STAGE II APPAREL REPORTS THIRD QUARTER, NINE MONTHS RESULTS
NEW YORK, Nov. 7 /PRNewswire/ -- Stage II Apparel Corp. (AMEX: SA), one of the nation's largest distributors of popular priced brand-name men's and boys' casual apparel and activewear, today reported financial results for the third quarter and nine months ended Sept. 30, 1991.
Net income for the nine months was $651,000 or 16 cents per share on net sales of $49,948,000 compared to net income of $356,000 or 8 cents per share on sales of $63,453,000 for the comparable nine months last year, on fewer shares outstanding. Average number of shares outstanding decreased to 4,064,000 in 1991 from 4,232,000 in 1990 as a result of the company's purchase of treasury stock.
Net income for the quarter was $510,000 or 13 cents per share on net sales of $20,416,000 compared to net income of $340,000 or 8 cents per share on sales of $23,416,000 for the comparable quarter last year, on fewer shares outstanding. Average number of shares outstanding decreased to 4,063,000 in 1991 from 4,194,000 in 1990 as a result of the company's purchase of treasury stock.
Jack Clark, chairman of the board, stated that "profits from operations have doubled and our investment in Creative Design and Graphics is starting to turn around and will shortly show a profit. In addition, bookings for next year's spring season are ahead of this year's spring season at this time last year by 58 percent."
STAGE II APPAREL CORP.
Condensed Statement of Income
Periods ended Three Months Nine Months
Sept. 30 1991 1990 1991 1990
Net sales $20,416,000 $23,416,000 $49,948,000 $63,453,000
Gross profit 4,833,000 5,313,000 11,606,000 14,204,000
income taxes 786,000 486,000 988,000 509,000
Net income $ 510,000 $ 340,000 $ 651,000 $ 356,000
Wtd. avg. no. of
common shares 4,063,000 4,194,000 4,064,000 4,232,000
Earnings per share $.13 $.08 $.16 $.08
/CONTACT: Philip London, chief financial officer of Stage II Apparel, 516-567-9300/
(SA) CO: Stage II Apparel Corp. ST: New York IN: REA SU: ERN GK-TS -- NY016 -- 2093 11/07/91 09:54 EST