SELFIX(R) REPORTS THIRD QUARTER EARNINGS
SELFIX(R) REPORTS THIRD QUARTER EARNINGS CHICAGO, Nov. 13 /PRNewswire/ -- Selfix, Inc. (NASDAQ-NMS: SLFX)
today reported net earnings for the 13 weeks ended Sept. 28, 1991, increased to $644,389 as compared to a loss of $303,490 for the three months ended Sept. 30, 1990(A).
Net earnings for the period were $.19 per share (based on an average of 3,464,446 shares outstanding) as compared to a loss of $.09 per share (based on an average of 3,515,115 shares outstanding) for the equivalent period last year. Net sales increased to $11,767,024 as compared to $10,302,455 for the equivalent period last year -- a gain of 14 percent. For the 39 weeks ended Sept. 28, 1991(A), net earnings increased 22 percent to $866,114 as compared to $709,292 for the equivalent period last year. Earnings per share were $.25 per share (based on an average of 3,455,692 shares outstanding) compared to earnings of $.20 per share (based on an average of 3,511,905 shares outstanding) for the equivalent period last year. Net sales for the period increased 22 percent to $30,312,581 as compared to $24,885,057 for the equivalent period last year. Meyer J. Ragir, chairman of the board, noted, "The increase in profits is attributable to successfully integrating the operations of two new acquisitions at Selfix's main Chicago plant. Last year's loss was largely the result of a one-time charge incurred by one of those acquisitions, Independent Products Company. "We are pleased that Selfix is operating according to our long-term growth strategy. However, we have recognized that, due to a sluggish economy, retailers are restricting inventory investment. Therefore, Selfix's sales began to soften in the third quarter and we anticipate this trend will continue, likely affecting fourth quarter profits." For information, contact Robert Mariani, president of Selfix, Inc., 4501 West 47 St., Chicago, Ill., 60632, 312-890-1010. SELFIX, INC. Quarterly period Fiscal year period 13 weeks 3 months 39 weeks 9 months ended ended ended ended 9/28/91 9/30/90 9/29/91 9/30/90 Sales: $11,767,024 $10,302,455 $30,312,581 $24,885,057 Net earnings: $644,389 ($303,490) $866,114 $709,292 Net earnings per share: $.19 ($.09) $.25 $.20 Average shares outstanding: 3,464,446 3,515,115 3,455,962 3,511,905 (A) Effective Jan. 1, 1991, Selfix changed its reporting format to a fiscal year based on four "quarters," each consisting of 13 weeks. -0- 11/13/91 /CONTACT: Judi Main of Judi Main & Associates, 312-871-3212, for Selfix/ (SLFX) CO: Selfix Inc. ST: Illinois IN: HOU SU: ERN SM -- NY051 -- 3930 11/13/91 12:09 EST
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|Date:||Nov 13, 1991|
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