TOPPS COMPANY REPORTS FISCAL 1992 RESULTS
TOPPS COMPANY REPORTS FISCAL 1992 RESULTS NEW YORK, March 24 /PRNewswire/ -- The Topps Company, Inc.
(NASDAQ: TOPP) today reported that net sales for its fiscal year ended Feb. 29, 1992, increased to $303,187,000, as compared with $290,006,000, for the same period last year. Net income was $54,474,000, or $1.15 per share, as compared with last year's $54,119,000 or $1.15 per share.
For the fourth quarter, net sales were $84,684,000, as compared with $67,532,000, for the same period last year. Net income decreased to $12,738,000 or 27 cents per share, from last year's $13,752,000, or 29 cents per share, largely a result of higher advertising and promotional expenditures and an increase in the royalty rate paid to baseball players. Arthur T. Shorin, chairman, noted that sports card sales increase 12 percent for the year reflecting strength of Topps "Stadium Club" picture products. Sales of candy products increased 37.5 percent, a result of strong growth in Topps lollipop business. Shorin added that initial trade response to the solicitation of new candy, gum and picture products featuring the forthcoming Warner Bros. film entitled "Batman Returns" has been excellent. During the fiscal year, the company repaid the remaining $40 million of its debt and is now debt-free. As of Feb. 29, 1992, the company accumulated $10,851,000 in cash and stockholders' equity increased to $55,160,000 from last year's $11,402,000. Topps is well known for its collectible picture products, which feature sports and other themes, its Bazooka brand bubble gum and entertaining candy products. THE TOPPS COMPANY, INC. Consolidated Statement of Earnings (Amounts in thousands, except per share data) Periods ended: Year Fourth quarter 2/29/92 3/2/91 2/29/92 3/2/91 Net sales $303,187 $290,006 $84,684 $67,532 Income before taxes 89,301 90,003 20,067 20,430 Taxes on income 34,827 35,884 7,329 6,678 Net income 54,474 54,119 12,738 13,752 Earnings per share $1.15 $1.15 $.27 $.29 Weighted average shares outstanding 47,324,574 47,062,878 47,393,201 47,190,335 -0- 3/24/92 /CONTACT: George Sard or Anna Cordasco of Ogilvy Adams & Rinehart, 212-557-0100, for Topps/ (TOPP) CO: The Topps Company, Inc. ST: New York IN: SU: ERN
SM-TS -- NY007 -- 0924 03/24/92 09:09 EST
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|Date:||Mar 24, 1992|
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