BCT International, Inc. Announces 11% Revenue Growth for the 2nd Quarter and Results for the Six Months Ended August 31, 1999.FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--Oct. 14, 1999-- BCT BCT Brigade Combat Team BCT Basic Combat Training BCT Best Conventional Pollutant Control Technology (EPA) BCT Business Cards Tomorrow BCT Banque Centrale de Tunisie (Central Bank of Tunisia) International, Inc. (Nasdaq:BCTI BCTI Business Computer Training Institute BCTI Battlefield Control Terminal Interface ), which through its paper products division and franchises operates the world's largest wholesale printing chain, today announced its results for the six months ended August 31, 1999. For the six months ended August 31, 1999, revenues increased 8.2% to $10.1 million, compared with revenues of $9.3 million in the first six months of the previous fiscal year. Net income increased 3.3% to $1,267,000 or $.24 per 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. share versus net income of $1,227,000; or $.21 per diluted share, in the first six months of the previous fiscal year. In the quarter ended August 31, 1999, the Company's revenues increased 11% to $5.0 million, and net income totaled $623,000, or $.11 per diluted share. This compared with revenues of $4.5 million and net income of $558,000, or $.10 per diluted share, in the second quarter of the previous fiscal year. Revenue growth in the 2nd quarter was the result of increased sales by the paper products division, which reported a $488,000 or 15.7% increase in sales over the same period in fiscal 1999. Sales of the franchise network, which impacts royalty revenue, increased 1.2% during the 2nd quarter as compared to the 2nd quarter in fiscal 1999. "There were three significant one time events impacting pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. . On the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. side, the Company received $941,000 in a settlement of a lawsuit. On the other hand, we increased our bad debt allowance $650,000 and incurred severance and relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. expenses associated with the change in CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. amounting to $183,000", stated Peter Gaughn, President and CEO. "We continue to be pleased with the rollout of our Internet based ordering initiative; however, based upon the preceding factors and the current year increase in our effective tax rate, our revised outlook results in an expectation of net income being at or slightly below fiscal 1999 results." BCT International, Inc. is a holding company which, through its paper products division and its Business Cards Tomorrow franchises, operates the world's largest wholesale printing chain. The Company is headquartered in Ft. Lauderdale, Florida and its common stock trades on Nasdaq under the symbol "BCTI". This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect" or similar expressions. These statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. 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. inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. -0-
BCT INTERNATIONAL, INC.
SELECTED CONSOLIDATED FINANCIAL HIGHLIGHTS ($000)
(Unaudited)
Six Months Ended
August 31, August 31,
1999 1998
Revenues $ 10,064 $ 9,303
Net income $ 1,267 $ 1,227
Net income per common share:
Basic $ .24 $ .23
Diluted $ .24 $ .21
Three Months Ended
August 31, August 31,
1999 1998
Revenues $ 4,998 $ 4,505
Net income $ 623 $ 558
Net income per common share:
Basic $ .12 $ .10
Diluted $ .11 $ .10
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