AMPI Reports Year End EPS of $1.67, Up 4%; Fiscal 2000 Revenues Increase 13%.Business Editors SANTA ANA Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Calif.--(BUSINESS WIRE)--Aug. 7, 2000 Amplicon Inc. (Nasdaq:AMPI AMPI Asociación Mexicana de Profesionales Inmobiliarios (Mexican Association of Real Estate Professionals) AMPI Associated Milk Producers Inc. AMPI Adaptive Message Passing Interface AMPI Automated Mission Planning Infrastructure ) Monday Monday: see week. announced that total revenues for the fiscal year ended June June: see month. 30, 2000 increased 13% to $80.1 million compared with $71.2 million reported for fiscal 1999. Net earnings of $20.0 million for the fiscal year ended June 30, 2000 were up 1% from net earnings of $19.7 million for fiscal 1999. 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 for fiscal 2000 increased 4% to $1.67 per share, compared with $1.60 per share for fiscal 1999, benefiting from a lower number of common shares outstanding. For the fourth quarter ended June 30, 2000, total revenues increased 30% to $25.5 million, compared with $19.6 million for the fourth quarter a year ago. Net earnings were essentially flat at $5.1 million for the fourth quarter of both fiscal years. Diluted earnings per share increased 2% to $0.43 compared with $0.42, again benefiting from a lower number of common shares outstanding. The increase in revenues for the fourth quarter and full fiscal year reflect strong revenues from the sale of leased property and increased interest income from cash investments. However, these results were offset by lower lease revenues from direct financing direct financing The raising of funds without using an intermediary. For example, a firm may decide to save an underwriter's fee by offering new securities directly to investors. leases, reflecting the impact of a smaller lease portfolio and a lower volume of new lease originations. Gross profit for the fourth quarter increased 3% to $12.5 million, compared with $12.2 million for the quarter ending June 30, 1999. For the fiscal year ended June 30, 2000, gross profit was relatively flat at $49.3 million, compared with $49.0 million for the year ending June 30, 1999. Amplicon's gross profit benefited in both periods from increased income recognized from leased property sales, lower provisions for credit losses and higher interest income from cash investments, which gains were offset by decreased interest income from direct financing leases. The lower interest income earned from direct financing leases is primarily due to a decline in the investment in capital leases. Commenting on the results, Patrick E. Paddon, president and chief executive officer, indicated that "Fiscal 2000 was a year of change for Amplicon. Significant attention was focused on the development of new business opportunities. We expect these initiatives to contribute to the long term prospects of the company. These investments had some impact on fiscal 2000 earnings, and will continue to impact fiscal 2001 results as these projects are funded. At this time, Amplicon has a significant amount of capital that is underutilized. At June 30, 2000, Amplicon's cash and short term investments stood at $92.5 million. Management's objective is to invest this capital in leasing assets, strategic new business opportunities and the company's share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program that we believe will offer better returns to our shareholders than we have realized with such high cash balances. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. at June 30, 2000 was $167.2 million, which included the effect of stock repurchases Stock repurchase A firm's repurchase of outstanding shares of its common stock. aggregating $4.6 million during the fiscal year. As a result, at June 30, 2000, Amplicon's book value was $14.63 per share." Founded in 1977, Amplicon Inc. has assets of more than $400 million and is based in Orange County, Calif. The company leases high technology capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) nationwide utilizing an innovative sales management Sales Management Role and Goal Importance of sales management is critical for any commercial organization. Expanding business in not possible without increasing sales volumes, and effective sales management goal is to organize sales team work in such a manner that ensures a organization that delivers cost effective leasing alternatives to meet customer needs. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which involve management assumptions, risks and uncertainties. Consequently, if such management assumptions prove to be incorrect Incorrect means to not be correct and may also refer to:
v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , the company's actual results could differ materially from the results forecast in the forward-looking statements. For further discussion regarding management assumptions, risks and uncertainties, readers should refer to the company's 1999 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and the 2000 quarterly reports on Form 10-Q Form 10-Q See 10-Q. .
AMPLICON INC.
Condensed Statements of Earnings
(000's except per share data)
Three Months Ended Year Ended
June 30, June 30,
2000 1999 2000 1999
Leasing
revenues $ 6,634 $ 11,645 $42,368 $47,373
Sales of leased
property 17,404 7,223 33,190 21,794
Interest and
other income 1,421 693 4,556 2,004
Total Revenues $25,459 $19,561 $80,114 $71,171
Gross Profit 12,516 12,152 49,379 48,994
Earnings before
income taxes 8,242 8,312 32,535 32,082
Net earnings $ 5,069 $ 5,112 $20,009 $ 19,730
Basic earnings
per share $ 0.44 $ 0.43 $ 1.72 $ 1.66
Diluted earnings
per share $ 0.43 $ 0.42 $ 1.67 $ 1.60
Weighted average
common shares
outstanding 11,477 11,869 11,617 11,854
Diluted common
shares
outstanding 11,740 12,271 11,941 12,299
AMPLICON INC.
Condensed Balance Sheets
(000's)
ASSETS June 30, 2000 June 30, 1999
Cash and short term
investments $ 92,540 $ 59,337
Net receivables 12,747 22,785
Property for transactions in process 25,909 35,398
Net investment in capital leases 80,645 84,617
Other assets 1,238 1,170
Discounted lease rentals assigned to
lenders 196,778 263,462
$ 409,857 $ 466,769
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 1,689 $ 7,159
Income taxes payable, including deferred
taxes 30,271 29,405
Other liabilities 13,935 13,168
Nonrecourse debt 196,778 263,462
Total liabilities 242,673 313,194
Stockholders' Equity 167,184 153,575
$ 409,857 $ 466,769
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