Bought more GTSI today $2.78. More AVCC at $1.78-1.90, more DIYH at 5/8.
Anyone interested in the vitamin/supplement stocks ? NBTY,TWLB,NTOL,NAII as well as others are WAY down. I have positions (losing ones) in PURW & IVCO.
Longer term with the aging population, I like the outlook, it just may be awhile.
RAGS, a long time net-net had their best year in the last 6.
"Rag Shops, Inc. Reports Increases in Fiscal Year Results
HAWTHORNE, N.J.--(BUSINESS WIRE)--Oct. 11, 2000--Rag Shops Inc. (NASDAQ:RAGS - news), a specialty retailer of crafts and fabrics is pleased to report the fiscal year ended September 2, 2000 was a year of significant improvement.
Total sales for the fiscal year were $100 million, marking the first time the Company reached the $100 million sales plateau, which represents an increase of 5.7% over the prior fiscal year. Sales from stores opened at least one year increased by 4.2%. Sales include one additional week this fiscal year which amounted to $1,529,000. Without the additional week total sales increased 4.1% while sales from stores opened at least one year increased by 2.5%.
When the audit for our fiscal year end is complete, we anticipate reporting on or about November 13, 2000 our highest net income for the preceding six fiscal years. This increase is attributable to improved operating efficiencies, the additional one week, as mentioned above, and improved inventory shrinkage results. Moreover, while of recent we are virtually debt free most of the fiscal year, this past August marked the first time in our history since the June 5, 1991 initial public offering that we are debt free at the end of the fiscal year.
Rag Shops, Inc. was operating sixty-five stores at September 2, 2000. Rag Shops, Inc. President Michael Aaronson stated ``we are moving into the new fiscal year with great momentum and wonderful new opportunities. We have plans to open new stores in New Jersey, New York, New York City and Connecticut. The first of which will open on October 15th in New Jersey. Additionally, development is under way for the design of a new 20,000 square foot prototype Rag Shop store''. We anticipate opening three of these new prototype stores in the fall of 2001. The Company plans to close three stores in the new fiscal year." |
