Advanced Marketing Services, a supplier of general interest books to membership discount warehouses including Price Co., reported second quarter net income increased to $460,000, from $107,000 for the like quarter a year ago. Sales increased to $20.4 million, from $13.3 million a year ago.
For the six months ended Sept. 30, AMS profit was $654,000, up from $175,000 for the same period last year. Year-to-date revenues were $37.1 million, contrasted with $24.3 million for the same two quarters last year.
AMS President Charles Tillinghast said in a prepared statement that the company's customers opened 22 new locations during the second quarter, bringing the total of discount warehouses served by AMS to 234.
AMS completed its initial public stock offering on July 1, raising $20.8 million through the sale of 1.6 million shares priced at $13 each. In over-the-counter trading Friday, AMS shares closed down $.25 at $9.75 per share.