Fotomat Deal Announced: Quarry Stores Being Sold

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Fotomut Deal Announced 1 1 _ ~ 1 __
Q "St A B 'nt Sold
_ _QV ei £1 i1
_ _ _ _ ._ _ ea 2 5, ini; _ _ 1 1 1 _
Fotomet Core- has it€nt3tiV€lY d 91 4 _ 1 and its headquarters ar'ein’La .}o=lla,j
agreed with The _Quarry Ing, here to _ 0 ,ay ' ` _ _ Calif., and Stamford, Conn. ‘ 1 j_
buy Quarry’s fiveistore _retail camera 1 _ ‘ . 1 _ ' 1 5 1 “ Sales in its fiscal year ended Jan.. 31_
business and industrial photography 1 _6 5' » ` _ are expected to be up about 201pe'r
supply trade. 1 _ J _ _ ‘ _ BUS] ; QSS _ cent from ~la'§t years $12o_mi111on1__
. Terms of the deal were not dis- __ _ ` _ _ when audited figures are available,
'closed. 1_ _ ’ _ 1 __ 1 1 according to Jerry Bollinger, Fotomatl _
" The 'photography business 'accounts 11 _ _ _ _ 1 senior vicepresident for finance. __
for"about»30»'per"icent of Quarry’s total Ainsworth, Quarry lbhoto manager __ That compares to 1968, when the’ '
_'revenues but company" officials de- and likely director of he new unit. _ ¢<=_jcornpany had_20 stores grossing $4005
_clineto reveal Qli3Hy’s~ annual sales. _ Ainsworth joined _ he Quarry in_ 000. _ _ . ' '_
1Quarry’s "rnain _line of business is 1972_after'eight year _with GAF_'Corp. _ ' _ ' '1 Y _ 1 _ _ I
physician and hospital supplies. Until _and has operated c 1 era stores in " EARNING LAST year were $1.29 1-
five years ago, the 80-year-old local ' Florida. 1 __ A per share, including 32 cents worth of _
enterprise had operated _a chain of Quarry’s photogra `y business is 25 _ tax loss carry forwards, which_Foto- '_
" drug stores _-liere. __ __,“ _ ' years old. _ 1 ~ fl ' mat has now used up. - _ _ '1_ ; T1 __
‘_ The drug stores were sold, at the ' In 'thepast four y ffrs, The Quarry /_ Net income this‘year wi11'thus`be 1
retirement of Robert C; Bliss as presi- _ has _doubled its retgél" camera bus- T I somewhat lower than fiscal 1976, says ~_
dent. _He~ has been sueceeded by his iness. » Outlets have §__‘een opened in Bollinger, but -operating-profits wily'
son Robert A._ Bliss, who was out of SaginaWTandfFlint throoioco-' _be up; ` _ f
_ the city and unavailable for.comment tions -in Ann Arbor.. _ Photoshardware sales account _ foiiq.
on the sale report. ' __ ' _ 1 Ainsworth says t1°'f expansion is .»~1 only a‘small percentage of Fotomat’°§}‘_
` _ _ ` _1 _` ` 1 scheduled to continu this year with ' revenues at`present.`Most of its sal1es_.°`1__
ACCORDING T0_ other Quarry _ offi- _ more store openings. __ _ _ come from the sale. and processing df; '
cials, Eotomat would operate ` -_ _ _ W _ ' film through its 2,850 stores. " ‘m ff Q
Quarry’s five camera stores as part of 1 HE SAYS QUARR _‘S photo opera-1 _Those stores are being added atfthe 11
_ atnewsubsidiary that will inclilde six 1 tions have beeltprofi ble. i _ ‘ ‘paceof more than'500 a year, accordgf
of Fotomat’s own _retail camera _stores Eotomat Corp, is a rapidly growing ing tb Bollinger. They are _mostlyf _
in southern California. _ 3 _ _ 'national photo br icessing chain_ __ company-owned' outlets. 11 _ _' _
The subsidiary wouldcontinue to be known 'for its ph e b_ooth-sized _ Fotomat prdcesses its _own prints'
based here and operated under The- 1 “kiosk” stores. ` 1 f ‘ and contracts with Kodak/and other .
Quarry name,” according to Brian Its stockfisq traded 1 ver-the-counter _ firms to process -slidesand movies. j