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Sun TV and Appliances - 3rd qtr 1997 losses - Consumer Electronics

Television Digest with Consumer Electronics, Jan 12, 1998

Sun TV and Appliances reported $6.8-million loss for 3rd quarter ending Nov. 29 on 30% decline in revenues to $127.9 million (see financial table). Same-store sales plunged 19%. Quarter included one-time $1.7 million charge for early debt retirement related to refinancing (TVD Nov 24 p16). Sun had $4.1-million loss in same quarter year earlier that included one-time $2.7 million tax benefit.

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Excluding one-time charges and benefits, 3rd-quarter loss was $5.1 million, 25% improvement on $6.8-million loss year earlier. For year's first 9 months, company lost $23.7 million on 29% decline in revenues to $343.3 million. Chmn.-CEO Carter Pate said company will announce several new rural market store openings before end of 4th quarter.

COPYRIGHT 1998 Warren Publishing, Inc.
COPYRIGHT 2000 Gale Group
 

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