Ronald,
For your information:
Friday September 5 11:43 AM EDT
Company Press Release
Premier Concepts Inc. Reports Second-Quarter and Six-Month Results
DENVER--(BUSINESS WIRE)--Sept. 5, 1997--Premier Concepts Inc. (NASDAQ:FAUX) Friday reported a 40 percent increase in revenues for both second-quarter and first half, ended July 27, 1997, according to President and CEO Sissel Greenberg.
Greenberg pointed out that, due to the seasonality of the company's business, the entire first half of this year, as well as last year, generated losses. However, for the full fiscal year, ended Jan. 26, 1997, the company recorded net income of $354,000, much of which fell into the fourth quarter.
Specifically, Premier Concepts, for the first half this year, ended July 27, 1997, recorded a net loss of $235,000, or 21 cents per share, on revenues of $5,592,000, as compared with a net loss for the first half last year of $196,000, or 27 cents per share, on revenues of $3,957,000.
In the second quarter this year, the company generated a net loss of $135,000, or 8 cents per share, on revenues of $2,795,000, as compared with a net loss of $69,000, or 10 cents per share, on revenues of $2,084,000 for the like quarter last year.
``Losses were due not only to the seasonality of our business, but also to the fact that we accelerated our expansion program, following availability of the proceeds of our public offering. Notably, we were able to achieve this growth with virtually no increase in corporate overhead,'' Greenberg noted.
``So far this fiscal year we have opened six new locations, including our first airport location, which also represents our first `kiosk.' Openings entail an initial start-up investment, but these openings are timely, since the new locations will be `up and running' by the time we reach our peak season in the fourth quarter.
``We fully expect to continue our pace of growth, and to generate record net income for the full year,'' she concluded.
Premier Concepts is one of the nation's leading specialty retailers, offering classic `faux' gold and silver jewelry as well as accessories. The company's 38 locations operate under the names Impostors and Elegant Pretenders.
NOTE: Except for the historical information contained herein,
the statements made in this release constitute forward-looking
statements that involve certain risks and uncertainties. Certain
factors may cause actual results to differ materially from those
contained in the forward-looking statements; including the
ability of the company to successfully manage its various
locations and the other factors detailed from time to time in
the company's reports on file with the Securities and Exchange
Commission.
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Contact:
Premier Concepts Inc., Aurora, Colo.
Sissel Greenberg, 303/338-1800
or
Richmont Consulting International, Los Angeles
Edda Brown, Bret W. Hughes or Sean Collins, 213/658-8088
213/658-9075 (fax) |
