COMDATA REPORTS FIRST QUARTER EARNINGS.BRENTWOOD Brentwood, city and district, England Brentwood, city (1991 pop. 51,212) and district, Essex, SE England. Brentwood is mainly residential but produces some agricultural equipment, film, and prefabricated concrete. , Tenn.--(BUSINESS WIRE)--April 25, 1995--COMDATA REPORTS FIRST QUARTER RESULTS o Net Income of $5.4 million on revenue of $63 million. o Earnings per share of $.16 on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis. o Gaming revenue increases 24% in the first quarter. o Earnings before income taxes increase 47%. o Effective income tax rate increases from 16% to 34%. o Significant events in the first quarter of 1995 include the sale of the Retail Division and the acquisition of Trendar Corporation. The Transportation Division also announced the availability of Automated Teller Machine automated teller machine (ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip. (ATM) access on Comdata's Comchek Card. BRENTWOOD, TENNESSEE--April 25, 1995--Comdata Holdings Corporation (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 :CMDT CMDT Commandant CMDT Current Medical Diagnosis & Treatment CMDT Compagnie Malienne pour le Developpement des Textiles (Mali) ), a leading provider of transaction and information services See Information Systems. , today reported revenues and net income for the 3 months ended March 31, 1995. Revenue for the first quarter increased 10% over first quarter 1994 to $63 million, and resulted in net income of $5.4 million. First quarter revenue increase was adversely affected by the sale of the Retail division in February February: see month. , which resulted in a decrease in revenue of $1.9 million for the three months ending March 31, 1995. Without this decrease, revenue would have grown 13% for the quarter. In addition, while the Company's income before taxes increased 47%, net income increased by a smaller 16% due to the effective income tax rate increasing from 16% to 34%. In 1994, the Company used most of its net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. , which in past years had reduced income taxes. Earnings per share were $.16 on a fully diluted basis for the first quarter of 1995. Primary earnings per share were $.13 for the first quarter of 1995, as compared to $.09 last year. Gaming revenues increased 24% in the quarter, and Transportation revenues increased 8%, while operating costs operating costs npl → gastos mpl operacionales increased 7% over the first quarter of 1994. Operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: increased from 23.0% to 24.7%. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). L. McTavish, Comdata Chairman and Chief Executive Officer, "The first quarter has traditionally been our lowest earnings quarter, primarily due to reduced activity in the trucking industry. Historically, operating results consistently improve during the remaining quarters. In addition, two significant events occurred this quarter which will further contribute to our improved operating performance in subsequent quarters. In February we completed the sale of our Retail Division and in March we acquired Trendar Corporation, a Nashville-based company that provides transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. services for approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1,300 truckstops nationwide. Both transactions support 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. growth plan and will also help us realize our revenue objectives. Our outlook for the remainder of 1995 is very positive." Comdata is a leading provider of transaction processing services to the trucking and gaming industries. Comdata serves the transportation industry by assisting trucking companies and truckstops with data-intensive operations, such as funds transfer, fuel purchase, and permits. Cash advance services from Comdata are available at most gaming locations nationwide. Comdata Holdings Corporation common stock trades on the NASDAQ National Market System under the symbol CMDT. -0-
COMDATA HOLDINGS CORPORATION
Unaudited Financial Highlights
(In thousands, except per share data)
Three Months Ended
March 31,
1995 1994
Trucking revenues:
Funds transfer $20,878 $20,219
Permits 7,310 7,042
Telecommunications 5,177 4,374
Other 3,242 2,356
36,607 33,991
Consumer and Gaming 25,450 20,604
Retail 921 2,795
Total operating revenues 62,978 57,390
Operating costs:
Salaries & employee benefits 14,340 14,381
Agent commissions 11,911 9,281
Telecommunications 6,402 6,275
Depreciation & amortization 2,318 1,783
Other operating costs 12,438 12,452
Total operating costs 47,409 44,172
Income before interest and taxes 15,569 13,218 Interest expense, net 7,386 7,668 Income before income taxes 8,183 5,550 Income tax expense 2,782 877 Net income 5,401 4,673 Preferred stock dividend requirement, payable in shares of stock or accreting to liquidation preference 3,222 3,371 Net income for common stock $2,179 $1,302 Earnings per Share Net income per common and dilutive common equivalent share $0.13 $0.09 Weighted average common and dilutive common equivalent shares outstanding 16,954 14,728 Other Information Total shares outstanding - as if all preferred shares were converted at beginning of period 34,243 31,143 Earnings per share - as if all preferred shares were converted at beginning of period $0.16 $0.15 -0-
COMDATA CORPORATION AND SUBSIDIARY
Unaudited Consolidated Balance Sheets
(In thousands)
March 31,
1995 1994
ASSETS
Current Assets:
Cash $12,512 $12,889
Accounts receivable, net 138,372 126,763
Prepaid expenses and other 6,809 1,943
Total current assets 157,693 141,595
Property and equipment, net 11,842 9,924 Cost in excess of net assets acquired, net 94,627 79,823 Other assets 17,756 14,261
$281,918 $245,603
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Settlements and drafts payable $91,417 $80,886
Accounts payable 8,343 10,014
Other accrued liabilities 31,529 26,877
Customer security deposits 6,516 6,326
Current portion of long-term debt 7,564 686
Total current liabilities 145,369 124,789
Deferred credits 3,256 5,529
Long-term debt:
Revolving credit loan 4,271 12,395
Senior subordinated notes 130,000 130,000
Subordinated debentures 75,000 75,000
Junior subordinated notes, net 5,840 5,713
Other 1,943 6,609
Total long-term debt 217,054 229,717
Stockholders' equity:
Preferred stock - Series A 0 16,739
- Series B 74,310 65,710
- Series C 32,558 29,151
Common stock 166 147
Paid-in capital 121,459 102,154
Accumulated deficit (312,254) (328,333)
Total stockholders'
equity (deficit) (83,761) (114,432)
$281,918 $245,603
CONTACT: Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the R. Hanson Hanson may refer to:
Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic Chief Financial Officer Ludgate Ludgate was the westernmost gate in London Wall. The name survives in Ludgate Hill, an eastward continuation of Fleet Street, and Ludgate Circus. The Romans built a road along the north bank of the River Thames westwards through the gate later called Lud Gate. Communications (615) 370-7782 (212) 688-7647 |
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