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Microcap & Penny Stocks : Samuels Jewelers (SMJW) -- Ignore unavailable to you. Want to Upgrade?

To: leigh aulper who wrote (26)	4/13/2000 5:48:00 PM
From: leigh aulper	Respond to of 29

Samuels Jewelers Announces Quarterly Financial Results AUSTIN, Texas--(BUSINESS WIRE)--April 13, 2000--Samuels Jewelers Inc., (OTCBB:SMJW), one of America's largest and fastest-growing specialty retailers of fine jewelry, today announced results for its third quarter ended Feb. 26, 2000. Net income for the three months ended Feb. 26, 2000, totaled $8.6 million, an increase of $4.8 million over the prior year's third quarter. Earnings per share of $1.68 in this year's third quarter increased 118% over the prior year's third quarter earnings per share of $0.77. Samuels' third quarter sales increased 65.1% from $44.4 million to a record $73.3 million. Comparable results in stores, including acquired stores open during both quarters, showed an increase in sales of 14.3%. For the nine months ended Feb. 26, 2000, total sales were $120.9 million, a 41.4% increase over the $85.5 million reported for the first nine months of the prior year. Cost of goods sold, buying and occupancy expenses were $77.8 million for the nine months ended February 2000, as compared to $55.4 million for the same nine months last year. Excluding amortization expense, cost of goods sold as a percentage of sales improved to 63.1% in this year's nine month period compared to 64.0% in the prior year. Selling, general and administrative expenses were $41.9 million for the nine month period this year versus $33.7 million last year. As a percentage of sales, selling, general and administrative expenses decreased to 34.6% from 39.4% in the nine months ended in the prior year. "We are very pleased with our third quarter results, which validate that our recent growth is attaining the efficiencies expected. The improvements in operating margins occurred while we successfully reduced slow-moving merchandise and in a quarter which reflected the operating expenses of two home offices for most of the quarter. The recently acquired C&H Rauch home office was closed in the last month of the third quarter. More importantly, Samuels Jewelers is positioned as a well recognized regional brand and is on the way to becoming a nationally recognized name," stated Randy McCullough, Samuels President and Chief Executive Officer. "Nevertheless, our work is cut out for us," continued McCullough. "We are continuing to focus our attention on the new and recently acquired stores to improve performance by increasing market awareness. "Our core stores, where marketing efforts target a more affluent, less credit-dependent customer, have posted sales increases in the high single digits even while the credit sales mix was reduced by approximately 10% over each of the previous three years. The marketing and merchandising strategies will continue to be fine-tuned to maximize both the profits and the performance of our stores, however now that we have completed the tightening of credit standards, attaining sales increases should become easier in future months as we begin to comp-up against the credit tightening." During the first nine months of this fiscal year, Samuels added over 80 new and acquired stores into the Samuels Jewelers family of fine jewelers.