Factory Stores of America earnings

Tuesday, May 14, 1996 | 11:59 a.m.

COMMENTS: Company officials say the net income reflects higher depreciation in addition to higher expenses resulting from a new definition regarding how funds from operations are calculated. "Our first quarter results are slightly above our expectations," said J. Dixon Fleming Jr., chairman and CEO. "During the period, we issued $20 million of the $25 million available in unsecured exchangeable notes and $5 million in unsecured senior notes. We also closed on a new $75 million credit facility which represents a $5 million increase to our previous facility. These additional funds will be used throughout the year to complete our current expansion plans, repay debt and as additional working capital to assist in our pursuit of new growth opportunities." Factory Stores of America operates 36 outlet shopping centers across the country, including one in Las Vegas. (NYSE: FAC) More earnings, Page 9D.

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