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I AM SO GLAD I LOOKED INTO THIS COMPANY! THEY LOOK LIKE A GENERAL GROWTH PLAY...WHICH EMERGED FROM BK AND DOING QUITE WELL!!!
jennq FILLED THE GAPS. tHEY ARE EMERGING FROM bk. THIS CAN GO TO .50 EASILY!!!
JENNQ - POWER HOUR UP 400%!!!
JENNQ now up 400%!!!
JENNQ up 300%!!!!
JENNQ- ALERT!!!!
JENNQ- emerging from BK on the 25th!!! Low FLoat. This will see .50 VERY SOON!
Jennifer Convertibles Reports First Quarter Results
- Revenue from continuing operations increased 3.6% for quarter - Comparable store sales decreased by 18.9% for quarter - Loss from continuing operations ($3,422,000) versus ($5,903,000) for quarter - Basic and Diluted Loss Per Share ($0.48) versus ($0.97) for quarter
WOODBURY, N.Y., Jan. 11, 2011 /PRNewswire via COMTEX/ -- Jennifer Convertibles, Inc. (Pink Sheets: JENNQ) announced today its financial results for the first fiscal quarter ended November 27, 2010.
For the first quarter, revenue from continuing operations increased by 3.6% to $18,520,000 from the $17,877,000 reported for the same period last year.
For the first quarter, the Company had a net loss of $3,360,000, or ($0.48) per basic and diluted share, compared to net loss of $6,870,000, or ($0.97) per basic and diluted share for the same period last year.
For the first quarter, operating margins from continuing operations decreased to 24.7% as a percentage of revenue from continuing operations compared to 28.0% for the same period last year.
For the first quarter, selling, general and administrative expenses from continuing operations decreased by 6.7% to $7,073,000 from $7,580,000 reported for the same period last year.
During the first quarter, the Company closed ten stores of which four were located in New York, three in New Jersey, two in California and one in Virginia compared to one store closing in Arizona in the same period last year. The operating results of the closed stores in New York, New Jersey, California and Virginia are recorded in continuing operations based on management's judgment that there will be significant continuing sales to customers of the closed stores in other stores in the area. The operating results of the closed store in Arizona were reported as discontinued operations. Income (loss) from discontinued operations was $62,000 and ($967,000) during the thirteen-week periods ended November 27, 2010 and November 28, 2009.
Harley J. Greenfield Chief Executive Officer of Jennifer commenting on the results of the quarter said, "During the quarter we continued to restructure our leases, close and consolidate unprofitable stores, and continue to focus our attention on our stronger markets. Most importantly we focused on our customers, providing them with products that have incredible value and not allowing the bankruptcy to impact them in any way. We intend to exit bankruptcy as a stronger company continuing to satisfy our customer's needs."
Mr. Greenfield added, "We are pleased with the growth of our Ashley Furniture HomeStores Division, increasing revenue in the quarter by almost 80% to $6.85 million from the $3.815 million recorded in the same period last year. In addition, operating income for the Division, before corporate overhead increased by 149% to $419,000 from the $168,000 recorded in the same period last year.
Jennifer Convertibles is the owner and licensor of the largest group of sofabed specialty retail stores in the United States, with 65 Jennifer Convertibles(R) stores and is the largest specialty retailer of leather furniture with 8 Jennifer Leather stores. As of January 11, 2011, the Company owned 73 stores and operates six licensed Ashley Furniture HomeStores.
Statements in this press release other than the statements of historical fact are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including changes in retail demand, vendor performance and other risk factors identified from time to time in the Company's filings with the Securities and Exchange Commission that could cause actual results to differ materially from any forward-looking statements. These forward-looking statements represent the Company's judgment as of the date of the release. The Company disclaims, however, any interest or obligations to update these forward-looking statements.
wwow!! JENNQ looks like a GREAT PLAY! This can test .50 soon! Chapter 11 coming out of BK!
i got my buy in. Hopefully it gets filled!!! Such a small float, this can be .25 in no time!
WOW. I JUST LOOKED INTO IT AND THIS STOCK HAS HUGEEEE POTENTIAL!!!
dont get me wrong here fellas. Just trying to find out more info. I might be a buyer :)
oh i see. Is there a chance they keep these shares? I doubt they will vote to get rid of them?
shares are worthless people. They will issue new shares when they come out of chapter 11 . Sorry.
load up baby! Noel Devine (future NFL star) post on twitter regarding DRGI
LOAD UP BABY!!! NFL Star confirms DGRI is going to xplode on twitter!!!
http://twitter.com/#!/noeldevinecom
mm's will take this up to 3 cents by the close- i am telling you guys!!! Load up here!
0.03 today for sure!
we break 0.03 today - trust me!
I think we test the .0015 range before we break 0.0025
no volume! this wont go any higher without any buys! Volume has been low
0.03 coming people - buy buy buy
http://www.youtube.com/watch?v=73jd_1j78Vw&feature=player_embedded#!
according to CEO interview JUNGO will be a monster!!!!!!!!11
jungo has hit the mother load btw!!!!!!!!!!
0.03 on deck sooooon
big day coming!!! golden cross is in effect!
golden cross!!!!!!!!!!!!!!!!!!
TIME TO LOAD UP PEOPLE!!!!!!!!!!!!!!!
we see 0.04 today!!!
lets pull an all niter- where you going?
get ready for not just up, but UPPPPPPPPPPPPPPPp
couldn't have said it better buddy~ God Bless.
any1 else up now? Come on people!!! this is going to have a great day...
good point, but everyone does agree- its screaming buy for anything under 0.05
this hasn't even started its run yet!!!!
Jungo results will be amazing. Can't wait for them to announce it and update us!!!
can we be the #1 board today? Lets do it!
because more and more new investors are coming. They see the value and potential of this baby!
this stock will hit .20 one point in 2011. Who knows when ?
golden cross!!!! a gift from JESUS