Cousins Home Furnishings on Wednesday reported a $124,000 profit--its first quarterly profit since 1984--for the second quarter ended Dec. 31, 1987.
The San Diego-based operator of the Furnishings 2000 retail furniture chain reported a $3-million net loss for last year's second quarter. Second-quarter revenue rose by 23% to $27.1 million, up from $21.9 million during the same quarter a year ago.
Cousins reported a $768,000 net loss and revenue that rose by 15% to $50 million for the first half ended Dec. 31. The firm reported a $4.9-million net loss and $43.4 million in revenue for the previous first half.
Cousins said Wednesday that it would issue $1.5 million in common stock to the Brunton Corp. and Warburg, Pincus Capital Partners, L.P., the company's two largest shareholders. The private offering was required to boost Cousins' net worth to the level required for continued listing on the NASDAQ system.
Cousins' net worth had fallen to a negative $228,000 on Sept. 30, according to Chief Financial Officer Conrad Brownlee. The capital infusion raised Cousin's net worth to a positive $1.4 million, Brownlee said.
Cousins' two largest shareholders owned 76.8% of the company's stock on Dec. 31, 1987. The number of shares in the private offering has not been determined, according to Brownlee.