Uni-Marts, Inc. Announces Fiscal 2001 Second Quarter Financial Results

Apr 26, 2001, 01:00 ET from Uni-Marts, Inc.

    STATE COLLEGE, Pa., April 26 /PRNewswire/ -- Uni-Marts, Inc. (AMEX:   UNI)
 today reported financial results for the second fiscal quarter ended
 April 5, 2001.
     Uni-Marts reported a 41.0% increase in revenues to $96.8 million for the
 second fiscal quarter of 2001, compared to revenues of $68.6 million for the
 second fiscal quarter of 2000, ended March 30, marking the company's ninth
 consecutive quarter of comparable revenues growth.  The revenues increase is
 primarily the result of additional stores in operation and contributions from
 higher retail petroleum prices, as well as increased comparable merchandise
 sales.  The company reported a net loss of $1.2 million, or $0.17 per share,
 for the fiscal 2001 second quarter, compared to a net loss of $744 thousand,
 or $0.11 per share, for the comparable quarter of the prior year.  Merchandise
 sales at comparable stores continued its growth trend by increasing
 4.7%, while gasoline gallons sold at comparable stores were unchanged, when
 compared to the second quarter of fiscal 2000.
     Henry D. Sahakian, Chairman and Chief Executive Officer, commented,
 "Historically, we experience weaker results in our second fiscal quarter due
 to seasonal changes throughout our operating area.  However, harsher than
 normal weather conditions in the Northeast, combined with a slower economy and
 competitive pressures on margins, further affected our performance in this
 quarter."
     For the first six months of fiscal 2001, Uni-Marts reported a
 48.6% increase in revenues to $206.4 million from $138.9 million in the
 corresponding six-month period of fiscal 2000.  The company recorded a net
 loss of $706 thousand, or $0.10 per share, for the first six months of the
 current fiscal year, compared to a loss of $413 thousand, or $0.06 per share,
 for the comparable period of fiscal 2000.  Merchandise sales at comparable
 stores increased 2.4%, while gasoline gallons sold at comparable stores
 declined 2.8%, from the first six months of fiscal 2000.
     "As we enter the warmer months, we look forward to increased customer
 traffic and the opportunities for sales growth," added Mr. Sahakian.  "We plan
 to proceed with our comprehensive schedule of remodels and new store openings
 to modernize our operations and strengthen our company's market share.
 Continued marketing initiatives for sustained growth in comparable merchandise
 sales and attentive store management should result in improved financial
 performance."
     As of April 5, 2001, Uni-Marts operated 299 convenience stores and Choice
 Cigarette Discount Outlets in Pennsylvania, New York, Delaware, Maryland and
 Virginia.  Self-service gasoline was sold at 237 of these locations.
 
 
     UNI-MARTS, INC. AND SUBSIDIARIES
     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
 
                          Second Quarter Ended         Two Quarters Ended
                          April 5,     March 30,     April 5,      March 30,
                            2001         2000         2001           2000
     Revenues:
      Merchandise
       sales            $47,119,013   $35,406,199 $ 97,600,849  $ 71,898,832
      Gasoline sales     49,242,127    32,566,295  107,701,249    66,044,921
      Other income          391,676       661,693    1,068,609       931,669
                         96,752,816    68,634,187  206,370,707   138,875,422
     Costs and Expenses:
      Cost of sales      76,419,521    53,310,333  162,770,731   107,089,711
      Selling            16,375,591    12,347,415   33,070,445    24,422,519
      General and
       administrative     1,735,744     1,608,790    3,606,637     3,161,861
      Depreciation and
       amortization       2,031,302     1,446,614    4,008,663     2,878,718
      Interest            2,048,259       984,198    3,984,362     1,912,408
                         98,610,417    69,697,350  207,440,838   139,465,217
     Loss before income
      taxes              (1,857,601)   (1,063,163)  (1,070,131)     (589,795)
     Income tax benefit    (631,500)     (318,900)    (363,900)     (176,900)
     Net loss           $(1,226,101)    $(744,263)   $(706,231)    $(412,895)
     Loss per share          $(0.17)       $(0.11)      $(0.10)       $(0.06)
     Weighted average
      number of common
      shares outstanding  7,049,325     6,982,280    7,042,643     6,962,618
 
 
     CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
 
                                                   April 5,     September 30,
                                                     2001           2000
 
     Current assets                               $29,697,395    $34,947,640
     Net property, equipment and
      improvements                                103,806,160    100,701,217
     Net intangible and other assets                8,366,329      8,588,657
                                                  141,869,884    144,237,514
 
     Current liabilities                           25,832,301     31,447,340
     Long-term debt                                79,565,583     75,005,825
     Deferred taxes and other credits               8,143,536      8,816,228
                                                  113,541,420    115,269,393
     Stockholders' equity                          28,328,464     28,968,121
     Total liabilities and stockholders'
      equity                                     $141,869,884   $144,237,514
     Book value per share                               $4.01          $4.12
 
     Certain statements contained in this release are forward looking.
 Although Uni-Marts, Inc. believes that its expectations are based on
 reasonable assumptions within the bounds of its knowledge of its business and
 operations, there can be no assurance that actual results will not differ
 materially from its expectations.  Factors that could cause actual results to
 differ from expectations include general economic, business and market
 conditions, volatility of gasoline prices, merchandise margins, customer
 traffic, weather conditions, labor costs and the level of capital
 expenditures.  For other important factors that may cause actual results to
 differ materially from expectations and underlying assumptions, see reports by
 Uni-Marts, Inc. filed with the Securities and Exchange Commission.
 
