CIRCLE K ANNOUNCES FOURTH QUARTER AND FISCAL 1995 RESULTS.PHOENIX, ARIZONA--(BUSINESS WIRE)--June 14, 1995--The Circle K Corporation (NYSE NYSE See: New York Stock Exchange :CRK CRK Creek CRK Crank CRK Christian Religious Knowledge CRK Cable Repair Kit CRK Consumer Remote Keyboard (GE/RCA remote control model designation) CRK Clark Field, Luzon Island, Philippines (Airport Code) ) today announced financial results for its fourth quarter and fiscal year ended April 30, 1995. Circle K completed an initial public offering on March 23, 1995. This marks its first earnings release since being purchased and taken private during its fiscal year ended April 30, 1994. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the three months ended April 30, 1995, was $7.4 million, giving effect to the use of proceeds from Circle K's public offering, compared to $1.1 million for the prior year. Income per share for the fourth quarter was $0.30, compared to $0.04 in the prior year for the same period. Income from continuing operations as adjusted for the offering for fiscal year 1995 was $27.5 million, compared to $23.6 million in the prior year, and per share was $1.10 for fiscal 1995, compared to $0.94 in fiscal 1994, an increase of 17.0%. Fiscal 1994 is being shown for comparative purposes giving effect to the acquisition of Circle K in fiscal 1994 as if it had occurred on the first day of fiscal 1994. For the fourth quarter of fiscal 1995, income from continuing operations was $6.5 million, compared to a loss of $0.5 million in the same period of the prior year. The Company used the proceeds of its initial public offering to retire a portion of its debt resulting in the extraordinary loss of $4.3 million, net of tax. For fiscal year 1995, income from continuing operations was $22.7 million, compared to $18.4 million in fiscal 1994, an increase of 23.4%. Total revenues for the fourth quarter of fiscal 1995 were $881.2 million, compared to $835.9 million for the same period in the prior year. Comparable store merchandise revenues rose 6.7% over the fourth quarter of the prior year, while comparable store gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by revenues rose 6.5% on a 2% gasoline gallonage gal·lon·age n. An amount measured in gallons. increase. For fiscal 1995, total revenues were $3.6 billion, compared to $3.3 billion for the prior year. Comparable store merchandise revenues rose 7.6% over the prior fiscal year. Comparable gasoline revenues rose 7.8% over the prior year on a 4.7% gasoline gallonage increase. John Antioco, President and Chief Executive Officer, said, "We are very pleased with our fourth quarter performance. These positive results reflect our organization's focus on an aggressive program of store remerchandising, facility upgrades and expense controls." "We are extremely pleased with our revenue growth for 1995, which was up 7.4% over fiscal '94." Mr. Antioco continued, "Much of our progress can be attributed to our capital investment plan which included the successful remerchandising of 2000 stores, constituting 95% of the stores to be remerchandized, and the installation of pay-at-the-pump equipment in 405 stores, or 20% of our gasoline sites." Mr. Antioco concluded, "We are well-positioned for growth in fiscal 1996. Our strategic plan is to enhance profitability through operational efficiencies, store growth and retail innovations in merchandise and gasoline marketing. We believe that the impact of our continuing store remerchandising, gasoline initiatives, new store construction and selected acquisitions, combined with our recently announced joint venture in South Texas and our franchising agreement in the Northeast “Northeastern” redirects here. For the Boston college, see Northeastern University, Boston. Northeast or north east is the ordinal direction halfway between north and east. It is the opposite of southwest. See boxing the compass. underscore The underscore character (_) is often used to make file, field and variable names more readable when blank spaces are not allowed. For example, NOVEL_1A.DOC, FIRST_NAME and Start_Routine. (character) underscore - _, ASCII 95. our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. commitment to our strategic plan." The Circle K Corporation is the largest operator of company-owned convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. and the largest independent gasoline retailer in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . It operates or franchises approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 2,550 convenience stores in 28 states primarily in the Sunbelt Sunbelt Region, south and southwestern U.S. It is characterized by a warm climate, rapid population growth since 1970, and relatively conservative voting patterns. Comprising 15 states, it extends from Virginia and Florida in the southeast through Nevada in the southwest, . Additionally, the Company has approximately 2,300 stores operating under the Circle K trade name in 19 foreign countries. -0-
THE CIRCLE K CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(In 000's, except share data)
Proforma (1)
Three Twelve Twelve
Months Ended Months Ended Months Ended
04/30/95 04/30/94 04/30/95 04/30/94
Revenues: Merchandise and other revenue $ 460,938 $ 438,764 $1,873,244 $1,757,551 Gasoline revenue 420,275 397,163 1,692,308 1,562,509 Total revenues 881,213 835,927 3,565,552 3,320,060 Cost of sales 690,587 656,135 2,778,546 2,564,707 Operating expenses 172,225 172,709 714,328 688,532 Interest expense 7,411 7,612 33,918 35,214 Income taxes 4,480 19 16,077 13,256 Income (loss) from continuing operations 6,510 (548) 22,683 18,351 Discontinued operations -- 178 280 810 Extraordinary loss (net of tax) (4,299) -- (4,299) (3,748) Net income (loss) $ 2,211 $ (370) $ 18,664 $ 15,413 Income from continuing operations per common share $ 0.31 $ (0.03) $ 1.18 $ 0.99 Net income (loss) per common share $ 0.10 $ (0.02) $ 0.97 $ 0.83 Weighted average common shares and common share equivalents 21,343,677 18,527,046 19,188,064 18,527,046 As adjusted for the offering(2): Income from continuing operations $ 7,409 $ 1,112 $ 27,470 $ 23,615 Income from continuing operations per common share $ 0.30 $ 0.04 $ 1.10 $ 0.94 Weighted average common shares and common share equivalents 24,995,362 25,027,046 24,992,632 25,027,046 - - - - - - - - - - (1) Proforma adjustments have been made to fiscal year 1994 to reflect the acquisition of the Company as if it had occurred at the beginning of the fiscal year. Such adjustments included additional lease, interest and tax expenses and elimination of certain non-recurring costs. For further information on the Company's fiscal year 1994 results, refer to the Company's Prospectus dated March 22, 1995. (2) Adjusted to reflect the effect of the Company's initial public offering of 6,500,000 shares of common stock on March 23, 1995, and the use of proceeds therefrom. -0- CONTACT: The Circle K Corporation Leanne Leanne is a female given name, and may refer to the following people:
602-437-0600 or Investor Relations Investor relations The process by which the corporation communicates with its investors. : David Walke/Amy Weisman/ Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. Zar/Stacey Herschaft 212-850-5600 Press: Miriam Miriam (mĭr`ēəm), in the Bible. 1 Sister of Moses and Aaron. After the crossing of the Sea of Reeds, she led the women in the song of Miriam. Adler Ad·ler , Alfred 1870-1937. Austrian psychiatrist. He rejected Sigmund Freud's emphasis on sexuality and theorized that neurotic behavior is an overcompensation for feelings of inferiority. 415-296-7383 Morgen-Walke Associates |
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