Reported by Star-Bulletin staff & wire
Tuesday, May 21, 1996
The local home builder's fourth quarter 1996 results compare with a profit of $199,000 in the year-earlier quarter.
On a per share basis, the company posted a net loss of 12 cents for the three months ended March 31, compared with a profit of 2 cents in the same period last year.
For the year, the company posted a net loss of $1.5 million, or an 18 cents per share, compared with a net profit of $1.8 million, or 21 cents a share, the previous year.
"Our financial performance in fiscal 1996 primarily reflected unusual weakness in the residential real estate market and a general softness in the Hawaiian economy," said Pete Moynahan, the company's chief executive officer.
C. Brewer said its fourth-quarter results were affected by special charges such as the cost of moving the company's headquarters from Oahu to Maui. Relocation costs and other special charges totaled $1.2 million last quarter, the company said.
The loss for the quarter ended May 1 amounted to 21 cents a share, compared with a loss of $28 million, or 6 cents a share, in the first quarter of 1995.
Sales were up nearly 2 percent at $7.58 billion, compared with $7.44 billion in the year-ago period. The nation's No. 3 retailer said sales were hurt by having fewer stores and by cold weather during the quarter.
Kmart's loss was widened by $61 million, or 13 cents a share, due to the Thrifty PayLess sale and the re-evaluation of its remaining holdings in the chain.
Without the charge, Kmart would have lost $38 million, or 8 cents a share.
The first quarter was the 13th consecutive period for which Kmart has reported a loss or a decline in earnings.