CAREER HORIZONS ANNOUNCES THIRD QUARTER RESULTS.WOODBURY Woodbury. 1 Residential city (1990 pop. 10,904), seat of Gloucester co., SW N.J., in the Philadelphia–Camden metropolitan area; settled 1683, inc. as a city 1871. It is a trade and service center, and petrochemical companies are nearby. , N.Y.--(BUSINESS WIRE)--April 25, 1995--Career Horizons, 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 : CARH CARH Council for Affordable and Rural Housing CARH Coalition for Affordable and Reliable Health Care CARH Community Assistance for the Retarded and Handicapped ) today announced 50 percent earnings per share growth for the third quarter of its fiscal year ended March 31, 1995. Net income for the quarter, excluding a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charge of approximately $550,000 related to the resignation of former President and Chief Executive Officer Joel Joel, book of the Bible Joel, prophetic book of the Bible. It is a collection of the oracles of an otherwise unknown prophet, dated variously from the 9th to the 3d cent. B.C., though a date in c.400 B.C. is likely. B. Miller, was $1.5 million, or $0.24 per share, versus pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income in the similar 1994 period of $981,000, or $0.16 per share. After the charges, Career Horizons recorded net income of $924,000, or $0.15 per share, compared to 1994 third quarter net income of $175,000, or $0.05 per share, which included preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends and interest expense incurred prior to the Company's initial public offering. For the 1995 fiscal third quarter, systemwide sales were $143.6 million and revenues were $89.6 million, compared to systemwide sales of $122.6 million and revenues of $75.0 million for the year ago period. Walter Wal·ter , Bruno 1876-1962. German conductor noted for his interpretations of Mozart and Mahler. Noun 1. Walter - German conductor (1876-1962) Bruno Walter W. Macauley, President and Chief Executive Officer, said: "Career Horizons' potential is demonstrated by the significant growth in profitability, the 17.2% increase in systemwide sales and 19.4% improvement in revenues over a year ago. All areas of the business contributed to this strong third quarter. The acquisitions we made in January of Staffing Resources in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. and Staff Additions, Inc. in North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. have performed in line with our expectations and are contributing to earnings. "We are confident that given our customer base, financial capabilities and management team, that we will continue to make acquisitions and take advantage of opportunities to further build our market positioning. We expect our fourth quarter to continue this strength and for Career Horizons to achieve record results for fiscal year 1995." Career Horizons, Inc. is a national provider of supplemental personnel through 434 offices in 43 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). .
CAREER HORIZONS, INC. and SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share amounts)
Three Months Ended Nine Months Ended
March 31, March 31,
1995 1994 1995 1994
REVENUES $89,583 $75,015 $266,876 $233,718
EXPENSES:
Cost of services 69,024 58,542 204,773 181,977
Selling, general and
administrative expenses 12,762 10,900 36,323 32,904
Remittance to
franchisees/licensees 4,630 3,479 14,142 10,855
Non-recurring
compensation expense --- --- --- 1,396
Other expense, net 1,052 69 1,194 172
Total expenses 87,468 72,990 256,432 227,304
Income from operations 2,115 2,025 10,444 6,414 Interest expense, net (517) (1,472) (1,360) (4,375) Income before income taxes and extraordinary item 1,598 553 9,084 2,039 Provision for income taxes (674) (203) (3,857) (593) Income before extraordinary item 924 350 5,227 1,446 Extraordinary loss on retirement of debt, net of $993 income tax benefit --- (1,403) --- (1,403) NET INCOME (LOSS) 924 (1,053) 5,227 43 Preferred stock dividend requirement --- (175) --- (527) NET INCOME (LOSS) APPLICABLE TO COMMON STOCKHOLDERS $ 924 $ (1,228) $ 5,227 $ (484) INCOME PER SHARE BEFORE EXTRAORDINARY ITEM $.15 $.05 $.85 $.25 PRO FORMA INFORMATION (1): Interest expense, net $384 $1,046 Income before extraordinary item $981 $3,377 Income per share before extraordinary item $.16 $.55 (1) Represents pro forma information as if the Company's Initial Public Offering, effective March 23, 1994, occurred as of July 1, 1993. CONTACT: Kekst and Company Mark A. Semer, 212/593-2655 |
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