Premier Concepts Inc. Narrows Operating Loss in First Quarter.
PREMIER CONCEPTS, INC. (NASDAQ: FAUX, FAUXW) announced today revenues and operating results for the first quarter ended May 2, 1999.
Net Revenue for the quarter decreased 3.4% to 2,815,098 compared to net revenue of $2,914,289 in the comparable period last year. The sales decrease was comprised of a 3.7% decrease in retail store sales, of which same store sales decreased 3.8%. Net operating loss before finance and other non-operating items improved 30% from $329,935 for the first quarter in fiscal 1999 to $233,181 in the first quarter this year.
The decrease in net operating loss is attributed to an increase in gross margin of approximately 1% in the quarter due to less promotional activities. Operating results were also positively impacted by a decrease in operating expenses of $124,010, mainly due to the closing of three unprofitable locations in the third quarter of 1998.
The net loss available to common shareholders improved by 28% to a loss of $239,188 from $331,578 for the same period last year. The loss per common share for the first quarter was $(.24) compared to $(.37) in the previous year's first quarter. Weighted average shares outstanding were 990,377 in the current fiscal quarter compared to 887,513 in the same period last year.
Sissel B. Greenberg, President & CEO stated, "Given the seasonality of our business with our fourth quarter generating approximately 33% of our revenues, we expect to generate operating losses during the slow seasons of our year. Although our same store sales decrease during the quarter was disappointing, we are encouraged by strong performance in several of our tourist locations as well as a continued improvement in our merchandise margins. We further expect changes implemented operationally to enhance our operational results over recent periods." -0-
3 Months Ended 3 Months Ended May 2, 1999 April 26, 1998 Net Revenues $2,815,098 $2,914,289 Loss from Operations $233,181 $329,935 Net Loss Available To Common Shareholders $239,188 $331,578 E.P.S. $(.24) $(.37) Weighted Average Shares 990,377 887,513 -0-
Premier Concepts, Inc. owns and operates a national chain of 36 retail faux jewelry stores. The company sells products that emulate fine jewelry and classic pieces originally designed by world famous jewelers.
The matters discussed in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and are thus prospective. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, competitive pressures, changing economic conditions and other factors, some of which will be outside the control of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
|Printer friendly Cite/link Email Feedback|
|Date:||Jul 2, 1999|
|Previous Article:||Mobius Management Systems, Inc. Reports Preliminary Fourth Quarter Results.|
|Next Article:||Pinnacle Holdings Inc., Registers Common Stock.|