STAGE II APPAREL REPORTS 1991 AND FOURTH QUARTER RESULTS
STAGE II APPAREL REPORTS 1991 AND FOURTH QUARTER RESULTS NEW YORK, March 11 /PRNewswire/ -- Stage II Apparel Corp.
(AMEX: SA), one of the nation's largest distributors of popular priced brandname men's and boys' casual apparel and activewear, today reported net income for 1991 of $867,000 or $.21 per share on net sales of $66,798,000. The 1991 results compare favorably with results in 1990, when the company had a net loss of ($1,159,000) or ($.28) per share on net sales of $81,978,000. The improved results for 1991 reflect gains in gross margins and operating economies achieved during the year. The per share data also reflect a reduction in average shares outstanding to 4,064,000 in 1991 from 4,192,000 in 1990 as a result of open market repurchases by the company.
Net income for the fourth quarter of 1991 was $216,000 or $.05 per share on net sales of $16,850,000 compared to a net loss of ($1,515,000) or ($.36) per share on sales of $18,525,000 for the fourth quarter of 1990. Jack Clark, chairman of the board, stated that the company's return to profitability in 1991, despite a general downturn in the retail apparel trade, reflects the strength of its brandname product lines and marketing strategy as well as improvements in its operating economies. These factors are expected to contribute to further gains in 1992, with current bookings for this year's spring and fall seasons already indicating substantial growth over prior year levels. STAGE II APPAREL CORP. Condensed Statement of Income Periods ended Three months Year Dec. 31 1991 1990 1991 1990 (unaudited) Net sales $16,850,000 $18,525,000 $66,798,000 $81,978,000 Gross profit 3,662,000 2,762,000 15,268,000 16,966,000 Inc.(loss) bef. inc. taxes 359,000 (2,071,000) 1,347,000 (1,562,000) Net income (loss) 216,000 (1,515,000) 867,000 (1,159,000) Weighted avg. number of common shares 4,063,000 4,073,000 4,064,000 4,192,000 Earnings (loss) per share $.05 ($.36) $.21 ($.28) -0- 3/10/92 /CONTACT: Philip London, chief financial officer of Stage II Apparel, 212-564-5865/ (SA) CO: Stage II Apparel Corp. ST: New York IN: TEX SU: ERN
KD-SM -- NY001A -- 7166 03/11/92 08:15 EST
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|Date:||Mar 11, 1992|
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