SOFTWARE ETC. STORES REPORTS FIRST QUARTER RESULTS
SOFTWARE ETC. STORES REPORTS FIRST QUARTER RESULTS MINNEAPOLIS, May 19 /PRNewswire/ -- Software Etc. Stores, Inc.
(NASDAQ: SFWR), one of the nation's leading mall-based retailers of home PC software and video game software, today reported its results for the first quarter ended May 2, 1992.
Net income for the quarter, including an extraordinary item related to the utilization of net operating loss carryforwards, was $804,000 or $.17 per share, compared with a loss of $262,000 or $.06 per share, for the same quarter last year. Revenues in the first quarter were $40.8 million, up 18 percent from $34.5 million a year ago. Comparable store sales were up 16 percent from the same period a year ago. Operating income as a percent of sales was 4.3 percent in the quarter just ended, versus 2.1 percent from the same period a year ago. President Dan DeMatteo attributed the improvement to continued sales increases and expense control. During the first quarter Feb. 2 - May 2, 1992, Software Etc. opened five new stores and closed one store. At the quarter-end, Software Etc. operated 232 stores in 37 states and the District of Columbia. Software Etc. recently completed an initial public offering of 2.3 million shares of its common stock at $11.00 per share. The offering was made through an underwriting group managed by Robertson, Stephens & Company and Dillon, Read & Co., Inc. SOFTWARE ETC. STORES, INC. STATEMENT OF EARNINGS (Unaudited) (In thousands, except per-share data) Three Months Ended 5/2/92 5/4/91 Net sales $40,769 $34,480 Cost of sales 27,067 22,235 Gross margin 13,702 12,245 Store operating expense 9,849 9,552 General & administrative expense 1,873 1,947 Store closing expense 244 15 Operating income 1,736 731 Interest expense, net 885 1,008 Income (loss) before income taxes 851 (277) Provision for income taxes 336 (120) Income (loss) before extraordinary item 515 (157) Extraordinary item: tax benefit from net operating loss carryforwards 289 (105) Net income (loss)(a) $804 $(262) Income (loss) per share before extraordinary item $.11 $(.04) Extraordinary item per share .06 (.02) Net income (loss) per share (a) $.17 $(.06) Weighted average shares used in per share calculation 4,681 4,453 (a) Excludes accretion of preferred stock dividends and redemption premium of $322,000, or $(.07) per share for the three months ended May 2, 1992, compared to $224,000, or $(.05) per share for the same period last year. Software Etc.'s 232 stores stock broad assortments of home personal computer software, supplies and accessories, video game software and systems, and computer books. -0- 5/19/92 /CONTACT: Dan DeMatteo, 612-893-7241, or Bob Strawman, 612-893-7622, both of Software Etc./ (SFWR) CO: Software Etc. Stores, Inc. ST: Minnesota IN: REA CPR SU: ERN
AL -- MN005 -- 1807 05/19/92 12:04 EDT
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|Date:||May 19, 1992|
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