ULTE + 4.76% mentioned yesterday did finally report:Ultimate Electronics Reports Record Fourth Quarter and Annual Earnings
DENVER, March 9 /PRNewswire/ -- Ultimate Electronics, Inc. (Nasdaq: ULTE - news) announced today its operating results for the quarter and the year ended January 31, 2000.
The Company reported that net income increased 290% to $8,427,000, or $0.88 per share on a diluted basis, for the year ended January 31, 2000 from $2,160,000, or $0.26 per share on a diluted basis, in the prior year. Sales for the year ended January 31, 2000 were $384,983,000, a 17% increase from sales of $328,907,000 for the prior year. Comparable store sales were up 16% over the prior year. Gross margins for the year were 30.0%, compared to 29.0% for the prior year. The gross margin increase experienced in fiscal 2000 was primarily due to the following:
Increased sales of new digital technology products;
Increasing inventory turns to 5.2 compared to 4.9 in the prior year;
A 116% increase in DVD sales at slightly higher margins; and
Increased sales of accessories.
Selling, general and administrative expenses for the year ended January 31, 2000 were 26.0% of sales, compared to 26.7% of sales for the prior year. This decrease in expense as a percentage of sales resulted primarily from leveraging fixed expenses against the 16% comparable store sales growth. |
