VIKING OFFICE PRODUCTS ANNOUNCES EARNINGS
VIKING OFFICE PRODUCTS ANNOUNCES EARNINGS LOS ANGELES, Aug. 19 /PRNewswire/ -- Viking Office Products Inc.
(NASDAQ: VKNG) today reported record revenues and net income for the year and its fourth quarter ended June 26, 1992.
Consolidated revenues for the year ended June 26, 1992, were $320.1 million, an increase of 41.4 percent over the prior year. U.S. revenues were $217 million, an increase of 17.1 percent. U.K. revenues were $101.6 million, an increase of 147.9 percent. Revenues for Viking's new French subsidiary, which began shipments in June 1992, were $1.4 million. Consolidated net income for the year ended June 26, 1992, increased 65 percent to $12.8 million as compared to net income of $7.8 million in 1991. Consolidated earnings per share are $.67 as compared to $.45 in the prior year, or an increase of 48.9 percent per share. 1992 net earnings were reduced by start-up expenses of $3 million ($.16 per share) for the new French subsidiary. Net earnings before these charges were $15.8 million ($.84 per share). The earnings per share for the current year also reflect an increase of 9.2 percent in the number of shares outstanding (18,965,000). Consolidated revenues for the fourth quarter ended June 26, 1992 were $83.5 million, an increase of 38.7 percent over the prior year. U.S. revenues were $54 million, an increase of 21 percent over last year's fourth quarter. U.K. revenues were $28.1 million, an increase of 80.3 percent over last year's fourth quarter. After reflecting $.10 per share for start-up costs in France, consolidated earnings per share for the quarter were $.10 vs. last year's $.12. Irwin Helford, chairman and chief executive officer, added that Viking's growth is very significant in today's competitive office products market. Viking's growth continues to be strong and profitable even in difficult U.S. and U.K. economies. Viking's facilities in the United Kingdom were doubled to support the continuing increase in market share Viking is experiencing. Initial results from Viking's first few months in France are encouraging with sales and operations ahead of expectations. Viking sells office products to businesses throughout the United States, United Kingdom and France through direct catalog marketing. VIKING OFFICE PRODUCTS (Amounts in thousands except per share items) Fiscal year ended June 26, Percent 1992 1991 Change Revenues $320,066 $226,345 41.4 pct. Gross profit $114,082 $80,718 41.3 pct. Operating income $20,916 $14,018 49.2 pct. Net income $12,831 $7,776 65.0 pct. Net income per share $0.67 $0.45 48.9 pct. Weighted average shares outstanding adjusted for 2-for-1 split 18,965 17,367 9.2 pct. Quarter ended June 26, Percent 1992 1991 Change Revenues $83,468 $60,163 38.7 pct. Gross profit $29,495 $21,680 36.0 pct. Operating income $4,187 $3,845 8.9 pct. Net income $2,160 $2,025 6.7 pct. Net income per share $0.10 $0.12 -16.7 pct. Weighted average shares outstanding adjusted for 2-for-1 split 19,992 17,523 14.1 pct. -0- 8/19/92 /CONTACT: H.B. Richman, CFO of Viking Office Products, 213-321-4493/ (VKNG) CO: Viking Office Products Inc. ST: California IN: SU: ERN
KJ-LS -- LA008 -- 1230 08/19/92 09:16 EDT
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|Date:||Aug 19, 1992|
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