ACR Group Inc. reports earnings for third quarter of fiscal 1995.HOUSTON--(BUSINESS WIRE)--Jan. 18, 1995--ACR Group Inc. ("ACRG ACRG Annual Compound Rate of Growth ACRG Applied Chemometrics Research Group ACRG Advanced Code Review Group ") today reported that pre-tax earnings for the first nine months of fiscal 1995 ended Nov. 30, 1994, increased 33 percent, from $564,846 to $751,381, compared to the same nine-month period in 1993. Pre-tax earnings for the third quarter ended Nov. 30, 1994, increased to $36,807, from $3,109 in the same quarter of 1993. The company noted that in the nine-month period ended Nov. 30, 1993, a net federal income tax benefit of $487,565 increased net income to $1,052,411. The tax benefit included a non-recurring adjustment of $680,000 to record the cumulative effect to Feb. 28, 1993, of adopting a new accounting standard for income taxes. In the third quarter of fiscal 1994, an income tax provision of $1,445 (which was substantially reversed in the fourth quarter of fiscal 1994) reduced net income to $1,664. Revenues for the nine- and three-month periods ended Nov. 30, 1994, increased 33 percent and 34 percent, respectively, from the comparable periods of 1993. All of the company's operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. reported significant increases in sales for both the quarter and the nine-month period ended Nov. 30, 1994, compared to 1993. Alex Trevino Jr., chairman and president of ACRG, commented on the company's third-quarter results. "Our third-quarter results met expectations, despite the fact that weather conditions were moderate during the entire period. We are very pleased with our year-to-date results of operations. We have achieved dramatic revenue increases in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. and Atlanta this year, and we maintained the pace during the third quarter. Valley Supply, which we started in Memphis in May Memphis in May is a month long festival held in Memphis, Tennessee. The festival itself is split into four main events: The Beale Street Music Festival, the kick-off event which showcases a mix of local and national music acts, International Week 1994, is profitable, and in November, exceeded sales projections for the first time. ACR See riser card. Supply has also maintained a growth rate of 10 percent for the year. The rate of growth in income and revenues in 1994 compared to 1993 has everyone excited about the company's prospects for 1995." ACRG is a wholesale distributor of air-conditioning, heating and refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. ("HVACR HVACR Heating Ventilation Air Conditioning and Refrigeration ") equipment and supplies. Its operating subsidiaries are ACR Supply, based in Houston, Total Supply, based in Atlanta, Heating and Cooling Supply, based in Las Vegas, and Valley Supply, based in Memphis. Valley Supply is the company's newest operation and commenced operations on June 1, 1994. ACRG's common stock is traded in the over-the-counter market over-the-counter market Trading in stocks and bonds that does not take place on stock exchanges. Such trading occurs most often in the U.S., where requirements for listing stocks on the exchanges are strict. with the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on symbol "ACRG." -0-
SELECTED RESULTS OF OPERATIONS
(In thousands of dollars except per-share amounts)
Nine Months ended Quarter ended
Nov 30, Nov 30,
1994 1993 1994 1993
Total revenues 32,835 24,732 10,127 7,582 Income before taxes 751 564 37 3 Federal income taxes (2) (192) (1) (1) Accounting adjustment/a -- 680 -- -- Net income 749 1,052 36 2 Earnings per share 7 cents 11 cents 0 0 Average shares outstanding 10,246,555 9,853,346 10,246,555 10,226,056 /a Cumulative effect of accounting change for income taxes. CONTACT: ACR Group Inc., Houston Alex Trevino Jr. or Tony Maresca, 800/284-8463 or Investor Relations Investor relations The process by which the corporation communicates with its investors. Bob Scheuermann, 206/456-3996 |
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