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TRAK AUTO CORPORATION ANNOUNCES EARNINGS

 TRAK AUTO CORPORATION ANNOUNCES EARNINGS
 LANDOVER, Md., Sept. 11 /PRNewswire/ -- Herbert H. Haft, chairman of


the board of directors of Trak Auto Corporation (NASDAQ: TRKA) announced net income (loss) for the thirteen week period and twenty-six week period ended Aug. 1, 1992 was $3,689,000 or $.62 per share and $5,308,000 or $.89 per share, respectively, compared with $2,471,000 or $.43 per share and $(942,000) or $(.16) per share for the three months and six months ended July 31, 1991.
 Net income for the thirteen weeks and twenty-six weeks ended Aug. 1, 1992 was affected by both an extraordinary gain of $727,000 resulting from the tax effect of a net operating loss carryforward and an unusual item recognizing a $1,393,000 gain from partial settlement of insurance claims related to the losses incurred in the Los Angeles disturbances. During the three months ended July 31, 1991, net income was impacted by the reduction of income taxes as the result of the net operating loss in the prior quarter. Income (loss) from operations, before extraordinary gain, unusual item and income taxes for the thirteen weeks and twenty- six weeks ended Aug. 1, 1992 was $3,329,000 and $5,879,000 compared to $2,525,000 and $(1,519,000) for the three months and six months ended July 31, 1991.
 Sales for the thirteen weeks ended Aug. 1, 1992 decreased 1.9 percent to $82,022,000 from $83,592,000 for the three months ended July 31, 1991 while sales for the twenty-six weeks ended Aug. 1, 1992 increased .4 percent to $159,858,000 from $159,241,000 for the six months ended July 31, 1991.
 The board of directors of Trak Auto Corporation approved a change in the fiscal year end from Jan. 31 to a 52/53 week fiscal year ending on the Saturday closest to Jan. 31. As a result, the above sales reflect one additional day for the twenty-six weeks and one less day for the thirteen weeks ended Aug. 1, 1992. If prior year sales are adjusted to reflect the 52/53 week fiscal year adopted in December 1991, comparable store sales increased 4.2 percent and 2.4 percent for the thirteen weeks and twenty-six weeks ended Aug. 1, 1992.
 Trak had 15 stores substantially damaged or completely destroyed during the disturbances in Los Angeles. In addition to the stores damaged or destroyed, other stores were impacted from early closings or curfews. Eight such stores have subsequently reopened. During the quarter ended Aug. 1, 1992, Trak recognized a pre-tax gain as a result of payments received from its insurance carriers, which represents partial settlement of the company's insurance claims. These payments, less related expenses, have been recorded as a gain classified as an unusual item.
 Trak Auto Corporation currently operates 315 discount auto parts stores in the Washington, D.C.; Baltimore, Md.; Richmond, Va.; Chicago, Ill.; Los Angeles, Calif. metropolitan areas; compared with 333 stores in operation one year ago.
 TRAK AUTO CORPORATION
 (In thousands, except earnings per share)
 Period ended Three months Six months
 8/1/92 7/31/91 8/1/92 7/31/91
 Sales $82,022 $83,592 $159,858 $159,241
 Income (loss) before unusual
 item and income taxes 3,329 2,525 5,879 (1,519)
 Unusual item 1,393 -- 1,393 --
 Income (loss) before
 income taxes 4,722 2,525 7,272 (1,519)
 Income (loss) before
 extraordinary item 2,962 2,471 4,581 (942)
 Extraordinary item:
 Reduction of income taxes
 arising from carryforward of
 net operating loss 727 -- 727 --
 Net income (loss) 3,689 2,471 5,308 (942)
 Earnings (loss) per share:
 Income (loss) before
 extraordinary item .50 .43 .77 (.16)
 Extraordinary item:
 Reduction of income taxes
 arising from carryforward
 of net operating loss .12 -- .12 --
 Net income (loss) .62 .43 .89 (.16)
 Weighted average shares
 outstanding 5,898 5,782 5,918 5,784
 -0- 9/11/92
 /CONTACT: Stanley Rubenstein of S.E. Rubenstein, 212-297-6108, for Trak Auto Corporation/
 (TRKA) CO: Trak Auto Corporation ST: Maryland IN: REA SU: ERN


JP-OS -- NY048 -- 8578 09/11/92 15:46 EDT
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Publication:PR Newswire
Date:Sep 11, 1992
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