AFGL International reports 2nd quarter 1996 results; Company earnings increase by 174% for six months.NEW YORK--(BUSINESS WIRE)--Aug. 14, 1996--AFGL International Inc. (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 : AFGL AFGL Air Force Geophysics Laboratory ) today announced the results of the second quarter ended June 30, 1996. Net income increased 144% to $244,394 for the three months ended June 30, 1996 from $100,415 for the same period in 1995. For the six months ended June 30, 1996 net income increased 174% to $850,870 from $310,572 a year earlier. The 1996 results are attributable to the new direction of the company and its focus on the staffing services industry. The results reflect one month of operations from the company's newly acquired temporary staffing division as well as the sale of the company's marketing and communications subsidiary at the beginning of the year. Consolidated revenues from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the were $11,015,445 for the quarter ended June 30, 1996, compared to $4,074,794 for the same period in 1995. For the six months ended June 30, 1996, revenues were $16,515,580, up from $8,574,217 a year earlier. Primary earnings were 3 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for quarter ended June 30, 1996, up from 2 cents per share for the same period in 1995. Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were 3 cents per share for quarter ending June 30, 1996 compared to 1 cent per share for the same period in 1995. In connection with the acquisition and refinancing, the company took a one time charge in the second quarter of 1996 to net income of $200,000 or 2 cents per share. For the six months ended June 30, 1996, primary earnings were 13 cents per share versus 5 cents per share for the same period in 1995. Fully diluted earnings per share were 11 cents from the first six months of 1996 up from 5 cents for the same period in 1995. "With the completion of the acquisition of Irene Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. Temps, Inc., and affiliates; the recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. of the Company; and the new banking relationship with ING Capital Corp., the Company is well positioned both strategically and financially for the future. The Company's cash position has improved significantly over the first six months of 1996 and is expected to continue to improve throughout 1996," said Barry Roseman, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and chief financial officer of AFGL International. "We anticipate a continuation of this type of growth both from internal operations and through acquisitions as we continue to build a national staffing company for the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry. We are currently in the process of identifying and evaluating several potential acquisition candidates that will complement our Irene Cohen acquisition," said Gary Goldstein, chairman and chief executive officer of AFGL International. AFGL International Inc. is a leading provider of human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. and advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . The company's operations include: Irene Cohen Temps and affiliates, a provider of staffing services, The Whitney Group, a provider of human resources management services, and Furash & Co., a provider of management and strategic advisory services. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , AFGL International also has offices in Washington, D.C., London, Tokyo and Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . -0-
AFGL INTERNATIONAL INC.
Financial Highlights (Unaudited)
(in thousands except for share and per share data)
Three months ended Six months ended
June 30, June 30,
1996 1995 1996 1995
Revenue $11,015,445 $ 4,074,794 $16,515,580 $ 8,574,217 Income from continuing operations before tax 654,350 186,089 1,796,725 1,118,613 Income tax expense 409,956 110,392 945,865 524,772 Income from continuing operations 244,394 75,697 850,870 593,841 (Loss) from discontinued operations --- (5,172) --- (292,488) Income before minority interest 244,394 70,525 850,870 301,353 Net income $ 244,394 $ 100,415 $ 850,870 $ 310,572 Net income available for common shareholders $ 158,311 $ 86,415 $ 750,787 $ 282,572 Primary earnings per common share Continuing operations $ 0.03 $ 0.02 $ 0.13 $ 0.11 Net income $ 0.03 $ 0.02 $ 0.13 $ 0.05 Fully diluted earnings per common share Continuing operations $ 0.03 $ 0.01 $ 0.11 $ 0.09 Net income $ 0.03 $ 0.01 $ 0.11 $ 0.05 Primary no. of shares 6,108,950 5,418,760 5,845,983 5,454,338 Fully diluted no. of shares 8,529,208 6,751,176 7,810,340 6,786,754 CONTACT: AFGL International Inc. Julie Risi, 212/508-3520 or Strategic Growth International Richard E. Cooper/Don Weinberger, 516/829-7111 |
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