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Musicland Stores Corporation (NYSE: MLG) today announced that net income for the year ending Dec. 31, 1992 (before an extraordinary charge related to debt retirement and after preferred dividends) rose 205 percent to $23.5 million, compared to $7.7 million in the prior year. Earnings per share for the year (before the extraordinary charge and after preferred dividends) were at $0.83 versus $0.38 in 1991, with a 41.7 percent increase in average shares outstanding. Revenues for 1992 totaled $1,020.5 million versus $932.2 million in 1991.
Commenting on the Company's performance, Jack W. Eugster, chairman and chief executive officer, said, "This was our first year as a public company and we are very pleased to have achieved a substantial increase in earnings, while reaching annual sales of more than one billion dollars. The public offering in February allowed us to reduce debt and lower our interest costs and position the Company for more rapid growth. Total revenue gains were nearly 10 percent over last year and operating profit was up 12 percent. Comparable store sales were up 3.1 percent with the remaining increase coming from new stores sales. Comparable sales gains were led by double digit increases in the sales of compact discs in our music stores, and video movies...