Laserfiche WebLink
<br /> <br />Donaldson, Lufkin & Jenrette <br /> <br />Recent Resutts <br /> <br />First-half revenues rose 116% to $315.3 million from $ 1 46.2 million. More important, <br />the company turned the corner on profitability, recording first-half net Income of S 1.8 <br />million versus last year's S2.4-million loss during the same period. ....The numbers <br />translate to earnings of SO.09 per share against a SO.21 loss in fiscal 1985's first <br />half. Results exceeded general expectations and our estimates. (DLJ had projected a <br />small first-half loss.) <br /> <br />Strong sales were enhanced by nine additional war~houses versus last year's number. <br />COST totaled 21 units at the end of the second quarter. Same units averaged a 31 % <br />increase in volume during the period. Excellent sales provided the beginning of what we <br />believe will be sharp operating leverage in the near future. Gross margins during the <br />second quarter were l' .2%. and the SGA operating cost ratio improved to 9.8% from <br />, 1.3%. Both company operating costs and inventories were on target with company budgets <br />and general projections. Interestingly, the better-than-expected results were realized <br />despite more than a doubling in preopening expenses in the second quarter and continued <br />sizable interest charges. <br /> <br /> Table 1 <br /> Costco Wholeule Corp. <br /> Profit and Lon Analvsls <br /> IDollars ,n mllllonsl <br /> H1 86 0' H1 85 0;' Q2 86 0;' Q2 85 0" <br /> ~o <br />Nel sales 5308.5 978 S1.a4.:! 98.6 S 1740 979 5657 987 <br />Memoe's"ip fees. <br />Othe, 6.8 2.2 20 1.4 3.8 2,1 1,1 1.3 <br />Tolal revenues S3153 100.0% S1016.2 100.0% S 1 77 .8 1 00 0.,. S86.6 100.0.... <br />COSI of goods S2790 90,4% S 129 1 895"- S 15 7.9 90.7% 771 900 <br />G,oss profit 362 115 17,0 116 199 11.2 9.7 , 1.2 <br />SGA expenses 322 10,2 170 11.6 175 98 98 11 3 <br />PreopenIng coslS 16 .5 1,5 1.0 .5 .3 ,2 .2 <br />OperatIng prof. I 24 .8 11 41 11.01 1.8 1.0 C.31 (.31 <br />Defer,ed compensallon .5 .31 3 ,3 <br />Inle,esl expense S 1 2 40. S ,6 40' S 6 3" S 6 '.'r <br />,. -0 -. <br />Inleresl .ncome .5 .2 .2 .1 ,5 3 2 2 <br />Olher income . , , , <br />Prela_ profil 1 8 6 124) (16) , .8 1 C 191 '0 <br />Taxes S .7 389.... S .7 3890, <br />Nel bef"'e extra 1.1 3 1241 11.61 , 1 '.6 (91 , 0 <br />Tax-loss carry-forward S .7 .2% S .7 .~, <br />Nel income 1.8 6 (VII (161 1,8 1.0 (.91 1.0 <br />EPS SO.09 ISO 211 SO.08 (SO 081 <br /> <br />5 <br /> <br />