Juan,
Here are the preliminary earnings:
L. L. Knickerbocker Announces Preliminary 4th Quarter Results of Revenues, Gross
Profit and Income From Operations
RANCHO SANTA MARGARITA, Calif., March 14 /PRNewswire/ -- The L. L.
Knickerbocker Co., Inc. (Nasdaq-NNM: KNIC) today announced preliminary, unaudited
results of revenues, gross profit and income from operations for the fourth quarter ended
December 31, 1996.
Preliminary revenues announced for the fourth quarter ended December 31, 1996 increased
483% to $23,393,000, when compared to $4,015,000 in revenues reported for the same
fiscal quarter ended December 31, 1995. Gross profit increased 686% to $12,160,000, when
compared to gross profit of $1,547,000 in 1995. Gross margin as a percentage increased to
52%, compared to 38.5% in 1995. Income from operations for the fourth quarter increased
to $1,905,000, as compared to a loss of $234,000 reported in 1995, an increase of
$2,139,000. Weighted average number of common shares outstanding in 1996 and 1995 were
17,200,000 and 13,580,833, respectively.
Income from operations were impacted by costs relating to the acquisition and integration of
four new subsidiaries. Income from operations are stated before giving effect to the
Company's pro-rata share of losses reported by Pure Energy Corporation and Insta-Heat,
both development stage companies, in which the Company holds equity interests.
Additionally, income from operations does not include any costs or non-cash charges
associated with the convertible debenture financing.
Anthony Shutts, Chief Financial Officer of The L. L. Knickerbocker Company, said "The
growth in the fourth quarter, as it relates to the prior nine months, is the direct result of a
focus by management to improve margins on products in all units and to take advantage of
the diverse distribution channels available within the consolidated group of companies." He
went on to say, "Although income from operations were impacted initially by costs incurred
that were critical to meeting the challenges brought on by the Company's expansion,
management is working aggressively to manage its assets and improve its bottom line
performance."
The L. L. Knickerbocker Co., Inc. markets a wide variety of branded collectibles, jewelry
and accessories, and consumer products. The Company's primary focus is to create and
build brands which can be marketed through a variety of channels, including national and
international retail and direct response mail. The Company has a 38.3% equity investment
interest in Pure Energy Corporation, the exclusive worldwide licensee to an alternative fuel
with Patent Pending developed at Princeton University. The Company also has a 25%
equity investment interest in Self-Heating Container Corporation (now known as Ontro,
Inc.) and Insta-Heat, Inc., involved in the development of a new product which self-heats
liquids and meals in a can.
Copyright 1997, PR Newswire
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