RYKOFF-SEXTON INC. REPORTS NET INCOME
RYKOFF-SEXTON INC. REPORTS NET INCOME LOS ANGELES, Calif. March 9 /PRNewswire/ -- Rykoff-Sexton Inc.
(NYSE: RYK) today reported net income of $1,470,000, equal to $.13 per share, for the third fiscal quarter ended Feb. 1, 1992. Net income amounted to $2,215,000, or $.19 per share, a year earlier. Sales for the third quarter advanced to $389,894,000 from $354,740,000 last year. The current period reflects 14 weeks of operations, compared with 13 weeks in last year's third quarter.
For the nine months ended Feb. 1, 1992, income before a non- recurring extraordinary item totaled $9,805,000, equal to $.85 per share, compared with $10,276,000, or $.88 per share, for the prior-year period. After the extraordinary item, net income for the nine months ended Feb. 1, 1992 amounted to $7,195,000, or $.62 per share. Sales for the first nine months of the current fiscal year rose to $1,141,053,000 from $1,096,351,000 for the corresponding prior year period. The company said that because of the current economic environment, the gross profit rate declined slightly, and when combined with price deflation, impacted earnings compared to the comparable quarter last year. Rykoff-Sexton Inc. is a leading manufacturer and distributor of food and related products for restaurants, institutions and membership warehouse stores nationwide. Manufacturing, processing and packaging operations are based in Los Angeles; Indianapolis; Englewood, N.J.; Brooklyn, N.Y.; and Des Moines, Iowa. The company's 31 distribution centers are located throughout the United States. RYKOFF-SEXTON INC. Condensed Consolidated Statements of Income (In thousands except per share data) (Unaudited) Third Quarter Year-to-Date 14 Wks. 13 Wks. 40 Wks. 39 Wks. Ended Ended Ended Ended Feb. 1, Jan. 26, Feb. 1, Jan. 6, 1992 1991 1992 1991 Net sales $389,894 $354,740 $1,141,053 $1,096,351 Income before provision for income taxes and extraordinary item 2,449 3,691 16,341 17,127 Provision for income taxes 979 1,476 6,536 6,851 Income before extraordinary item 1,470 2,215 9,805 10,276 Extraordinary item, net of income taxes --- --- (2,610) --- Net income 1,470 2,215 7,195 10,276 Earnings per share: Income before extraordinary item $.13 $.19 $.85 $.88 Extraordinary item --- --- (.23) --- Net income .13 .l9 .62 .88 Weighted average number of shares outstanding 11,594,501 11,592,280 11,581,074 11,628,851 -0- 3/9/92 /CONTACT: Roger W. Coleman, president of Rykoff-Sexton Inc., 213-622-4131; or Roger S. Pondel of Rifkind Pondel & Parsons, 310-207-9300, for Rykoff-Sexton/ (RYK) CO: Rykoff-Sexton Inc. ST: California IN: FOD SU: ERN
EH -- LA011 -- 6228 03/09/92 09:03 EST
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|Date:||Mar 9, 1992|
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