Dayton, Ohio – Rex Stores, which
discontinued its retail operations last summer, still realized $2.7 million in
deferred income from extended-service contracts during its fiscal third quarter,
the company reported today.
The service-plan income was
recognized as retail segment revenue, which fell 83.7 percent during the three
months, ended Oct. 31, as the company closed its remaining stores.
During the period Florida
majap chain Appliance Direct terminated an agreement for the lease of 15 retail
locations, leaving Rex with 38 vacant properties, including one former
distribution center, which it is trying to lease or sell.
The company, which is focused on its investments in alternative
energy and real estate, reported profits of $2.3 million for the quarter,
compared with a net loss of $700,000 for the year-ago period. Net sales rose
64.4 percent to $64.4 million year over year.