DENVER, Feb. 6 /PRNewswire-FirstCall/ --
Ultimate Electronics, Inc. (Nasdaq: ULTE) today announced its sales results
for the quarter ended January 31, 2003.
Sales for the quarter ended January 31, 2003 were $242,300,000, a
13% increase from sales of $214,700,000 for the same period in the previous
year. Comparable store sales were down 8% for the quarter ended January 31,
2003. Sales for the year ended January 31, 2003 were $704,200,000, a
21% increase from sales of $580,200,000 for the previous year. Comparable
store sales were down 2% for the year ended January 31, 2003.
Ed McEntire, Chief Executive Officer, stated, "The softness of the holiday
selling season, exacerbated by the aggressive promotional environment, led to
a disappointing fourth quarter. We anticipate that earnings per share for the
fourth quarter will be between $.15 and $.20. With the uncertainties that
exist in the economy and the world today, we plan to closely monitor our
capital and operating expenditures and continue to implement measures designed
to maximize gross profit margins."
Ultimate Electronics is a leading specialty retailer of home entertainment
and consumer electronics products in 13 states. The Company operates
58 stores, including 39 stores in Arizona, Idaho, Illinois, Iowa, Missouri,
Nevada, New Mexico, Oklahoma, South Dakota, Texas and Utah under the trade
name Ultimate Electronics(R), 11 stores in Colorado under the trade name
SoundTrack(R) and eight stores in Minnesota under the trade name Audio
King(R). In addition, the Company operates Fast Trak, Inc., an independent
electronics repair company based in Minnesota and a wholly owned subsidiary of
Ultimate Electronics. During the past two years, the Company received
numerous industry awards including Audio Video International's 2002 "Top 10
Audio/Video Retailer of the Year."
The statements made in this news release, other than those concerning
historical financial information, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are made based upon management's current
expectations and beliefs concerning future developments and their potential
effects upon the Company. These forward-looking statements include statements
regarding earnings per share for the quarter ended January 31, 2003 and the
Company's ability to monitor expenditures and maximize gross profit margins.
Actual results may differ materially from those included in the
forward-looking statement due to a number of factors, including, but not
limited to: changes in general economic conditions, customer responsiveness to
new products, shifts in merchandise mix, activities of our competitors, the
challenges associated with entering new markets, terrorism and acts of war,
and other risk factors identified in the Company's Annual Report on Form 10-K
for the fiscal year ended January 31, 2002, filed with the Securities and
Exchange Commission. There can be no assurance that future developments
affecting the Company will be those anticipated by management. The Company
disclaims any obligation to update or revise any of the forward-looking
statements that are in this news release.
Ultimate Electronics is expected to release its quarterly and annual
earnings results on the morning of March 13, 2003 and to hold its conference
call at 11:00 a.m. Eastern Time on the day of the release, which will be
broadcast live on the Internet. Please visit the Company's Web site at
http://www.ultimateelectronics.com and click on the Street Events icon on the
Investor Relations page to access the live broadcast. Ultimate Electronics
news releases, quarterly sales and operating results can be found on the
Internet on the Company's Web site at http://www.ultimateelectronics.com .
SOURCE Ultimate Electronics, Inc.
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Related links:
http://www.ultimateelectronics.com
Company News On-Call:
http://www.prnewswire.com/comp/877054.html
CONTACT:
Alan E. Kessock, Chief Financial Officer of
Ultimate Electronics, Inc., +1-303-801-4000,
alan.kessock@ulte.com
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