BCT International, Inc. Announces Record Revenues and Earnings for FY1999.FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--April 13, 1999-- Foundation for Future Growth Based On New Products, Marketing Initiatives and Internet BCT BCT - Basic Cadet Training (United States Air Force Academy) BCT - Basic Combat Training BCT - Bat Conservation Trust (UK) BCT - Battle Command Training BCT - Battlefield Command Terminal BCT - Battlefield Communications Terminal BCT - Bay City Times (Michigan newspaper) BCT - Beam Change Trigger BCT - Behavior Consultation Team BCT - Best Control Technology BCT - Best Conventional Pollutant Control Technology (EPA) International, Inc. (Nasdaq: "BCTI BCTI - Battlefield Control Terminal Interface BCTI - Business Computer Training Institute"), which through its Franchises operates the world's largest wholesale printing chain, today announced record revenues and earnings for its 1999 fiscal year. For the year ended February 28, 1999, revenues increased 9.3% to a record $18.6 million, compared with revenues of $17.0 million in the previous fiscal year. Net income increased 39% to $2,174,000, or $0.39 per diluted share, versus net income of $1,565,000, or $0.28 per diluted share, in the fiscal year ended February 28, 1998. In the quarter ended February 28, 1999, the Company's revenues rose to $4.7 million, and net income totaled $376,000, or $0.07 per diluted share . This compared with revenues of $4.4 million and net income of $404,000, or $0.07 per diluted share, in the fourth quarter of the previous fiscal year. Revenues for the years and quarters ended February 28, 1999 and 1998, exclude sales from three company-owned plants. BCT plans to resell these plants during the next few months. Losses from these plants for the year and three months ended February 28, 1999 totaled $368,000, and $114,000, respectively. Further, the Company provided reserves of $89,000 during the fourth quarter of FY1999 in anticipation of operating losses which will be incurred by the company-owned plants during FY2000 until their disposition. It is expected that cumulative proceeds from the sale of these plants will generate a net gain, which will be deferred and recognized in future periods. "Management is pleased to report another year of record revenues and earnings for Fiscal 1999," stated James Kaufenberg, President and Chief Executive Officer of BCT International, Inc. "The increase in our core business was excellent. We established a new relationship as the exclusive supplier of business stationery products to the more than 700 CopyMax centers which are located within OfficeMax stores throughout the United States. We also published new catalogs for Business Stationery and Labels and Rubber Stamps last year. This will set the stage for further sales gains by our Franchises and by our Pelican Paper division in the current fiscal year." "We believe that BCT International is positioned for impressive growth as we approach and enter the 21st Century," commented William Wilkerson, Chairman of BCT International, Inc. "The development and successful implementation of our new Internet ordering system will allow our Franchises to offer customers state-of-the-art convenience and ease of use which is unmatched by our competition. The success of our Franchises will benefit BCT shareholders through increased royalties and greater sales for Pelican Paper. We look forward to the future with great enthusiasm." The Company also announced that it has repurchased approximately 270,000 shares of its common stock, at an average price of $2.33 per share, since the authorization of a share repurchase program by its Board of Directors in June 1998. BCT International, Inc. is a holding company which operates Business Cards Tomorrow, the world's largest wholesale printing chain, with 89 Franchises in the United States, Canada, and Argentina. 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 provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements 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)
Feb. 28, Feb. 28,
1999 1998
Revenues $ 18,606 $ 17,022
Net income $ 2,174 $ 1,565
========= =========
Net income per common share:
Basic $ 0.41 $ 0.32
========= =========
Diluted $ 0.39 $ 0.28
========= =========
Weighted Average Shares Outstanding:
Basic 5,323,274 5,229,749
========= =========
Diluted 5,596,703 5,621,408
========= =========
Three Months Ended
Feb. 28, Feb. 28,
1999 1998
Revenues $ 4,685 $ 4,421
Net income $ 376 $ 404
========= =========
Net income per common share:
Basic $ 0.07 $ 0.08
========= =========
Diluted $ 0.07 $ 0.07
========= =========
Weighted Average Shares Outstanding:
Basic 5,217,998 5,301,776
========= =========
Diluted 5,627,834 5,557,234
========= =========
|
|
||||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion