AIR EXPRESS INTERNATIONAL REPORTS FOURTH QUARTER AND YEAR END RESULTS.DARIEN Darien, town, United States Darien (dâr`ēĕn'), residential town (1990 pop. 18,130), Fairfield co., SW Conn., on Long Island Sound; settled c.1641, inc. 1820. , Conn.--(BUSINESS WIRE)--Feb. 16, 1995 Air Express International Corporation today reported fourth quarter net income of $6,678,000, an increase of 39% over the 1993 fourth quarter. Earnings per share for the fourth quarter 1994 were $.38 primary and $.35 fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , compared to $.27 for the 1993 fourth quarter. For the year 1994, net income was $22,619,000, a 30% increase over 1993 full year earnings of $17,340,000, and earnings per share were $1.28 primary and $1.21 fully diluted, compared to 1993 earnings per share of $.99 primary and $.97 fully diluted, respectively. Included in fourth quarter and 1994 net income is a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. , non-recurring after tax charge of $600,000, or $.03 per share, pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to the Company's withdrawal from a multi-employer pension plan. Revenues for the fourth quarter and full year 1994 increased 40% to $296,395,000 and 37% to $997,379,000, respectively. The increase in revenues was due to substantially stronger airfreight air·freight n. 1. A system of transporting freight by air. 2. The amount charged for transporting freight by air. air shipping volumes and the inclusion of revenues from companies acquired in 1994 and the second half of 1993. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the fourth quarter and full year 1994 increased 31% to $11,197,000 and 22% to $38,206,000, respectively. In commenting on the results, Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the M. Dolan, Vice President and Chief Financial Officer, stated, "With record revenues of nearly $1 billion and record earnings of over $22 million, we look back at another year of good progress for AEI AEI American Enterprise Institute AEI Archive of European Integration AEI Australian Education International AEI Automotive Engineering International AEI Australian Education Index AEI Albert Einstein Institute . What makes it particularly significant is that these fine results were accomplished in a very difficult and highly price competitive industry environment. All of our operations around the world and our new acquisitions contributed to making 1994 a great year for our Company." -0-
AIR EXPRESS INTERNATIONAL
FINANCIAL HIGHLIGHTS
For the Quarter For the Year
(Dollars in thousands, Ended December 31, Ended December 31,
except per share data) 1994 1993 1994 1993
(Unaudited)
Gross revenues $296,395 $211,788 $997,379 $725,719
Income before taxes $ 10,858 $ 7,642 $ 36,779 $ 27,981
Provision for income taxes 4,180 2,850 14,160 10,641
Net income $ 6,678 $ 4,792 $ 22,619 $ 17,340
Earnings per share: Primary $.38 $.27 $1.28 $.99 Fully diluted $.35 $.27 $1.21 $.97 Weighted average number of common shares (000): Primary 17,735 17,513 17,612 17,538 Fully diluted 21,066 20,804 21,019 20,556 CONTACT: Air Express International Dennis M. Dolan, 203/655-5713 |
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