ACR Group Inc. reports surge in sales and earnings for fiscal 1995; two new branches opened.HOUSTON--(BUSINESS WIRE)--May 30, 1995--ACR Group Inc. ("ACRG ACRG Annual Compound Rate of Growth ACRG Applied Chemometrics Research Group ACRG Advanced Code Review Group ") today reported a record level of sales and pre-tax income for its fiscal year ended Feb. 28, 1995. Pre-tax income increased 27 percent, from $443,468, to $561,706, compared to the fiscal year ended Feb. 28, 1994. Sales increased 34 percent from fiscal 1994 to 1995, as the company's subsidiaries each recorded sales increases ranging from 13 percent to 105 percent over 1994. Both sales and pre-tax income are the highest since the company entered the HVACR HVACR Heating Ventilation Air Conditioning and Refrigeration distribution business in 1990. Net income for fiscal 1995 was $558,206, compared to $1,114,068, in fiscal 1994, when the company recorded a non-recurring tax benefit of $680,000, to adopt a new accounting standard for income taxes. The company also reported that it has recently opened two additional branches, bringing the total number of distribution outlets to 18. The newest store openings are in Forest Park, GA., a suburb south of Atlanta, and in McAllen, Texas, which borders Mexico. Each store opened in April 1995. Alex Trevino, Jr., chairman and president of ACRG, commented on the year-end results. "We are very pleased with our growth in sales and earnings, which were both well above the growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. in our industry. Even Valley Supply, which we started in May 1994, was profitable for the year. Our operations in Atlanta and 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 several of our Texas branches, generated remarkable sales increases in 1995. Economic activity in most of our trade areas is thriving, which makes us very optimistic about fiscal 1996." ACRG is a wholesale distributor of air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. , 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") equipment and supplies. Its operating subsidiaries are ACR See riser card. Supply, based in Houston, Total Supply, based in Atlanta, Heating and Cooling Supply based in Las Vegas, and Valley Supply based in Memphis. 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-
ACR Group Inc.
Selected Results of Operations
(in thousands of dollars except per share amounts)
Year Ended Quarter Ended
Feb. 28, Feb. 28,
1995 1994 1995 1994
Sales 41,281 30,862 8,633 6,337 Income before taxes 562 443 (189) (121) Federal income taxes (4) (9) (2) 183 Accounting adjustment/a -- 680 -- -- Net income 558 1,114 (191) 62 Earnings per share 5 cents 11 cents (2 cents) 1 cent Average shares outstanding 10,613,038 10,112,734 10,613,038 10,422,668 (a) Cumulative effect of accounting change for income taxes. CONTACT: ACR Group Inc., Houston Alex Trevino Jr. or Tony Maresca, 713/780-8532 |
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