ROYAL INTERNATIONAL OPTICAL ANNOUNCES RESULTS
ROYAL INTERNATIONAL OPTICAL ANNOUNCES RESULTS DALLAS, June 19 /PRNewswire/ -- Royal International Optical Inc.
(NASDAQ: RIOC) today announced the results of its fourth quarter and year ending March 31, 1992.
For the fourth quarter, the company reported net income of $1.1 million or $.11 per share on sales of $35.5 million. This compares to sales for the fourth quarter of 1991 of $38.8 million and net income, excluding nonrecurring items, of $1.4 million. William Schwartz, chief executive officer, stated that the fourth quarter results were favorably impacted by stringent cost controls, closing of non performing locations and the positive effect of the company's previously announced recapitalization. For the 12 months ended March 31, 1992, the company reported total sales of $136.8 million and a net loss of $6,456,000 or $1.23 per share. As previously announced, effective Dec. 31, 1991, the company completed a recapitalization by converting $27.1 million of debt into preferred stock. Schwartz stated, "The fourth quarter results reflect the ability of Royal to generate meaningful profits in a difficult retail environment. Future results, however, remain dependent on the level of retail sales." Royal International Optical operates more than 800 retail optical stores in 43 states, including licensed departments in J.C. Penney, Montgomery Ward, Sears and a number of other major department stores. In addition, the company operates retail stores under the names Royal Optical, Service Optical and Wall & Ochs. -0- 6/19/92 /CONTACT: George E. McHenry Jr., chief financial officer of Royal International Optical, 214-638-1397/ (RIOC) CO: Royal International Optical Inc. ST: Texas IN: REA SU: ERN
MP-MJ -- PH011 -- 2021 06/19/92 15:30 EDT
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|Date:||Jun 19, 1992|
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