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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A-1
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended May 2, 1999
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from __________ to __________
Commission file number 33-42701
PREMIER CONCEPTS, INC.
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(Exact Name of Small Business Issuer as
Specified in its Charter)
Colorado 84-1186026
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(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification Number
3033 South Parker Road, Suite 120, Aurora, Colorado 80014
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(Address of principal executive offices) (Zip Code)
(303) 338-1800
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(Issuer's telephone number, including area code)
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(Former name, former address and former fiscal year,
if changed since last report)
Check whether the Issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the last 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes [X]
No [ ]
As of June 14, 1999, the Registrant had 1,064,128 shares of its $.002 par
value Common Stock outstanding.
Transitional Small Business Disclosure Format (check one): Yes [ ] No [X]
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Results of Operations - Three Months Ended May 2, 1999 Compared to Three
Months Ended April 26, 1998
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Set forth below is selected summary financial data derived from the
financial statements and financial records.
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<CAPTION>
Three Months Three Months
Ended Ended
May 2, 1999 April 26, 1998
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<S> <C> <C>
Statements of Operations Data:
Total Revenues $2,815,098 $ 2,914,289
Operating income (loss) (233,181) (329,935)
Net income (loss) (239,188) (331,578)
Net income (loss) available to
common shareholders (239,188) (331,578)
Net income (loss) per common share (.24) (.37)
Weighted average shares outstanding 990,377 887,513
Statistical Data:
Store revenues $2,803,997 $ 2,912,619
Store gross margin 1,948,354 1,980,856
Store operating expenses 1,761,262 1,905,171
Store operating profit 187,092 75,685
Corporate overhead operating expenses 421,444 391,518
Gross margin percentage 69.3% 67.9%
Comparable same store sales
(31 stores) 2,525,055 2,624,745
Comparable same store sales growth -3.8% N/A
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Total revenues for the three months ended May 2, 1999 were $2,815.098 as
compared to $2,914,289 for the comparable period ended April 26, 1998, a
decrease of $99,191, or 3.4%. Comparable same store sales were $2,525,055 for
the three months ended May 2, 1999 as compared to $2,624,745 for the
comparable period ended April 26, 1998, a decrease of approximately $99,700,
or 3.8%. The majority of the decrease was attributable to less promotional
activity during the quarter ending May 2, 1999, to enhance the gross margin.
Sales from wholesale and non-store retail operations, including direct
catalog and Internet sales of $11,100 and $1,670 are included in total
revenues for the three months ended May 2, 1999 and April 26, 1998,
respectively.
For the three months ended May 2, 1999, cost of goods sold was $865,035
and the gross margin was $1,950,063, or 69.3%. For the three months ended
April 26, 1998, cost of goods sold was $936,970 and the gross margin was
$1,977,319, or 67.8%. The 1.5% improvement in gross margin is attributed to a
more focused merchandise mix, and less promotional activity during the three
months ended May 2, 1999 as compared to the same period during 1998.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PREMIER CONCEPTS, INC.
Dated: July 2, 1999 By: /s/ Sissel Greenberg
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Sissel Greenberg, President
Dated: July 2, 1999 By: /s/ Todd Huss
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Todd Huss, Chief Financial
Advisor, Principal Accounting
Officer