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SOURCE Uni-Marts, Inc.
    STATE COLLEGE, Pa., April 26 /PRNewswire/ -- Uni-Marts, Inc. (AMEX:   UNI)
 today reported financial results for the second fiscal quarter ended
 April 5, 2001.
     Uni-Marts reported a 41.0% increase in revenues to $96.8 million for the
 second fiscal quarter of 2001, compared to revenues of $68.6 million for the
 second fiscal quarter of 2000, ended March 30, marking the company's ninth
 consecutive quarter of comparable revenues growth.  The revenues increase is
 primarily the result of additional stores in operation and contributions from
 higher retail petroleum prices, as well as increased comparable merchandise
 sales.  The company reported a net loss of $1.2 million, or $0.17 per share,
 for the fiscal 2001 second quarter, compared to a net loss of $744 thousand,
 or $0.11 per share, for the comparable quarter of the prior year.  Merchandise
 sales at comparable stores continued its growth trend by increasing
 4.7%, while gasoline gallons sold at comparable stores were unchanged, when
 compared to the second quarter of fiscal 2000.
     Henry D. Sahakian, Chairman and Chief Executive Officer, commented,
 "Historically, we experience weaker results in our second fiscal quarter due
 to seasonal changes throughout our operating area.  However, harsher than
 normal weather conditions in the Northeast, combined with a slower economy and
 competitive pressures on margins, further affected our performance in this
 quarter."
     For the first six months of fiscal 2001, Uni-Marts reported a
 48.6% increase in revenues to $206.4 million from $138.9 million in the
 corresponding six-month period of fiscal 2000.  The company recorded a net
 loss of $706 thousand, or $0.10 per share, for the first six months of the
 current fiscal year, compared to a loss of $413 thousand, or $0.06 per share,
 for the comparable period of fiscal 2000.  Merchandise sales at comparable
 stores increased 2.4%, while gasoline gallons sold at comparable stores
 declined 2.8%, from the first six months of fiscal 2000.
     "As we enter the warmer months, we look forward to increased customer
 traffic and the opportunities for sales growth," added Mr. Sahakian.  "We plan
 to proceed with our comprehensive schedule of remodels and new store openings
 to modernize our operations and strengthen our company's market share.
 Continued marketing initiatives for sustained growth in comparable merchandise
 sales and attentive store management should result in improved financial
 performance."
     As of April 5, 2001, Uni-Marts operated 299 convenience stores and Choice
 Cigarette Discount Outlets in Pennsylvania, New York, Delaware, Maryland and
 Virginia.  Self-service gasoline was sold at 237 of these locations.
 
 
     UNI-MARTS, INC. AND SUBSIDIARIES
     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
 
                          Second Quarter Ended         Two Quarters Ended
                          April 5,     March 30,     April 5,      March 30,
                            2001         2000         2001           2000
     Revenues:
      Merchandise
       sales            $47,119,013   $35,406,199 $ 97,600,849  $ 71,898,832
      Gasoline sales     49,242,127    32,566,295  107,701,249    66,044,921
      Other income          391,676       661,693    1,068,609       931,669
                         96,752,816    68,634,187  206,370,707   138,875,422
     Costs and Expenses:
      Cost of sales      76,419,521    53,310,333  162,770,731   107,089,711
      Selling            16,375,591    12,347,415   33,070,445    24,422,519
      General and
       administrative     1,735,744     1,608,790    3,606,637     3,161,861
      Depreciation and
       amortization       2,031,302     1,446,614    4,008,663     2,878,718
      Interest            2,048,259       984,198    3,984,362     1,912,408
                         98,610,417    69,697,350  207,440,838   139,465,217
     Loss before income
      taxes              (1,857,601)   (1,063,163)  (1,070,131)     (589,795)
     Income tax benefit    (631,500)     (318,900)    (363,900)     (176,900)
     Net loss           $(1,226,101)    $(744,263)   $(706,231)    $(412,895)
     Loss per share          $(0.17)       $(0.11)      $(0.10)       $(0.06)
     Weighted average
      number of common
      shares outstanding  7,049,325     6,982,280    7,042,643     6,962,618
 
 
     CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
 
                                                   April 5,     September 30,
                                                     2001           2000
 
     Current assets                               $29,697,395    $34,947,640
     Net property, equipment and
      improvements                                103,806,160    100,701,217
     Net intangible and other assets                8,366,329      8,588,657
                                                  141,869,884    144,237,514
 
     Current liabilities                           25,832,301     31,447,340
     Long-term debt                                79,565,583     75,005,825
     Deferred taxes and other credits               8,143,536      8,816,228
                                                  113,541,420    115,269,393
     Stockholders' equity                          28,328,464     28,968,121
     Total liabilities and stockholders'
      equity                                     $141,869,884   $144,237,514
     Book value per share                               $4.01          $4.12
 
     Certain statements contained in this release are forward looking.
 Although Uni-Marts, Inc. believes that its expectations are based on
 reasonable assumptions within the bounds of its knowledge of its business and
 operations, there can be no assurance that actual results will not differ
 materially from its expectations.  Factors that could cause actual results to
 differ from expectations include general economic, business and market
 conditions, volatility of gasoline prices, merchandise margins, customer
 traffic, weather conditions, labor costs and the level of capital
 expenditures.  For other important factors that may cause actual results to
 differ materially from expectations and underlying assumptions, see reports by
 Uni-Marts, Inc. filed with the Securities and Exchange Commission.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X60172898
 
 SOURCE  Uni-Marts, Inc.