Printer Friendly

UNIVERSAL INTERNATIONAL ANNOUNCES FIRST QUARTER REVENUES AND EARNINGS

UNIVERSAL INTERNATIONAL ANNOUNCES FIRST QUARTER REVENUES AND EARNINGS
 MINNEAPOLIS, April 28 /PRNewswire/ -- Universal International, Inc. (NASDAQ-NMS: UNIV) today announced that revenues for the first quarter ended March 31, 1992, were $15,704,000 versus $15,709,000 in 1991. During the 1992 first quarter Universal incurred a net loss of $246,000, or $.05 per share, versus a net income of $641,000, or $.20 per share, in 1991. In line with previously released expectations the loss was primarily the result of the increased costs associated with developing the company's retail infrastructure and the operation of its Only Deals stores, increased levels of inventory for projected new store openings, and the write-offs of accounts receivables.
 The company also announced that Alan Wood, its executive vice president in charge of merchandising for Only Deals, has resigned to pursue other business interests effective April 24, 1992. Until Wood's replacement has been determined, his responsibilities have been assumed by other executives at Universal and by Gilbert Wachsman, a director of the company. On March 27, the company entered into a consulting agreement with Wachsman Management Consulting, Inc. to review its retail operations. Wachsman's extensive experience in retailing includes serving as president of Lieberman Enterprises, Inc., and ChildWorld, Inc., and as senior vice president of Merchandising for the Target Stores division of Dayton Hudson Corporation.
 Mark Ravich, chief executive officer, stated that: "While we are disappointed with our results in the first quarter we remain confident that our investment in the Only Deals concept will prove beneficial to our shareholders. Our wholesale operations remain strong and continued to be profitable during the quarter. We believe that the performance in our Only Deals stores in the first quarter was adversely effected by not adequately changing the mix of merchandise after the fourth quarter holiday season. We are currently in the process of implementing a program over the next few months to re-merchandise our existing stores and are opening our new stores with what we believe to be the proper mix of merchandise. On Monday, April 20, we opened our eighth store in Rochester, Minn. and are encouraged with the opening results."
 The company announced the opening of its ninth store in Woodbury, Minn. on April 28. Additionally, the company announced that it has filed a registration statement with the Securities and Exchange Commission for a shelf registration for 1,000,000 shares of common stock purchased by institutional investors in a private placement in January 1992.
 Universal International, Inc. is one of the nation's oldest and largest buyers and sellers of quality close-out merchandise at the wholesale level and operates a chain of "Only Deals" retail stores that offer merchandise priced from $1.00 to $10.00. Universal's shares are traded on the NASDAQ/NMS market under the symbol UNIV.
 UNIVERSAL INTERNATIONAL, INC.
 Selected Consolidated Income
 Statement and Consolidated Balance Sheet Information
 (in thousands, except per-share data)
 Three Month Ended
 3/31/92 3/31/91
 Revenues $15,704 $15,709
 Gross margin 2,894 2,931
 Net income (loss) ,747 3,277
 At March 31,
 1992 1991
 Working capital $25,940 $8,390
 Total assets 34,508 23,821
 Shareholders' equity 27,436 8,859
 -0- 4/28/92
 /CONTACT: Mark Bartholomay of Universal International, 612-533-1169/
 (UNIV) CO: Universal International, Inc. ST: Minnesota IN: REA SU: ERN


AL -- MN017 -- 4036 04/28/92 17:06 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 28, 1992
Words:562
Previous Article:KUHLMAN DECLARES QUARTERLY DIVIDEND, ANNOUNCES ELECTION OF DIRECTORS
Next Article:HERCULES REPORTS FIRST-QUARTER NET INCOME UP 14 PERCENT FROM A YEAR AGO


Related Articles
UNIVERSAL INTERNATIONAL ANNOUNCES FOURTH QUARTER RECORD REVENUES AND EARNINGS; ANNUAL RECORDS ARE ALSO SET IN 1991
UNIVERSAL FOODS REPORTS EARNINGS
NORTH STAR UNIVERSAL ANNOUNCES FIRST-QUARTER 1992 RESULTS
UNIVERSAL FOODS ANNOUNCES THIRD QUARTER EARNINGS
UNIVERSAL FOODS REPORTS FIRST-QUARTER RESULTS
UNIVERSAL INTERNATIONAL ANNOUNCES RESULTS, NEW PRESIDENT AND SALES
UNIVERSAL INTERNATIONAL ANNOUNCES RESULTS
UNIVERSAL CORPORATION CITES TIMING AS CAUSE OF LOWER FIRST QUARTER EARNINGS
UNIVERSAL INTERNATIONAL ANNOUNCES RESULTS
UNIVERSAL INTERNATIONAL, INC. ANNOUNCES RESULTS FOR FIRST QUARTER OF 1996

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters