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Jennifer posts profit on 7.7% revenue rise

By Furniture Today Staff -- Furniture Today, January 19, 2003

Woodbury, N.Y. — Jennifer Convertibles posted a $503,000 profit and a 7.7% revenue increase in its first quarter as the sofa-sleeper specialty chain continued to focus on merchandising, marketing and belt-tightening.

Revenues for the quarter ended Nov. 30 rose to $37.1 million from $34.4 million in the year-ago period. Same-store sales increased 4.6%. In last year's first quarter, Jennifer had a $422,000 net loss.

The earlier period was affected by an accounting change in which $1.8 million in revenues and the associated profit related to fabric protection were deferred and recognized in the fourth quarter. No fabric protection revenues were deferred in the latest quarter, and those revenues now are booked upon delivery of the merchandise.

The company opened three stores during the quarter for a network total of 182 Jennifer Convertibles units and 17 Jennifer Leather stores. That includes 123 company-owned stores and 76 licensed units.

"In this weak retail climate, we continue to look for creative opportunities in marketing and merchandising while simultaneously being focused on reducing expenses," said Harley Greenfield, chief executive officer. "We are well positioned to take advantage of any strengthening of the retail environment."

Jennifer Convertibles
Earnings per share are fully diluted, and all figures in parentheses are losses or declines.
Quarter ended 11/30	2002	2001	Change
(a) Includes service contract revenues of $2.4 million in the 2002 quarter and $318,000 in the 2001 quarter. (b) Based on average shares outstanding of 7.8 million in the 2002 quarter and 5.7 million in the 2001 quarter.
Revenues (a)	$37,075,000	$34,437,000	7.7%
Operating income	980,000	29,000	3279.3%
Net income	503,000	(422,000)	—
Earnings per share (b)	0.06	(0.07)	—

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