Printer Friendly

VIKING OFFICE PRODUCTS REPORTS RESULTS

 VIKING OFFICE PRODUCTS REPORTS RESULTS
 LOS ANGELES, Nov. 6 /PRNewswire/ -- Viking Office Products Inc.


(NASDAQ: VKNG) today reported record revenues and record net income for its first fiscal quarter ended Sept. 30, 1991.
 Consolidated revenues for the quarter ended Sept. 30, 1991, were $69.1 million, an increase of 43.7 percent over the same quarter in the prior year. U.S. revenues were $49.3 million, an increase of 8 percent over the prior year's quarter. U.K. revenues were $19.8 million, compared to $2.3 million in the prior year. U.K. sales began in September 1990.
 Consolidated net income for the quarter ended Sept. 30, 1991, was $2.9 million ($.33 per share). This compares to net income of $1.6 million ($.18 per share) in the prior year, or an increase of 88 percent.
 Viking also announced that it has filed a registration statement with the Securities and Exchange Commission for 2,200,000 shares of common stock. Of this amount, 1,000,000 shares are being issued and sold by Viking, the proceeds of which will be used to repay bank indebtedness, to finance the opening of a distribution center in continental Europe and for working capital.
 The remaining 1,200,000 shares will be sold by shareholders of Viking. In addition, certain selling shareholders have granted the underwriters an overallotment option to purchase up to 330,000 additional shares. Viking will not receive any proceeds from the sale of shares by the selling stockholders.
 The underwriting syndicate will be managed by Dillon, Read & Co. Inc. and William Blair & Company. The public offering will be made only by means of a prospectus, a copy of which may be obtained from Dillon, Read & Co. or William Blair & Company.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
 Viking sells office products to businesses in the United States and the United Kingdom through direct catalog marketing.
 VIKING OFFICE PRODUCTS
 (Amounts in thousands except per share items)
 Three months ended
 Sept. 30,
 1991 1990
 Revenues $69,108 $48,082
 Gross profit $25,416 $17,210
 Operating income $4,777 $2,890
 Net income $2,947 $1,561
 Net income per share $0.33 $0.18
 Weighted average shares
 outstanding 8,837 8,595
 -0- 11/6/91
 /CONTACT: H.B. Richman, CFO of Viking Office Products Inc., 213-321-4493/
 (VKNG) CO: Viking Office Products Inc. ST: California IN: SU: ERN CH-SE -- LA013 -- 1580 11/06/91 10:05 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 6, 1991
Words:500
Previous Article:UNILEVER AND VAN LEER FINALIZE AGREEMENT FOR SALE OF THE 4P GROUP
Next Article:HADSON ENERGY RESOURCES ANNOUNCES THIRD-QUARTER AND YEAR-TO-DATE EARNINGS AND CASH FLOWS
Topics:


Related Articles
VIKING OFFICE PRODUCTS ANNOUNCES PUBLIC OFFERING OF COMMON STOCK
VIKING OFFICE PRODUCTS ANNOUNCES EARNINGS
VIKING OFFICE PRODUCTS INC. CLARIFIES SECOND QUARTER RESULTS, FISCAL 1992
VIKING OFFICE PRODUCTS ANNOUNCES EARNINGS
VIKING OFFICE PRODUCTS ANNOUNCES REVENUES
VIKING OFFICE PRODUCTS INC. REPORTS EARNINGS
Office Depot, Inc. and Viking Office Products, Inc. Sign Definitive Merger Agreement
Office Depot, Inc. and Viking Office Products, Inc. Settle Shareholder Litigation
Office Depot Reports Third Quarter Results.

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