Newspaper article THE JOURNAL RECORD

Briefly.Worldwide

Newspaper article THE JOURNAL RECORD

Briefly.Worldwide

Article excerpt

Sound Warehouse Net Income Up DALLAS - A 60 percent increase in net income to $261,000, or 5 cents per share, was reported Wednesday for the second fiscal quarter ended Nov. 30 by Dallas-based Sound Warehouse Inc., which has stores in Oklahoma City

The net income for the quarter was up from $163,000, or 3 cents per share, for the second quarter of the previous fiscal year. Revenues for the quarter totaled $43.9 million, up 7.2 percent from $41 million.

For the first six months of the fiscal year, net income was $1.9 million, up 26 percent from $1.5 million for the first six months of the previous fiscal year. Net income per common share for the six month period increased 32 percent to 37 cents from 28 cents the previous fiscal year.

Revenues for the first six months totaled $90.7 million, up 7.3 percent from $85.5 million.

Net income for the three and six months reflect increased gross margin on product sales compared to the 1987 periods, partially offset by higher amortization on video rental tapes and increased new store opening expenses.

Monetary Penalties for SEC Violations Sought WASHINGTON - The head of the enforcement division of the Securities and Exchange Commission said that the federal agency would ask Congress to pass legislation allowing the SEC to seek monetary penalties for all civil violations of the federal securities laws.

At present, the SEC can seek monetary penalties only for civil charges of insider trading.

Gary Lynch said that the SEC request would be included in a report to be sent to Congress next week. Congress had requested the report as part of its insider-trading legislation that became law last year. …

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