VIKING OFFICE PRODUCTS INC. REPORTS EARNINGS
VIKING OFFICE PRODUCTS INC. REPORTS EARNINGS LOS ANGELES, Nov. 5 /PRNewswire/ -- Viking Office Products Inc.
(NASDAQ: VKNG) today reported record revenues of $109.2 million for the first quarter ended Sept. 30, 1992, an increase of 58 percent over the first quarter of the prior year. U.S. revenues were $63.4 million, an increase of 29 percent over last year's first quarter. U.K. revenues were $37.4 million, an increase of 89 percent over last year's first quarter.
Consolidated net income for the quarter was $3 million ($0.15 per share), as compared to $2.9 million ($0.17 per share) for the prior year. The effective tax rate for the quarter was 53 percent, as compared to 39 percent in the prior year's quarter. First quarter 1993 net income was reduced by start-up expenses of $2.5 million ($0.12 per share) for the new French subsidiary. Net income before these charges was $5.4 million ($0.27 per share). Net income per share for the current year also reflects an increase of 14 percent in the number of outstanding shares. 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 strong and profitable even in difficult U.S. and U.K. economies. Initial results from the first few months in France are encouraging, with sales and operations ahead of expectations. Viking sells office products to businesses through the United States, United Kingdom and France through direct catalog marketing. VIKING OFFICE PRODUCTS INC. Financial Highlights (000s except per share amounts) Quarter Ended Percent Sept. 30, Change 1992 1991 Revenues $109,243 $69,108 58.1 pct Gross profit $37,864 $25,416 49.0 pct Operating income $5,623 $4,777 17.7 pct Net income $2,952 $2,947 0.2 pct Net income per share $0.15 $0.17 (11.8 pct) Weighted average shares outstanding 20,070 17,674 13.6 pct -0- 11/5/92 /CONTACT: H.B. Richman, CFO of Viking Office Products, 213-321-4493/ (VKNG) CO: Viking Office Products Inc. ST: California IN: REA SU: ERN
LS-KJ -- LA001 -- 2898 11/05/92 09:16 EST
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|Date:||Nov 5, 1992|
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