AFGL International reports first quarter 1996 results; company earnings increase by 189%.NEW YORK--(BUSINESS WIRE)--May 16, 1996--AFGL International, Inc. (Nasdaq: AFGL AFGL Air Force Geophysics Laboratory ) today announced the results of the first quarter ended March 31, 1996. Net income rose 189% to $606,476 for the first quarter of 1996, up from $201,157 for the same period in 1995. 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 $5.5 million for the first quarter of 1996, a 22% increase from revenues of $4.5 million for the same period in 1995. Primary earnings were $0.10 per share for the first quarter 1996, compared to $0.04 per share for the first quarter 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 $0.08 per share for the first quarter 1996, up from $0.03 per share for the first quarter 1995. "The improvement in first quarter earnings is attributable to increased revenues from our 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. segment, driven by strength in 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 and a resulting increase in the hiring activity of our clients," 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. "The strength in our human resources business comes at an exciting time for the Company as we pursue the completion of our first acquisition in the temporary staffing industry," continued Roseman. On April 12, 1996, the company announced that it had signed a definitive agreement to acquire 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, a New York-based staffing services company. "We anticipate that this will be the first of several acquisitions over the next few years, as we look to build a national staffing company for the financial services industry," said Gary Goldstein Gold·stein , Joseph Leonard Born 1940. American biochemist. He shared a 1985 Nobel Prize for discoveries related to cholesterol metabolism. , chairman and chief executive officer of AFGL International. AFGL International, Inc. is a leading provider of human resources 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 other operations are The Whitney Group, a provider of human resource management services, and Furash & Company, a provider of 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. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31,
1996 1995
REVENUE FROM HUMAN RESOURCE MANAGEMENT $ 4,663,318 $ 3,157,646 REVENUE FROM ADVISORY SERVICES 836,817 1,341,777 TOTAL REVENUE 5,500,135 4,499,423 TOTAL OPERATING EXPENSES 4,268,405 3,580,950 OPERATING INCOME 1,231,730 918,473 OTHER EXPENSES (INCOME) - NET 79,162 (14,051) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE 1,152,568 932,524 INCOME TAX EXPENSE 535,909 414,380 INCOME FROM CONTINUING OPERATIONS 616,659 518,144 DISCONTINUED OPERATIONS: Loss from Operations of Discontinued Segment (Net of Income Tax Benefit of $244,751) -- (287,316) INCOME BEFORE MINORITY INTEREST $ 616,659 $230,828 NET INCOME 606,476 210,157 NET INCOME AVAILABLE FOR COMMON STOCKHOLDERS $ 592,476 $196,157 PRIMARY EARNINGS PER COMMON SHARE Continuing Operations $ .10 $ .09 Net Income $ .10 $ .04 FULLY DILUTED EARNINGS PER COMMON SHARE Continuing Operations $ .08 $ .07 Net Income $ .08 $ .03 PRIMARY NUMBER OF SHARES 5,646,222 5,507,203 FULLY DILUTED NUMBER OF SHARES 7,136,751 6,839,618 CONTACT: AFGL International, Inc. Julie Risi, 212/508-3520 or Strategic Growth International Richard Cooper Richard Cooper may refer to:
Alan Goldsand 516/829-7111 |
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