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Rex Revenue Up 166%

DAYTON, OH-Electronics and appliance retailer Rex Corp.'s Q2 income totals $8.7 million, up from $3.3 million last year.

By Dana Dubriwny | Updated on September 01, 2005

DAYTON, OH-Electronics and appliance retailer Rex Stores Corp. reported a 166% increase in income during the company’s second quarter ended July 31. Income for the period totaled $8.7 million or 70 cents per diluted share compared to $3.3 million, or 26 cents per diluted during the same period last year.

The company said that second quarter earnings included $10.4 million of pre-tax income from synthetic fuel investments, including a one-time $3.5 million payment related to a synthetic fuel facility resuming commercial operations, compared to $3.3 million of comparable investment income in the year-ago period. Net sales fell 1% to $84.7 million from $85.8 million last year, while comparable store sales during the period fell 1% compared to the same year-ago period.

During the company’s Q2 earnings conference call, Stuart Rose, Rex Stores’ chairman and chief executive officer, attributed the positive quarter to the company’s increase in synthetic fuel investments, and higher sales in air conditioning units, light-engine and plasma television sets. Adversely, sales of tube and regular high-definition televisions were down.

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