SKYBOX INTERNATIONAL REPORTS STRONG THIRD QUARTER EARNINGS; SHARES QUOTED ON OTC BULLETIN BOARD UNDER SYMBOL 'SKYB'
DURHAM, N.C., Oct. 14 /PRNewswire/ -- SkyBox International Inc. (OTC Bulletin Board: SKYB), a producer, marketer and distributor of collectible sports and entertainment trading cards, today reported net income of $7.2 million, or 78 cents per share, for the quarter ended Sept. 30, 1993, compared to a loss of $4.9 million, or a loss of 70 cents per share, for the comparable quarter last year. Revenues for the quarter were $25.4 million, compared to $14.7 million for the same period last year. For the first nine months of fiscal year 1993, ended Sept. 30, 1993, net income was $19.4 million, or $2.08 per share, compared to a loss of $13.3 million, or a loss of $1.91 per share, in the first nine months last year. Revenues for the first nine months of 1993 were $65.1 million, compared to $64.9 million for the same period last year. The company also announced that effective Oct. 12, 1993, its common stock is being quoted on the OTC Bulletin Board of the National Association of Securities Dealers, under the symbol "SKYB." Frank J. O'Connell, president and chief executive officer of SkyBox International, said: "We are very pleased with our strong third quarter results, and the excellent results for the first nine months. Our gross margins improved and our fixed costs have been reduced. We are also optimistic about the fourth quarter. "Our entertainment segment, which produces trading cards based on TV, movies, comics and other entertainment media, did very well, with strong performance from such licenses as DC Comics, Star Trek and Disney's Aladdin. Our sports cards segment, which primarily focuses on the growing basketball and football segments, also continued to do well. "Going forward, we will continue to pursue new licenses for our core products, and we are pursuing several new distribution opportunities, including video stores, convenience stores, and international markets. We also intend to aggressively pursue related non-card products that make use of our strengths in marketing and distribution," Mr. O'Connell concluded. SkyBox has approximately 8 million common shares outstanding, of which approximately 1.5 million shares are held by Brooke Group Ltd. Approximately 6.5 million shares of SkyBox common stock were distributed in the form of a dividend to eligible Brooke Group Ltd. common shareholders on Oct. 6, 1993. -0- 10/14/93 /CONTACT: David Kronfeld or Wendi Kopsick of Kekst and Company, 212-593-2655/ (SKYB)
CO: SkyBox International Inc. ST: North Carolina IN: SU: ERN
TW -- NY034 -- 2168 10/14/93 11:14 EDT
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|Date:||Oct 14, 1993|
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