Sound Advice Sales, Profits Edge Up In Second Quarter - Twice

Sound Advice Sales, Profits Edge Up In Second Quarter

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Dania Beach, Fla. - Sales of A/V gear, mobile products and custom install services helped advance Sound Advice's revenue and earnings during its fiscal second quarter.

For the three-month period ended July 31, net sales rose 3 percent to $41.8 million while same-store sales remained flat. For the trailing six months, volume rose 7 percent to $84.5 million while comp-store sales were up 6 percent.

By contrast, gross profit grew 7 percent for the quarter to $14.9 million, and gross profit margin improved by 130 basis points to 35.6 percent. Chairman and CEO Peter Beshouri attributed the specialty chain's improving profit picture to a favorable sales mix and strong sales of projection TVs, audio speakers, mobile multimedia and custom home installation services.

Income from operations was up 29 percent for the quarter to $1.6 million, while pretax income rose 28 percent to $1.1 million. However, net income dropped 28 percent due to the inclusion of an income tax provision. The company accrued no income taxes during the comparable period last year.

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