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Encouraged by improved earnings and the introduction of new product lines and departments, officers are hopeful that Phar-Mor Inc.'s third year in bankruptcy will be its last.
"We have performed this [fiscal] year above expectations," says David Schwartz, Phar-Mor president. "There's nothing that would indicate next year will be any different."
Schwartz characterizes 1994 as "a busy but financially rewarding year," during which the company did better than anticipated. A financial statement of operations filed with U.S. Bankruptcy Court shows sales at nearly $1.9 billion for the 53-week period ended July 2, with earnings before interest, taxes, deductions and amortization of more than $52.6 million.
"Our earnings performance for the year was in excess of our business plan, about 30 percent better," he reports. "It's given us the...