Minneapolis-based K-Tel International reported an increase in consolidated net sales for the first quarters of its fiscal year, which ended Sept. 30.
Consolidated net sales for the quarter were $ 12,258,000, up from $ 6,955,000 for the same period last year.
Operating income was $ 344,000, up from $ 214,000 last year, and net income was $ 98,000, or three cents per share, vs. $ 65,000 or two cents per share in 1991.
The sales increase was attributed to strong sales of music and consumer convenience products in the U.S. and Europe by Mickey Elfenbein, president of K-Tel International. K-Tel’s Spanish company began operations as a branch in Sept. 1991 and contributed significantly greater sales in this year’s first quarter.
K-Tel deals in theme-oriented music compilation packages and new releases, special interest videos, and household items, automotive care and fitness products sold in the U.S., Europe and New Zealand.