DENVER, May 8 /PRNewswire-FirstCall/ --
Ultimate Electronics, Inc. (Nasdaq: ULTE) today announced its sales results
for the quarter ended April 30, 2003.
Sales for the quarter ended April 30, 2003 were $155,200,000, a
9% increase from sales of $142,200,000 for the same period in the previous
year. Comparable store sales were down 8% for the quarter.
As reported on April 29, 2003, the company's sales for the quarter were
impacted significantly during the period from March 17, 2003 through April 11,
2003, when the United States was actively at war and business at most of the
company's Colorado stores was severely impaired for five days due to the
area's largest snow storm in over 90 years. The company believes that results
since April 11, 2003 indicate sales are returning to the company's pre-war
expectations for fiscal 2004.
Ultimate Electronics plans to announce earnings for the first quarter in a
press release scheduled for May 29, 2003. The company plans to provide an
update in its earnings release on its product mix, its initiatives to improve
gross margins and selling, general and administrative expenses, and the impact
of EITF 02-16, Accounting by a Customer for Certain Consideration Received
from a Vendor.
Ultimate Electronics is a leading specialty retailer of home entertainment
and consumer electronics products in 13 states. The company operates
58 stores, including 40 stores in Arizona, Idaho, Illinois, Iowa, Minnesota,
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 seven 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 the events impacting sales, post-war sales improvement and the
schedule for releasing results for the first quarter, including the impact of
EITF 02-16. Actual results may differ materially from those included in the
forward-looking statement due to a number of factors, including, but not
limited to: the success of sales and gross margin initiatives and cost
reduction measures for the balance of fiscal 2004; changes in general economic
conditions; shifts in merchandise mix; activities of 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 first quarter earnings
results on the morning of May 29, 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 .
For further information, please contact Alan E. Kessock, Chief Financial
Officer, Ultimate Electronics, Inc., +1-303-801-4000, alan.kessock@ulte.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,
Ultimate Electronics, Inc., +1-303-801-4000,
alan.kessock@ulte.com
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