Rankin Announces 3rd Quarter Earnings
12 January 1999
Rave Announces 3rd Quarter EarningsALEXANDRIA, La., Jan. 11 -- Rankin Automotive Group, Inc. d/b/a USA AUTO STORES reported their net sales for the nine-month period ended November 25, 1998 at $30.3 million. This compares to similar net sales for the same period last year. The Company's net earnings for this current period are approximately $282,000 or $.06 per share as compared to $93,000 or $.03 per share for the previous year. Randall B. Rankin, President and CEO, commented, "The Company has accomplished much in this nine-month period. As of October 13, 1998, the acquisition of the Monroe, Louisiana distribution center from APS, Inc. helps solidify the Company's supply chain. Also, the Company has closed or consolidated three stores which were not accretive to corporate earnings." Subsequent to the end of the quarter, the Company announced a new credit facility of $25 million from Heller Financial, Inc. who has agreed to act as agent to place up to an additional $23 million of indebtedness. The Company is scheduled for a consummation of this new facility on or about January 29, 1999. These funds will be utilized in acquiring certain automotive distributors and providing a working capital line. 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 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.