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
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|Date:||Nov 6, 1991|
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