Rankin Automotive Group, Inc. Announces Q1 Results
13 July 1998
Rankin Automotive Group, Inc. Announces 1st Quarter ResultsALEXANDRIA, La., July 13 -- Rankin Automotive Group, Inc. d/b/a USA AUTO STORES reported their net sales for the three- month period ended May 25, 1998 at $9.8 million, versus $9.9 million for the same period last year. The Company's net earnings for this time period are approximately $136,000 or $.03 per share. Randall B. Rankin, President and CEO, commented, "Our major supplier is APS, which is currently operating under a Chapter 11 reorganization. We are continuing to purchase from this vendor, even though they are in receivership, while currently evaluating other competitive suppliers. The Company is also currently negotiating the purchase of our own distribution centers." During the three-month period ended May 25, 1998, the Company closed one traditional store in Baton Rouge, Louisiana. The Company's intentions are to continue growth through new store acquisitions and consolidation of administrative operations. The Company continues to maintain cash reserves in various accounts totaling approximately $4 million for future growth strategy implementation. Management feels that earnings will improve as the Company positions itself to purchase more competitive products and consolidate administrative operations at corporate headquarters. Some of the information in this press release constitutes forward-looking information based on current information and expectations of the Company that involve a number of uncertainties. Among the factors that could materially affect the validity of the forward-looking information are the following: changes in current industry trends, changes in competitive factors, changes in the economic environment in which the Company has its operations, and other factors which would generally affect the operations of the Company. Rankin Automotive Group, Inc. d/b/a USA AUTO PARTS STORES is a specialty supplier and retailer of automotive replacement parts, tools, supplies, equipment and accessories to both the professional mechanics and do-it- yourself customers. The Company presently operates in 42 locations in the states of Louisiana, Texas and Mississippi.