CAREER HORIZONS REPORTS SECOND 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)--January 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 ) announced record earnings for its second quarter ended December December: see month. 31, 1994. Systemwide sales for the quarter were $152.2 million, an increase of 18% over the same period last year. Revenues were $90.4 million versus $80.6 million the prior year. Net income applicable to shareholders for the quarter was $2.4 million or $.39 per share versus $36,000 or $.01 last year ($.14 per share on a 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 basis, a 179% increase). For the six months ended December 30, 1994, systemwide sales were $297.3 million, as compared to $251.7 million for the same period last year. Revenues were $177.3 million, as compared to $158.7 million. Net income applicable to shareholders for the period was $4.3 million or $.70 per share versus $744,000 or $.21 last year ($.39 per share on a pro forma basis, an 80% increase). 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, president and chief executive officer of Career Horizons said, "I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in extremely pleased with this quarter's results which reflect the successful implementation of our strategic growth plan. We continue to implement our business development strategy through acquisitions which have increased the Company's national presence." Career Horizons is a national provider of supplemental personnel with 432 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). . -0-
Career Horizons, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(dollars in thousands, except per share amounts)
Three months ended Six months ended
December 31, December 31,
1994 1993 1994 1993
Revenues $90,432 $80,599 $177,293 $158,703 Expenses: Cost of services 69,061 62,666 135,749 123,435 Selling, general and administrative expenses 11,913 11,372 23,561 22,004 Remittance to franchisees/licensees 4,825 3,704 9,512 7,376 Non-recurring compensation expense -- 1,396 -- 1,396 Other expense, net 68 51 142 103 Total expenses 85,867 79,189 168,964 154,314 Income from operations 4,565 1,410 8,329 4,389 Interest expense, net (451) (1,453) (843) (2,903) Income (loss) before income taxes 4,114 (43) 7,486 1,486 (Provision) benefit for income taxes (1,750) 253 (3,183) (390) Net income 2,364 210 4,303 1,096 Preferred stock dividend requirement -- (174) -- (352) Net income applicable to common stockholders $ 2,364 $ 36 $ 4,303 $ 744 Income per common share $ .39 $ .01 $ .70 $ .21 Pro forma information:(a) Interest expense, net $331 $ 662 Net income applicable to common stockholders $861 $2,396 Income per common share $.14 $ .39 (a) Represents pro forma information as if the Company's Initial Public Offering, effective March 23, 1994, occurred as of July 1, 1993. -0- CONTACT: Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. T. Druckman Robert D. Ferris Senior Vice President and CFO See Chief Financial Officer. Ruder Finn Ruder Finn is an United States public relations firm founded in 1948 by David Finn and William Ruder. Ruder Finn is a privately held, family-owned company that employs more than 450 people. , Inc. Career Horizons, Inc. 212-715-1573 516-496-2300 or Theo Mavros Cynthia DeMonte Communications Manager Ruder Finn, Inc. Career Horizons, Inc. 212-593-6321 516-496-2300 |
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