AIR EXPRESS INTERNATIONAL REPORTS SECOND QUARTER RESULTS.DARIEN, Conn.--(BUSINESS WIRE)--Air Express International Corporation today reported net income of $7,557,000, an increase of 23% over second quarter 1994 net income of $6,149,000. 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 was $.39 per share compared to $.33 for the same period last year. For the first six months of 1995, net income was $12,670,000, an increase of 32% over the $9,631,000 of net income reported for the first six months of 1994. Fully diluted earnings per share for the first six months of 1995 was $.66 compared to $.53 in 1994. Revenues for the quarter increased 28% to $304,354,000 and operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. increased 28% to $13,048,000. For the first six months of 1995, revenues and operating profit increased 33% to $588,427,000 and $21,633,000, respectively, over the first six months of 1994. In commenting on the results, Dennis M. Dolan, Vice President and Chief Financial Officer, stated, "We are pleased that the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. earning trends have continued through the second quarter despite operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. in our German, South African and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. operations. Turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. strategies for these countries have been developed and are being implemented. Our operations in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , the Far East and Europe, excluding Germany, recorded excellent results in the quarter." -0-
For the Quarter For the Six Months
Ended June 30 Ended June 30
1995 1994 1995 1994
(Dollars in thousands, except per share data)
(Unaudited)
Gross revenues $304,354 $237,999 $588,427 $442,809 Income before taxes $12,474 $ 9,989 $ 20,778 $ 15,533 Provision for income taxes 4,917 3,840 8,108 5,902 Net income $ 7,557 $ 6,149 $ 12,670 $ 9,631 Earnings per share: Primary $.42 $.35 $ .70 $.55 Fully diluted $.39 $.33 $ .66 $.53 Weighted average number of common shares (000): Primary 18,145 17,564 17,991 17,528 Fully diluted 21,436 20,864 21,307 20,841 CONTACT: Dennis M. Dolan Vice President and Chief Financial Officer 203/655-5713 |
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