DENVER, Nov. 4 /PRNewswire-FirstCall/ -- Ultimate Electronics, Inc.
(Nasdaq: ULTE) today announced its sales results for its third quarter ended
October 31, 2004.
Sales for the quarter ended October 31, 2004 were approximately
$157.0 million, a decrease of 1.7% from $159.7 million for the same period in
the previous year. Comparable store sales were down approximately 8% for the
quarter ended October 31, 2004.
Reported sales numbers are preliminary and subject to adjustment.
Dave Workman, president and chief executive officer, stated, "Although
traffic and execution issues contributed to a weak start to the quarter, our
comparable store sales declines significantly improved in September and
October. We believe that the turnaround initiatives implemented earlier this
year are beginning to generate results, and we look forward to continued
improvement as we gear up for a successful holiday selling season."
Ultimate Electronics is scheduled to release its third quarter earnings
results on the morning of Thursday, December 2, 2004 and to hold a conference
call at 11:00 a.m. Eastern Time on December 2, 2004 to discuss third quarter
results.
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 for the third quarter, the success of the company's turnaround
initiatives and its holiday selling season, and the timing of the company's
earnings release. Actual results may differ materially from those included in
the forward-looking statements due to a number of factors, including, but not
limited to: general economic conditions; actions of competitors; relationships
with vendors; changes in personnel; terrorism and acts of war; and other risks
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 on
April 16, 2004. 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. (Nasdaq: ULTE)
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 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."
For further information, please contact David A. Carter, Chief Financial
Officer of Ultimate Electronics, Inc., 303-801-4025.
SOURCE Ultimate Electronics, Inc.
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Company News On-Call:
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CONTACT:
David A. Carter, Chief Financial Officer of
Ultimate Electronics, Inc., +1-303-801-4025
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