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RINGER ANNOUNCES FISCAL YEAR RESULTS

 MINNEAPOLIS, Dec. 3 /PRNewswire/ -- Ringer Corporation (NASDAQ: RING) today reported a net loss of $2,436,000 or $.23 per share for its fiscal year ended Sept. 30, 1993, an improvement from the prior fiscal year's net loss of $4,239,000 or $.45 per share. Net sales for the year declined 25 percent, to $15,200,000 from $20,338,000. Ringer's fourth quarter net sales declined 12 percent, to $1,789,000 from $2,042,000. Net loss for the quarter was $1,298,000 or $.12 per share, compared to a loss in the fourth quarter a year ago of $2,983,000 or $.28 per share.
 Stanley Goldberg, Ringer's president and chief executive officer, said, "The company's lower sales were due to three factors: the termination of our unprofitable catalog business at the end of last year, a national decline in home composting, and the unusually wet weather in the central states that limited the use of lawn fertilizers." Goldberg further noted, "Based upon this decline, we took significant actions which reduced operating expenses by over $5.0 million or 35 percent from a year ago."
 Commenting further, Goldberg said, "However, even while cutting operating expenses, we were also investing in the future with the introduction of a number of new products that strengthened our fertilizer and pesticide product lines for the 1994 season, and by hiring our own direct sales force. Because of these actions taken during fiscal 1993, prospects for the current fiscal year and beyond are considerably improved."
 Goldberg joined Ringer as president in September 1992. The company's board of directors elected him chief executive officer in October 1993.
 Ringer Corporation, headquartered in Eden Prairie, Minn., is a leader in developing and marketing environmentally sound, premium performance lawn and garden care products.
 RINGER CORPORATION
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Dollars in thousands except per share amounts)
 Year Ended Fourth Quarter Ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Net sales $15,200 $20,338 $1,789 $2,042
 Cost of sales 7,741 9,189 1,124 1,274
 Gross profit 7,459 11,149 665 768
 Operating expenses:
 Sales and marketing 6,695 9,916 1,273 1,764
 General and admin. 2,028 2,592 437 499
 Research and dev. 1,341 1,686 311 416
 Other operating expenses -- 1,171 -- 1,171
 -- 10,064 15,365 2,021 3,850
 Operating loss (2,605) (4,216) (1,356) (3,082)
 Other income (expense) 169 (23) 58 99
 Net loss $(2,436) $(4,239) $(1,298) $(2,983)
 Loss per common share $(.23) $(.45) $(.12) $(.28)
 Average common shares
 outstanding 10,714,654 9,402,008 10,716,112 10,694,880
 -0- 12/3/93
 /CONTACT: Stanley Goldberg, president & CEO, of Ringer Corporation, 612-941-4180/
 (RING)


CO: Ringer Corporation ST: Minnesota IN: ENV SU: ERN

DS-AL -- MN007 -- 0256 12/03/93 13:36 EST
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Publication:PR Newswire
Date:Dec 3, 1993
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