BHC Financial reports 1994 fourth quarter and year end earnings.PHILADELPHIA--(BUSINESS WIRE)--Jan. 19, 1995--BHC Financial Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BHCF BHCF Bedford Hills Correctional Facility (New York) BHCF Brighton Heights Citizens Federation (Pittsburgh, PA) ) Thursday Thursday: see week. reported its unaudited results for the fourth quarter and year ended Dec. 31, 1994. Net income for the fourth quarter of 1994 totaled $2,929,000 on net revenues of $13,748,000 compared to net income of $3,095,000 on net revenues of $14,453,000 for the same 1993 quarter, a 5% decrease in net revenues and net income. 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 for the fourth quarter of 1994 were 39 cents compared to 41 cents for the same period in 1993. Weighted average shares outstanding for 1994 reflect a 5% buy back of the company's common stock which occurred throughout the fourth quarter of 1994. The fourth quarter of 1994 results represented an 18% increase over the 1994 third quarter net income of $2,485,000 or $.33 per share on a 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. basis. The 5% decrease in net revenues for the fourth quarter of 1994 was due to a 7% decrease in clearing and execution fees and a 32% decrease in commissions, offset by a 10% increase in other income ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. to the brokerage processing function. Fourth quarter 1994 revenue comparisons to both the fourth quarter of 1993 and the third quarter of 1994 were affected by 5 less processing days, a decrease of 7%, and 6 less calendar days, a 6% decline. Average daily transaction volume declined 5% compared to the fourth quarter of 1993 but increased 11% over the third quarter of 1994. Expenses for the fourth quarter of 1994, excluding interest, decreased 5% over the 1993 fourth quarter. Fourth quarter of 1994 results were aided by a $500,000 reduction in incentive based compensation. For the year ended Dec. 31, 1994, net income was $10,624,000 compared to $11,012,000 for 1993, a 4% decrease, and net revenues were $55,458,000 compared to $52,133,000 for 1993, a 6% increase. Fully diluted earnings per share for 1994 were $1.40 compared to $1.60 for 1993, a 12% decrease. The decrease in fully diluted earnings per share is partly attributable to the 8% period-to-period dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. in weighted average shares outstanding resulting from the initial public offering of the company's common stock in April, 1993. Commenting on the fourth quarter, William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack T. Spane v. t. 1. To wean. , Jr., chairman, president and 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. , said, "Daily trade counts have improved steadily since the second quarter when higher interest rates dealt a severe blow to package product sales. Transaction volume is once again approaching 1993 levels and I'm pleased with our ability to operate efficiently relative to many other companies affected by market conditions." BHC BHC benzene hexachloride. BHC, ?-BHC see benzene hexachloride. Financial Inc., through its principal business unit BHC Securities Inc., is a leading national third-party provider of integrated processing and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to securities brokerage affiliates of banks and other financial institutions. -0-
BHC FINANCIAL INC.
(unaudited)
FOURTH QUARTER YEAR ENDED
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1994 1993 1994 1993
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(IN THOUSANDS, EXCEPT
PER SHARE AMOUNTS)
NET REVENUE $ 13,748 $ 14,453 $ 55,458 $ 52,133 NET INCOME $ 2,929 $ 3,095 $ 10,624 $ 11,012 FULLY DILUTED EARNINGS PER SHARE $ .39 $ .41 $ 1.40 $ 1.60 FULLY DILUTED AVERAGE SHARES OUTSTANDING 7,454 7,633 7,581 7,046
-0-
SELECTED STATISTICAL INFORMATION
(unaudited)
FOURTH QUARTER YEAR ENDED
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1994 1993 1994 1993
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TOTAL TRANSACTIONS
PROCESSED 336,900 381,200 1,382,800 1,417,800
DAILY AVERAGE TRANSACTIONS PROCESSED 5,348 5,606 5,487 5,604 PROCESSING DAYS IN PERIOD 63 68 252 253 NUMBER OF CALENDAR DAYS 92 98 365 365 DAILY AVERAGE MARGIN DEBIT BALANCES (IN THOUSANDS) $ 319,793 $ 293,297 $ 316,496 $ 273,603 NUMBER OF ACTIVE ACCOUNTS 916,000 880,000 916,000 880,000 CONTACT: BHC Financial Inc., Philadelphia William T. Spane Jr., Chairman & President, 215/636-3003 Lawrence E. Donato, Senior Vice President, 215/636-3005 |
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