BW0137 JAN 30,1997 11:46 PACIFIC 14:46 EASTERN
( BW)(MARKER-INTERNATIONAL)(MRKR) Marker International announces
third quarter and nine month year-to-date results for the periods
ended Dec. 31, 1996
SALT LAKE CITY--(BUSINESS WIRE)--Jan. 30, 1997--Marker
International (NASDAQ: MRKR) Thursday announced that net sales for
its third quarter which ended Dec. 31, 1996, increased to
$60,305,000, compared to $33,965,000 for the corresponding period of
the prior fiscal year.
Net income for the third quarter increased to $5,418,000, or
$0.49 per share, compared to $3,500,000, or $0.40 per share, for the
third quarter of the prior fiscal year.
Net sales for the nine months ended Dec. 31, 1996, increased to
$93,529,000, compared to $66,217,000 for the corresponding period of
the prior fiscal year. Net income for the nine months ended
Dec. 31, 1996, increased to $4,342,000, or $0.43 per share, compared
to $3,031,000, or $0.35 per share, for the first nine months of the
prior fiscal year.
The increase in sales and net income for the third quarter and
nine months ended Dec. 31, 1996, compared to the corresponding
periods of the prior fiscal year, is primarily due to the
consolidation of the results of Marker's 80 percent owned
subsidiary, DNR Sportsystem Ltd., which is a leading developer and
marketer of snowboards and related products.
DNR Sportsystem Ltd. has a Dec. 31 year end. Marker uses a
90-day lag in reporting DNR's financial information, therefore,
DNR's operating results for its third quarter, which began July 1,
1996, and ended Sept. 30, 1996, are consolidated in Marker's third
quarter which ended Dec. 31, 1996.
Marker completed the acquisition of an additional 55 percent of
DNR Sportsystem Ltd. in June 1996, bringing its total ownership to
80 percent. Prior to its 80 percent ownership, Marker accounted for
its then 25 percent investment in DNR using the equity method of
accounting.
Hank Tauber, Marker's chief executive officer, commented, "The
addition of DNR's operations has brought new opportunities to our
company. I am pleased with the contribution of DNR and the
performance of all the Marker companies this year."
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Marker International
Consolidated Statements of Income
(In thousands, except per share data and shares outstanding)
(Unaudited)
Three months ended Nine months ended
Dec. 31, Dec. 31,
1996 1995 1996 1995
Net sales $60,305 $33,965 $93,529 $66,217
Net income $5,418 $3,500 $4,342 $3,031
Net income per common share $0.49 $0.40 $0.43 $0.35
Weighted average shares
outstanding 11,129,127 8,732,331 10,004,702 8,655,279
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Marker International, through its subsidiaries in the United
States, Germany, Japan, Switzerland, Austria and Canada is a
leading designer, manufacturer and marketer of alpine ski bindings,
snowboards and related products. Marker LTD, the company's soft
goods subsidiary in the United States, designs, distributes and
markets outerwear, luggage and gloves.
Marker LTD is an exclusive licensee of the Salt Lake Olympic
Committee for the sale of winter outerwear, luggage, gloves and soft
goods bearing the 2002 Olympic Winter Games logo.
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CONTACT: Marker International, Salt Lake City
Brad L. Stewart, 801/972-2100
KEYWORD: UTAH
INDUSTRY KEYWORD: APPAREL/TEXTILES RETAIL SPORTS EARNINGS
REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or
800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473
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