DENVER, May 6 /PRNewswire-FirstCall/ -- Ultimate Electronics, Inc.
(Nasdaq: ULTE) today announced its sales results for the quarter ended
April 30, 2004.
Sales for the quarter ended April 30, 2004 were approximately
$152.5 million, a decrease of 2% from $155.7 million for the same period in
the previous year. Comparable store sales were down 11% for the quarter ended
April 30, 2004.
Dave Workman, president and chief executive officer, stated, "Although
sales for February and March did not meet our expectations, our April sales
performance showed substantial improvement. Comparable store sales for April
were down 2%. After adjusting for our exit from the computer and gaming
categories, comparable store sales for April for continuing categories were
slightly positive. During February and March, we implemented a number of
sales, operational and cost initiatives, including significant changes to our
management structure at the store level and a restructuring of our commission
pay plan."
Ultimate Electronics is expected to release its first quarter results on
the morning of June 3, 2004 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. 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.
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 sales results; sales, operating and cost initiatives; and the timing
of the company's first quarter earnings release and the related conference
call. 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 and the company's sales initiatives, shifts in merchandise
mix, activities of our competitors, consumer confidence, 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, 2004, 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.
About Ultimate Electronics, Inc.
Ultimate Electronics is a leading specialty retailer of home entertainment
and consumer electronics products in 14 states. The company operates
65 stores, including 54 stores in Arizona, Idaho, Illinois, Iowa, Kansas,
Minnesota, Missouri, Nevada, New Mexico, Oklahoma, South Dakota, Texas and
Utah under the trade name Ultimate Electronics(R), and 11 stores in Colorado
under the trade name SoundTrack(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 2003 "Top 10 Audio/Video Retailer of the Year."
CONTACT: Alan E. Kessock, Chief Financial Officer of Ultimate
Electronics, Inc., +1-303-801-4000.
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
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