You mean this?:TRISTAR CORPORATION ANNOUNCES RESULTS FOR THE THIRTEEN WEEKS END I think it is the kind of stuff I like to see.
11/27/98 15:12
ed Aug. 29, 1998, and for the Fiscal 1998
Business Editors
SAN ANTONIO--(BUSINESS WIRE)--Nov. 27, 1998--Tristar Corporation
(NASDAQ:TSAR) today announced results for the thirteen weeks and
the fiscal year ended Aug. 29, 1998.
Net sales for the fourth quarter of fiscal 1998 were $14,790,000
as compared to $17,776,000 for fiscal 1997, a decrease of 17%. Net
loss applicable to common stock was $2,111,000 or $.13 per diluted
share for the fourth fiscal quarter of 1998, compared to net income of
$240,000 or $.01 per diluted share for the same fiscal period in 1997.
These results were primarily related to the weakened financial
and economical environment in Latin America which severely hampered
Latin America and wholesale channel sales during this period.
For the fiscal year ended Aug. 29, 1998, net sales were
$67,683,000 versus $68,959,000 for fiscal year ended Aug. 30, 1997, a
decrease of 2%. Net loss applicable to common stock was $1,944,000 and
$454,000 for fiscal years ended Aug. 29, 1998, and Aug. 30, 1997,
respectively. Net loss per diluted share was $.12 for fiscal 1998
compared to $.03 for fiscal 1997.
These results were indicative of lower sales in the Latin America
and wholesale distribution channels resulting from the financial and
economical deterioration in Latin America and an aggressive fiscal
1998 inventory reduction program which negatively impacted gross
profit margin.
Robert M. Viola, Executive Vice President and Chief Financial
Officer of Tristar Corporation, stated, "Clearly, fiscal 1998 has been
a very challenging year. Global uncertainties have disrupted emerging
markets causing companies like Tristar to pursue these markets much
more cautiously.
"Given this economic environment and the aggressive pricing
initiatives employed by competition, the growth of the Royal
Selections fragrance line is even more impressive with it now being
the unquestionable market leader."
Commenting further on the company's performance in fiscal 1998,
he stated, "While fiscal 1998 operating results were somewhat
disappointing, we are very pleased with the sales growth in the chain,
specialty chain and mass merchandise channels. As well, with the 1998
inventory reduction program now complete and our strengthened balance
sheet position, we believe the Company is in a firm position for
growth in fiscal 1999."
Certain statements contained herein are "forward-looking"
statements (as such term is defined in Section 27A of the Securities
Exchange Act of 1933 and Section 21E of the Securities Exchange Act of
1934). Because such statements include risks and uncertainties, actual
results may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements include, but are not limited to, those
discussed in filings made by the company with the Securities and
Exchange Commission.
Tristar Corporation is engaged in developing, manufacturing and
marketing an extensive line of value-priced products comprised of
designer alternative fragrances, contemporary cosmetics and selected
toiletry products. These products are distributed by the company in
North and South America primarily to chain stores, mass merchandisers,
retail outlets, distributors and wholesalers.
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TRISTAR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
THIRTEEN WEEKS ENDED
August 29, August 30,
1998 1997
------------- ------------
Net Sales $ 14,790,000 $ 17,776,000
Cost of Sales 12,290,000 12,161,000
------------- ------------
Gross Profit 2,500,000 5,615,000
Selling, general and
administrative expenses 4,163,000 4,909,000
------------- ------------
Income (loss) from operations (1,663,000) 706,000
Other income (expense):
Interest expense (390,000) (351,000)
Other income (expense) 63,000 6,000
Litigation expense - -
------------- ------------
Income (loss) before provision
for income taxes (1,990,000) 361,000
Provision for income taxes 7,000 8,000
------------- ------------
Net income (loss) (1,997,000) 353,000
------------- ------------
Less:
Preferred stock dividends (114,000) (113,000)
Effect of beneficial
conversion feature - -
Warrant valuation
adjustment - -
------------- ------------
Net income (loss) applicable to
common stock $ (2,111,000) $ 240,000
============= ============
Earnings per common share:
Net income (loss) applicable to
common stock
Basic $ (0.13) $ 0.01
============= ============
Diluted $ (0.13) $ 0.01
============= ============
FIFTY-TWO WEEKS ENDED
August 29, August 30,
1998 1997
------------- -------------
Net Sales $ 67,683,000 $ 68,959,000
Cost of Sales 50,432,000 48,441,000
------------- -------------
Gross Profit 17,251,000 20,518,000
Selling, general and
administrative expenses 16,562,000 17,093,000
------------- -------------
Income (loss) from operations 689,000 3,425,000
Other income (expense):
Interest expense (1,786,000) (1,940,000)
Other income (expense) (240,000) (252,000)
Litigation expense (92,000) (72,000)
------------- -------------
Income (loss) before provision
for income taxes (1,429,000) 1,161,000
Provision for income taxes 62,000 78,000
------------- -------------
Net income (loss) (1,491,000) 1,083,000
------------- -------------
Less:
Preferred stock dividends (453,000) (256,000)
Effect of beneficial
conversion feature - (1,011,000)
Warrant valuation
adjustment - (270,000)
------------- -------------
Net income (loss) applicable to
common stock $ (1,944,000) $ (454,000)
============= =============
Earnings per common share:
Net income (loss) applicable to
common stock
Basic $ (0.12) $ (0.03)
============= =============
Diluted $ (0.12) $ (0.03)
============= =============
*T
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--30--sw/sa* bd/sa
CONTACT: Tristar Corporation, San Antonio
Robert M. Viola, 210/402-2200
KEYWORD: TEXAS
INDUSTRY KEYWORD: RETAIL EARNINGS
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