CCC Information Services Reports 2000 Second Quarter Results.Business Editors CHICAGO--(BUSINESS WIRE)--July 27, 2000 CCC CCC A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa. Information Services See Information Systems. Group Inc. (Nasdaq: CCCG CCCG Canadian Conference on Computational Geometry CCCG Climate Change Co-ordinating Group ), through its wholly-owned subsidiary CCC Information Services Inc., the leading provider of business solutions to the automobile claims industry, today announced the results for the second quarter of 2000. Second Quarter Events - Net income of $17.3 million, or EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.78, including a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain on its investment in InsurQuote of $18.4 million. - Second quarter revenues of $51.3 million. - Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $4.5 million, excluding $4.2 million in the B2B e-commerce (Business to Business Electronic-COMMERCE) Refers to one business selling to another business via the Web. See e-commerce. costs. Quarterly Results In announcing the results, Githesh Ramamurthy, Chairman and Chief Executive Officer, said, "The second quarter results reflect continued healthy operating results from our CCC U.S. Division. The strong cash flows from our CCC U.S. Division continue to provide funding for our B2B e-commerce strategy and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. market entry." Second quarter 2000 revenues of $51.3 million were $0.3 million higher than the same quarter last year. Excluding non-recurring revenues from the second quarter of 1999, CCC U.S. Division revenues grew $1.2 million, or 2.8%, from 1999. Additionally, CCC International Division's revenues grew $0.9 million, or 128%, principally due to revenues from the D. W. Norris acquisition made in late 1999. These increases were offset, in part, by a slight decrease in Consumer Services Consumer Services refers to the formulation, deformulation, technical consulting and testing of most consumer products, such as food, herbs, beverages, vitamins, pharmaceuticals, cosmetics, hair products, household cleaners, [paints, plastics, metals, waxes, coatings, minerals, Division's revenue. Second quarter operating income of $0.3 million decreased by $0.3 million, or 59%, from the same quarter last year. Adjusting for the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. items of $3.3 million recorded in the second quarter of 1999 and excluding $4.2 million of expenses in the second quarter of 2000 associated with B2B e-commerce, operating income increased by $0.5 million from 1999. While the CCC U.S Division delivered strong improvements in operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: , these gains were offset, in part, by increased operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. in CCC International Division's D.W. Norris business. Equity in net losses from affiliates included $0.3 million for CCC's share of ChoiceParts, LLC's losses and $3.5 million related to Enterstand's losses. The ChoiceParts joint venture was established by CCC, Reynolds & Reynolds Company and Automatic Data Processing Same as data processing. Inc. in the second quarter of 2000 to establish a virtual parts exchange to serve the multi-billion dollar auto parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
In the second quarter, as a result of the merger of InsurQuote Systems and ChannelPoint Inc., CCC wrote-up its investment in the new entity to its estimated fair market value and recorded a net gain on its investment of $18.4 million, or EPS of $0.80 on a after-tax basis After-tax basis The comparison basis used to analyze the net after-tax returns on a corporate taxable bond and a municipal tax-free bond. , in the second quarter. Second quarter 2000 earnings per share applicable to common stock were $0.78 versus $0.00 per share in the second quarter of 1999. Excluding the non-cash gain on its investment in InsurQuote, net of tax, of $17.7 million, losses per share for the second quarter of 2000 would have been $(0.02) per share. Outlook Mr. Ramamurthy commented on the Company's performance during the latest quarter and its B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business business, "We're encouraged by the strong operating results of our CCC U.S. Division that continue to provide a backbone for our growth and expansion in other markets. We have planned a formal launch of our B2B e-commerce division within the next week and expect our first product releases in the upcoming quarters." This release contains statements that constitute 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are subject 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 those sections and 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. Without limiting the foregoing, the words "planned", "expect", and similar expressions are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in the company's filings with the SEC, and that actual results or developments may differ materially from those in the forward-looking statements, and startup businesses are inherently uncertain. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis, judgment, belief or expectation only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The company has based these forward-looking statements on information currently available and disclaims any intention or obligation to update or revise any forward-looking statement. CCC Information Services Inc., headquartered in Chicago, IL, is the leading supplier of advanced software and communications systems In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. to the automotive claims industry, including information and network services for automotive claims management. Its value-added, technology-based products and services increase efficiency and facilitate communication among more than 13,500 collision repair facilities, 350 insurance companies, and a range of business partners. For more information about CCC Information Services, visit our Web site at www.cccis.com or contact Jeanene O'Brien at CCC Information Services Inc. 312-229-3083 or contact Peter Duckler at HLB HLB Hong Leong Bank HLB Hydrophilic-Lipophilic Balance HLB Horton Lees Brogden Lighting Design (company with studios in New York, San Francisco, Los Angeles, and Boston) HLB Hotels Licensing Board (Singapore) Communications 312-649-0371.
CCC Information Services Group Inc.
Consolidated Operating Results and
Selected Consolidated Balance Sheet Data
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Year-to-Date Period
June 30, Ended June 30,
------------------ -------------------
2000 1999 2000 1999
---- ---- ---- ----
Revenues:
CCC U.S. $42,865 $43,242 $87,801 $86,205
Consumer Services 6,786 7,017 14,530 13,698
CCC International 1,614 709 4,358 974
Net revenue 51,265 50,968 106,689 100,877
------ ------- ------ ------
Expenses:
Production and
customer support 16,614 15,033 32,809 29,149
Commissions, royalties
and licenses 3,179 4,390 6,576 8,850
Selling, general
and administrative 22,012 22,186 42,521 39,032
Depreciation and
amortization 3,062 2,503 5,943 4,926
Product development
and programming 6,139 6,225 12,106 11,970
----- ----- ---- -----
Total operating
expenses 51,006 50,337 99,955 93,927
------ ------ ----- -----
Operating income 259 631 6,734 6,950
Interest expense (755) (186) (1,422) (381)
Other income, net 225 189 4,602 228
Gain on exchange of
investment
securities 18,437 -- 18,437 --
Equity in losses of
ChoiceParts (312) -- (312) --
----- ------ ----- ------
Income before
income taxes 17,854 634 28,039 6,797
Income tax benefit
(provision) 2,899 (58) (1,938) (2,737)
----- ----- ----- -----
Income before
equity losses 20,753 576 26,101 4,060
Equity in net losses
of affiliates (3,496) (501) (4,309) (4,996)
---- ---- ----- -----
Net income(loss) 17,257 75 21,792 (936)
Dividends and
accretion on
preferred stock -- (1) -- (2)
------ ----- ------ -----
Net income(loss)
applicable to
common stock $ 17,257 $ 74 $ 21,792 $(938)
====== ==== ====== =====
Per Share Data:
Net income(loss) applicable
to common stock
-- Basic $ 0.79 $ -- $ 0.99 $ (0.04)
====== ==== ==== ====
-- Diluted $ 0.78 $ -- $ 0.97 $ (0.04)
===== ==== ==== ====
Weighted average common and common
equivalent shares outstanding
-- Basic 21,959 23,381 22,054 23,550
====== ===== ====== ======
-- Diluted 22,113 23,685 22,479 23,910
====== ====== ====== ======
June 30, December 31,
2000 1999
---- ----
(Unaudited)
Total assets $113,890 $84,549
Long-term debt $39,441 $24,685
Stockholders'
equity $32,225 $15,261
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