Printer Friendly

R&B, INC. REPORTS 1992 FOURTH-QUARTER AND FULL-YEAR FINANCIAL RESULTS

 COLMAR, Pa., March 1 /PRNewswire/ -- R&B, Inc. (NASDAQ-NMS: RBIN) today announced increases in net sales and net income for the fourth quarter and year, which ended Dec. 26, 1992.
 For the fourth quarter of 1992, net sales increased 18 percent to $12,543,953, a record for any quarter in the company's history. In the prior year's fourth quarter, net sales were $10,628,503. Quarterly net income was $788,049, up 81 percent from $435,720 in the 1991 fourth quarter. On a per-share basis, earnings doubled to $.12 from $.06.
 "Increases in new product categories sold to established customers and continued strength in sales of existing product categories drove the strong sales growth," commented Richard Berman, R&B's president. "The higher sales volume in conjunction with a decline in selling, general and administrative expenses as a percentage of sales contributed to the increased profitability and net income."
 For 1992, net sales increased 17 percent to a record $47,448,084 from $40,596,933 in 1991. Annual net income was $3,530,582, up slightly from pro forma net income of $3,512,452 in 1991. Net income per share was $.53 in 1992, compared with pro forma net income of $.56 per share in the prior year.
 "In 1992 we continued to make significant investments in sales, marketing and engineering in support of our customer base," Berman added. "Our ability to provide customers with a very broad selection of hard-to-find auto repair parts with rapid turnaround on orders is making us a favored supplier to all distribution channels of the auto aftermarket industry."
 Berman concluded, "We are optimistic about our growth prospects for 1993. The level of business activity is very high with potential new customers and established customers. We will be expanding our catalog with new products, as well as a number of product line enhancements and expansions. Shipments of our new marine line will begin early in 1993, and the outlook for the long-term growth of this product line is positive. We will continue to build value in our business by supplying high-quality products that are profitable for retailers to sell and that provide a high degree of value to end-users who need our parts to make their auto repairs easier."
 R&B, Inc. designs and markets replacement parts for the automotive aftermarket. These parts are sold to retailers, wholesalers, and others throughout the United States and Canada for use in the repair and maintenance of domestic and foreign cars and trucks. R&B's parts are marketed under more than 20 proprietary brand names, including HELP!(R) and MIGHTY LIFT!(R), as well as under the private labels of automobile manufacturers, parts manufacturers, and national wholesale distributors.
 R&B, INC.
 Condensed Statements of Income
 (In thousands, except per-share amounts)
 Periods ended 13 weeks 52 weeks
 Dec. 26 1992 1991 1992 1991
 Net sales $12,544 $10,629 $47,448 $40,597
 Cost of goods sold 6,876 5,752 24,528 19,880
 Gross profit 5,668 4,877 22,920 20,717
 Selling, general and
 administrative expenses 4,300 4,374 16,769 14,624
 Income from operations 1,368 503 6,151 6,092
 Income before income taxes 1,286 456 5,802 5,782
 Provision for income taxes 498 21 2,271 1,790
 Net income 788 435 3,531 3,992
 Pro forma income tax provision -- -- -- 480
 Pro forma net income 788 435 3,531 3,512
 Pro forma net income
 per common share $.12 $.06 $.53 $.55
 Weighted average number of
 shares of common stock
 outstanding 6,675 6,675 6,675 6,295
 /delval/
 -0- 3/1/93
 /CONTACT: Richard Berman, president of R&B, 215-997-1800/
 (RBIN)


CO: R&B, Inc. ST: Pennsylvania IN: AUT SU: ERN

MK-CC -- PH014 -- 7925 03/01/93 14:37 EST
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:Mar 1, 1993
Words:638
Previous Article:CHARTERHOUSE ENVIRONMENTAL CAPITAL ENTERS JOINT DEVELOPMENT AND MARKETING AGREEMENT WITH GHEA CORPORATION
Next Article:UNISYS ANNOUNCES REDEMPTION OF 9 PERCENT NOTES
Topics:


Related Articles
BIOGEN REPORTS FOURTH QUARTER AND 1992 RESULTS
DIAL PAGE INC. REPORTS FOURTH-QUARTER EARNINGS
ARVIN REPORTS RECORD SALES FOR FOURTH QUARTER AND FULL YEAR 1992
DURAKON INDUSTRIES REPORTS PRELIMINARY RESULTS
TEXTRON REPORTS RECORD 1992 INCOME BEFORE ACCOUNTING CHANGES
INTERMET REPORTS FOURTH QUARTER LOSS AND RESTATES EARNINGS FOR EFFECT OF ACCOUNTING CHANGES
ITW REPORTS RECORD 1992 FOURTH QUARTER AND FULL YEAR RESULTS
NERCO REPORTS PROPOSED MERGER; 1992 FINANCIAL RESULTS; DISCONTINUED OPERATIONS FOR MINERALS SUBSIDIARY; GOING CONCERN AUDITORS' REPORT
TADIRAN FOURTH QUARTER EARNINGS ROSE 80.3 PERCENT TO $11.8 MILLION
TEXTRON REPORTS RECORD FINANCIAL RESULTS FOR 1993 AND 17TH STRAIGHT QUARTER OF YEAR-TO-YEAR IMPROVEMENT

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