Brake Headquarters U.S.A., Inc. Announces Third Quarter Results
26 November 1997
Brake Headquarters U.S.A., Inc. Announces Third Quarter ResultsLONG ISLAND CITY, N.Y., Nov. 26 -- Brake Headquarters U.S.A., Inc., (the "Company") reported its results of operations for the period ended September 30, 1997 (the "Third Quarter"). Net income for the three months ended September 30, 1997 was $14,964 on net sales of $7,431,959. This compared to $8,562 on net was of $8,580,280 for the period ended September 30, 1996. Net income for the nine months ended September 30, 1997 was $104,305, or $.02 per share, on net sales of $22,046,355 compared to $63,353, or $.02 per share, on net sales of $25,194,691 for the period ended September 30, 1996. The Company consolidated its credit facility in November 1997. It expanded its facility by $2,000,000 to $12,000,000 at the prime rate. The new agreement is for three years which expires in November 2000. Mr. Joseph Ende, President and CEO of Brake Headquarters U.S.A., Inc., indicated the increased credit line is to be used to fund the continuing growth and acquisition strategy of the Company. The Company has been engaged in business as a wholesaler of undercar parts since 1976. The Company imports, assembles, distributes and manufactures undercar parts to the automotive aftermarket industry. SOURCE Brake Headquarters U.S.A.