Some great looking numbers on the earnings reports.
February 23, 1999 10:27 AM
MT. VERNON, N.Y.--(BUSINESS WIRE)--Feb. 23, 1999--
Net Sales Increase 455% and 506% Respectively Year to Year
Interiors Inc. INTXA (the "Company") today announced that net sales reached $12,856,276 for the quarter ended Dec. 31, 1998, an increase of $10,538,193 or approximately 455%, as compared to net sales of $2,318,083 that the Company reported for the similar three month period ended Dec. 31, 1997. For the six month period ended Dec. 31, 1998 net sales totaled $23,262,748, an increase of $19,426,881 or more than 506% over net sales of $3,835,865 reported by the Company for the comparable six month period ended Dec. 31, 1997. The increase in net sales during both the most recent quarter and six month periods were positively impacted by the addition of Windsor Art, and Troy Lighting, both acquired during the quarter ended Sept. 30, 1998.
Interiors, Inc. achieved net income of $1,006,217, during the quarter ended Dec. 31, 1998, versus net income of $202,635 for the comparative three month period ended Dec. 31, 1997, prior to accounting for preferred dividends in the amounts of $68,339 and $143,383 respectively. Following the accounting for preferred dividends, earnings per share equalled $0.05 per common share, on a distributive and fully diluted basis, for the three months ended Dec. 31, 1998, versus earnings per share of $0.01 for the comparable three month period ended Dec. 31, 1997. The company reported net income of $1,289,192, before accounting for preferred dividends of $136,678 during the six months ended Dec. 31, 1998, as compared to net income of $310,543, prior to accounting for preferred dividends of $286,765, for the six months ended Dec. 31, 1997. After accounting for preferred dividends, earnings per share equalled $0.08 per share on a distributive and fully diluted basis for the six months ended Dec. 31, 1998, versus $0.00 per share for the comparable six month period ended Dec. 31, 1997.
Max Munn, President and CEO of Interiors Inc. commented, "I am very pleased with the substantial growth in net sales that we achieved during the most recently completed quarter and six month periods. Troy Lighting and Windsor Art were major factors in our substantial growth during these periods. We are continuing to expand aggressively, through a combination of internal growth and acquisitions. Since December (1998) we completed the acquisition of Model Home Interiors Inc., and are on schedule towards the completion of three others; Stylecraft Lighting, CSL Lighting and Petals Inc. Combined sales following the expected completion of these three acquisitions will exceed $140 million, on an annualized pro-forma basis. At this same time in 1997 we had annual revenues moving forward, of about $6 million. In addition, We laid the groundwork for our emergence on the Internet. Our web site, interiors.com will be introduced shortly. I am proud of our accomplishments during this last quarter and over the past six months and am confident that our impressive growth will continue into both the current quarter as well as the future." <snip> |
