Printer Friendly

CHILDREN'S DISCOVERY CENTERS ANNOUNCES RECORD FIRST-QUARTER REVENUES AND EARNINGS

 SAN RAFAEL, Calif., April 21 /PRNewswire/ -- Children's Discovery Centers of America Inc. (NASDAQ: CDCRA) today announced the highest first quarter earnings and revenues in the company's history. Net earnings for the 1993 first quarter were $272,000 or 11 cents per share, compared to a net loss of $101,000 or 6 cents per share in the same period of 1992. Revenues for the quarter were $8,893,000, a 53-percent increase over last year's $5,806,000.
 The company attributed the record performance to strong enrollment gains, the addition of over 40 new centers during the past year, and substantial reductions in center operating costs made possible by advanced computerized information and control systems.
 During 1992, Children's Discovery Centers increased its annualized revenues by 48 percent from $23.7 million at the beginning of the year to $35.1 million at the end of the year.
 Richard A. Niglio, president and chief executive officer of Children's Discovery Centers, said, "Market conditions for child care companies that provide high-quality services are clearly improving. Additionally, opportunities for acquisitions of child care centers that have been financially weakened by the recession are greater than they have been for several years."
 The improving market conditions are attributed to the closing of lower-quality competitive centers that were casualties of the recession, record-high birth rates, increased assistance for working families from both government and employers and improving economic conditions.
 Niglio added that the company expects to continue its rapid growth in 1993, and is in the process of raising up to $2,500,000 in a private equity offering to fund the acquisition of new centers. The company currently has an extensive backlog of child care acquisitions in all of its markets and is negotioating for several additional employer-based centers.
 Children's Discovery Centers recently filed an information statement with the Securities and Exchange Commission describing its plan to offer up to 910,000 restricted common shares at a price of $2.75 per share to a group of private accredited investors. The company noted that additional equity would increase its borrowing capacity and permit it to consummate more acquisitions on a cash basis. The company expects to complete the equity offering within 30 days.
 Children's Discovery Centers, the nation's fifth-largest child care company, operates 135 centers in the northeastern, Mid-Atlantic and western United States and is a leading operator of job-site child care centers for employers.
 CHILDREN'S DISCOVERY CENTERS OF AMERICA INC.
 FINANCIAL RESULTS
 (Thousands Except Per Share Data)
 Quarter Ended March 31,
 1993 1992
 Revenues $ 8,893 $5,806
 Net Profit (Loss) $ 272 $ (101)
 Net Profit (Loss) Per Share
 Primary $ 0.11 $(0.06)
 Fully Diluted $ 0.09 $(0.06)
 Weighted Average Number of Shares
 Primary 2,563 1,834
 Fully Diluted 3,003 1,834
 -0- 4/21/93
 /CONTACT: Richard A. Niglio, president, or Frank A. Devine, general counsel, both of Children's Discovery Centers, 415-459-1291/
 (CDCRA)


CO: Children's Discovery Centers of America Inc. ST: California IN: SU: ERN

TM-GT -- SF005 -- 8512 04/21/93 09:02 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 21, 1993
Words:505
Previous Article:NEWELL REPORTS RECORD FIRST QUARTER RESULTS
Next Article:CENTURA BANKS INC. DECLARES SECOND QUARTER CASH DIVIDEND
Topics:


Related Articles
CHILD CARE FIRM INCREASES NEW CENTERS AND ENROLLMENTS
CHILDREN'S DISCOVERY CENTERS ANNOUNCES FOURTH QUARTER TURNAROUND
CHILDREN'S DISCOVERY CENTERS ANNOUNCES RECORD SECOND QUARTER AND SIX MONTHS REVENUES AND EARNINGS
CHILDREN'S DISCOVERY CENTERS OF AMERICA INC. ANNOUNCES SIXTH CONSECUTIVE RECORD QUARTER FOR EARNINGS AND REVENUES
KINDERCARE'S FIRST QUARTER OPERATING PROFITS UP 44.6% TO $10.4 MILLION AND EARNINGS PER SHARE UP TO 15 CENTS PER SHARE
CDC REPORTS RECORD SECOND QUARTER RESULTS
CHILDREN'S DISCOVERY CENTERS REPORTS FIRST QUARTER RESULTS
CDC Reports First Quarter Results
Childtime Learning Centers Reports Record Financial Results for First Quarter
CDC Reports 1997 Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters