ROYAL APPLIANCE MFG. CO. REPORTS RESULTS
ROYAL APPLIANCE MFG. CO. REPORTS RESULTS CLEVELAND, April 23 /PRNewswire/ -- Royal Appliance Mfg. Co.
(NASDAQ: RVAC), maker of Dirt Devil(R) vacuum cleaners, today reported that net sales for the first quarter ended March 31, 1992 were $77,159,000, up 90.9 percent from $40,416,000 reported last year. The increase was primarily a result of sales of the Dirt Devil(R) Upright Deluxe(TM), first introduced in 1990, and the Dirt Devil(R) Hand-Vac(TM).
Income before taxes for the quarter ended March 31, 1992, was up 85.2 percent to $7,455,000 as compared to $4,026,000 for the prior year. Net income for the quarter ended March 31, 1992, was up 93.4 percent to $4,550,000, as compared to pro forma(A) net income of $2,353,000 for last year. Earnings per share were $.36 for the quarter ended March 31, 1992, compared to pro forma earnings per share of $.19 for last year. The company develops, assembles and markets a full line of vacuum cleaners for home and commercial use under the Dirt Devil(R) and Royal(R) brand names. In 1984, the company introduced its first bright red Dirt Devil(R) Hand-Vac(TM) through mass retail. That original Dirt Devil(R) has since become the market leader in corded hand-held vacuum cleaners and has grown into a full line of various Dirt Devil(R) products. The company's executive offices are located at 650 Alpha Drive, Cleveland. Comparative Financial Results 1992 1991 3 months to March 31 Net sales $77,159,000 $40,416,000 Net income (pro forma)(A) $ 4,550,000 $ 2,353,000 Per share (pro forma)(A) $.36 $.19 (A) -- For the period ending Jan. 1, 1987 through Aug. 8, 1991, the company elected to be treated as an S corporation for income tax purposes and, as a consequence, paid no federal or state income taxes. The pro forma amounts for the three months ended March 31, 1991 reflect a pro forma tax provision as if the company had been a C corporation for income tax purposes, and assumes 12,600,000 shares were outstanding, throughout such period. -0- 4/23/92 /CONTACT: Rich Vasek, controller of Royal Appliance Mfg. Co., 216-449-6150, ext. 501/ (RVAC) CO: Royal Appliance Mfg. Co. ST: Ohio IN: MAC SU: ERN
KK -- CL005 -- 1650 04/23/92 08:35 EDT
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|Date:||Apr 23, 1992|
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