Standard Brands Paint announces third quarter 1995 results

Business Wire, Dec 11, 1995

TORRANCE, Calif.--(BUSINESS WIRE)--Dec. 11, 1995--Standard Brands Paint Company (NYSE:SBP) today announced third quarter results for the period ended Oct. 29, 1995.

The company reports a net loss for the period of $3.3 million or $0.11 per share compared with a net loss of $4.7 million or $2.10 per share for the 1994 period.

Consolidated sales for the third quarter were $23.2 million, a 21.9% decrease over last year's third quarter. Comparable store sales decreased 22.6% to $20 million, compared with $25.9 million during third quarter 1994.

For the nine month period ended Oct. 29, 1995, Standard Brands had a net loss of $14.2 million or $0.80 per share, compared with a net loss of $11.9 million or $5.33 per share in the first nine months of 1994. Consolidated sales declined by $23.0 million from the 1994 period, to $68.9 million for the first nine months of 1995. Comparable store sales were $60.0 million during the first nine months of 1995, versus $78.3 million in 1994, a decline of 23.4%.

Standard Brands, through its 50 retail stores and direct outside sales from its wholly owned subsidiary, Major Paint, is one of the west coast's premier suppliers of paint and home decorating products.

CONTACT: Standard Brands Paint Co., Torrance

Howard Schwartz, 310/726-9600

or

Ludgate Communications, New York

Kristin Anderson, 212/688-5144