THE BUCKLE, INC. REPORTS FIRST QUARTER
PRO FORMA NET UP 45 PERCENT ON A 25 PERCENT SALES INCREASE
KEARNEY, Neb., May 18 /PRNewswire/ -- The Buckle, Inc. (NASDAQ-NMS: BKLE) today reported pro forma net income up 45 percent on a 25 percent sales increase for the first quarter ended May 2, 1992.
This is the company's first earnings release since it went public with an initial public offering of 1.7 million common shares at $13.50 per share on May 8, 1992. Net proceeds were used to fund the distribution of $12.5 million of previously undistributed earnings to a shareholder and for general corporate purposes including expansion and remodeling.
Pro forma net income for the first quarter of fiscal 1992 rose to $630,000, or 12 cents per share, from $433,000, or 9 cents per share, a year earlier.
Net sales for the 1992 first quarter (13 weeks) increased to $19,769,000 from $15,869,000 in the first quarter of the 1991 fiscal year. Comparable store sales increased 6 percent. In the 1992 first quarter the company operated 89 stores versus 75 stores in tho 1991 period.
President and Chief Operating Officer Dennis H. Nelson said results for the first quarter of fiscal 1992 reflect positive consumer acceptance of the company's wide selection of brand name casual apparel.
Headquartered in Kearney, Neb., The Buckle, Inc. is a retailer of medium to better priced casual apparel for young men and women. The company's common shares are traded on the NASDAQ National Market System under the symbol BKLE.
THE BUCKLE, INC.
Statement of Income
(in thousands, except per share data, unaudited)
Thirteen Weeks Ended
May 2, 1992 May 4, 1991
Net Sales $19,769 $15,869
Cost of Sales 13,550 10,975
Gross Profit 6,219 4,894
Selling Expenses 4,263 3,565
General and Administrative Expenses 868 588
Income from Operations 1,088 741
Other Expense 49 36
Income before Income Taxes 1,039 705
Pro Forma Income Taxes (A) 409 272
Pro Forma Net Income (A) $ 630 $ 433
Pro Forma Net Income Per Share (A) $ 0.12 $ 0.09
Average Number of Shares
Outstanding 5,141 5,000
(A) -- From Feb. 1, 1988, to May 2, 1992, the company elected to be taxed as an S Corporation, therefore the pro forma income estimated corporate income tax rates that taxes are based on would have applied if it had been operating as a C Corporation.
/CONTACT: Daniel J. Hirschfeld, chairman and CEO, or Karen B. Rhoads, chief financial officer, of The Buckle Inc., 308-236-8491/
(BKLE) CO: The Buckle, Inc. ST: Nebraska IN: REA SU: ERN KD -- NY081 -- 1518 05/18/92 17:11 EDT