Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Syncronys Softcorp (SYCR) -- Ignore unavailable to you. Want to Upgrade?

To: Patrick Smith who wrote (27701)	4/29/1998 6:51:00 PM
From: Bill Evans	Read Replies (1) \| Respond to of 30240

A major seller in trouble. "CompUSA presents bleak outlook By Margaret Kane, ZDNN April 29, 1998 7:07 AM PDT The ever-lower price of PCs may be a boon to buyers, but it has hurt the bottom line at retailer CompUSA Inc., which today reported a 22 percent drop in net income for its third quarter, and presented a bleak outlook for the future. The Dallas-based company had told analysts earlier this month that sales at its 150 computer superstores were off, due primarily to lower average selling prices. Wednesday the company reported that while sales rose 14 percent to $1.45 billion compared to a year ago, sales at stores that had been open for at least a year were up only 1.2 percent. The earlier news sent CompUSA's (CPU) stock price plunging. Company shares closed yesterday at $18.06, up $0.44. The news also sparked a class-action suit filed by shareholders. CompUSA issued a strong denial to the suit yesterday, saying that the claims are "without merit." Net income at CompUSA fell to $25.4 million, or 27 cents per share, compared to $32.7 million, or 35 cents per share a year ago. A First Call survey predicted earnings of 26 cents per share. CEO James Halpin called the quarter "disappointing." And the company warned that the fourth quarter will probably not be much better. Halpin said that the company is looking at "every aspect of our business and taking action to ensure that our operations are as efficient as possible."