.0 million, or 10 cents per share. The fourth-quarter loss reflected the charge for discontinued operations.
 Sales in this year's fourth quarter were $167 million compared to 1991 fourth-quarter sales of $165 million. The 1991 fourth quarter included sales of $7 million from stores which the company no longer operates.
 In addition, Robinson cited these major achievements in fiscal 1992:
 -- Pharmacy sales on the fourth quarter accounted for more than 50 percent of revenues. This goal was reached a year earlier than expected. Pharmacy sales totaled $330 million in fiscal 1992, increasing 18 percent over the 1991 total of $280 million.
 -- Earnings from operations before interest and taxes for the year were $21.8 million compared to $19.5 million in 1991.
 -- Perry lowered its total debt by $19 million, from $133 million in 1991 to $114 million in 1992. Robinson said debt reduction will continue to be a priority in 1993.
 -- Selling, general and administrative expenses continued to decrease as a percent of sales, dropping from 24.5 percent in fiscal 1991 to 23.5 percent in 1992.
 -- The company expanded its use of high-tech equipment, installing point-of-sale and electronic article surveillance systems in its stores.
 Robinson also announced the promotion of Andy Giancamilli to executive vice president-operations. Giancamilli, who had been serving as senior vice president-store operations, becomes the second highest ranking executive at Perry.
 Giancamilli joined Perry in 1973 as a pharmacist and worked his way through the ranks. He managed Perry's first 24-hour drugstore, headed its former A.L. Price deep discount health and beauty aids division, served as a regional vice president and also as vice president-pharmacy operations.
 "Andy is a talented executive who knows the company well from the store to corporate headquarters," said Robinson. "His promotion will streamline our reporting relationships and better focus our management structure," said Robinson.
 Perry, a New York Stock Exchange company headquartered in Pontiac, operates 209 drugstores in Michigan. It is the state's No. 1 drugstore chain and the 14th largest in the U.S.
 PERRY DRUG STORES, INC.
 Condensed Statement of Earnings
 (In thousands of dollars)
 Three Months Ended 12 Months Ended
 Oct. 31, Oct. 31,
 1992 1991 1992 1991
 Net sales $166,909 $165,088 $674,431 $640,821
 Cost of sales 121,832 118,822 494,314 464,454
 Selling, general &
 administrative
 expenses 39,870 41,578 158,330 156,877
 Earnings from operations
 before interest &
 income taxes 5,207 4,688 21,787 19,490
 Interest expense 2,524 3,173 10,430 12,606
 Earnings before income
 taxes 2,683 1,515 11,357 6,884
 Income tax provision 553 (360) 3,043 800
 Earnings from operations 2,130 1,875 8,314 6,084
 Discontinued operations 0 (2,849) 0 (2,987)
 Net earnings (loss) $2,130 ($974) $8,314 $3,097
 Primary earnings (loss)
 per share:
 Operations $0.18 $0.18 $0.75 $0.59
 Discontinued operations 0.00 (0.28) 0.00 (0.29)
 Net earnings per share $0.18 ($0.10) $0.75 $0.30
 Average primary shares 12,019 10,237 11,149 10,227
 Number of stores 205 212 205 212
 -0- 12/15/92
 /CONTACT: Jerry Stone, senior vice president and chief financial officer, 313-674-7783, or Berl Falbaum, Investor Relations, 313-674-7772, both of Perry Drug Stores, Inc./
 (PDS)


CO: Perry Drug Stores, Inc. ST: Michigan IN: REA SU: ERN

KE-ML -- DE023 -- 7320 12/15/92 15:05 EST
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Publication:PR Newswire
Date:Dec 15, 1992
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