MONEYSWORTH & BEST ACHIEVES 61% SALES INCREASE IN
SECOND QUARTER
TORONTO, Aug. 28 /CNW/ - Moneysworth & Best Shoe Care Inc. (TSE: MWB) has
once again achieved record revenue growth during the second quarter with gross
revenue for the quarter increasing 61% to $2,343,000 from $1,452,000 reported
in the prior year. Gross revenue for the six months ended June 30, 1998 of
$4,305,000 increased 48% from $2,914,000 reported in the prior year.
The company's consumer products division achieved an increase in revenue
of 83% reporting $1,884,000 for the quarter compared to $1,028,000 in the
prior year. Revenue from this division for the six months ended June 30, 1998
of $3,511,000 has increased 66% from $2,113,000 reported in the prior year.
<<
Three months ended June 30 Six months ended June 30
----------------------------------------------------
C$ 1998 C$ 1997 C$ 1998 C$ 1997
----------------------------------------------------
Estimated System-
Wide Sales $4,408,000 $3,831,000 $8,361,000 $7,272,000
Corporate Revenues $2,343,000 $1,452,000 $4,305,000 $2,914,000
Net Earnings for the
Period $ (357,000) $ 22,000 $ (342,000) $ 30,000
Net Earnings Per Share $ (0.03) $ 0.00 $ (0.03) $ 0.00
>>
''I am pleased to report, once again, that we have accelerated our
already high sustained growth in revenue from sales of consumer shoe care
products. The 83% increase in revenue was due to both increased company store
sales and broader distribution through chain stores in North America. We
expect to continue to achieve dramatic year over year increases in revenue and
accelerated growth during the final two quarters of our fiscal year,'' said
Rick VanSant President and CEO of Moneysworth & Best. ''Additionally, we
opened three new Moneysworth and Best Quality Shoe Repair stores. Our retail
stores division reported an 8% increase in revenue for the quarter,'' added
Rick VanSant.
The company reported a loss of $342,000 for the six month period ended
June 30, 1998 versus a profit of $30,000 reported in 1997. The loss was
largely due to higher depreciation and amortization associated with the
acquisition of Panita Enterprises Inc., and higher costs associated with being
a public company.
Established in 1984, Moneysworth & Best is a consumer products company
which develops, distributes, and markets a broad line of over 600 premium shoe
care and foot care products in North America. The Company's product line is
currently carried in over 4,100 retail stores across North America, up from
1,183 locations as of December 31, 1996. Moneysworth also markets these
products through its own chain of 83 Moneysworth & Best Quality Shoe Repair
stores, most of which are operated as franchises. These outlets provide
valuable direct consumer contact supporting the process of developing
innovative solutions for foot and shoe care.
Moneysworth & Best Shoe Care Inc. has a total of 11,731,428 shares
outstanding.
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For further information: Investor Relations (604) 689-5255, Fax:
(604) 689-5155, TOLL FREE 1-800-444-9214, www.invrel.com
MONEYSWORTH & BEST SHOE CARE INC. has 14 releases in this database.
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