COMDATA REPORTS RECORD RESULTS.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)--Jan. 26, 1995-- COMDATA REPORTS 1994 EARNINGS HIGHLIGHTS o Net Income of $28.1 million on total revenue growth of 15%. o Earnings per share of $.89. o Gaming revenue increases 28% in fourth quarter. o Series A Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. converts into common stock. o Balance Sheet continues to strengthen. 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 12 months ended December December: see month. 31, 1994. Revenue for the year rose 15% to $243 million and resulted in net income of $28.1 million, or $.89 a share, compared to a loss of $217 million in 1993. The loss in 1993 included a one time charge in the fourth quarter for write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of goodwill of $230 million. Excluding the unusual goodwill charge in 1993, earnings increased 114% for 1994, and 118% for the fourth quarter. 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's Chairman and Chief Executive Officer, "This is the first year Comdata posted a profit since it underwent a highly leveraged buyout leveraged buyout, the takeover of a company, financed by borrowed funds. Often, the target company's assets are used as security for the loans acquired to finance the purchase. in 1987. Our results were in-line In-line Used in the context of general equities. (1) An order or market in a specific security within the inside market; 2) any announcement (earnings) that adheres closely to Wall Street analysts' expectations. with analysts' projections and we are encouraged by our performance. In addition, our balance sheet continued to strengthen as long term debt decreased $18 million, equity increased $30 million, and cash increased $5 million." Revenues for fourth quarter were $61.8 million, up 12% over the comparable quarter in 1993, and produced earnings per share of $.23. Gaming related revenues grew 28% in the fourth quarter due primarily to the nationwide expansion in the number of gaming locations. Transportation revenues were up 11% in the quarter, after excluding a one time fee of $1.7 million received in 1993 as compensation from a vendor on a discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: product line. Earlier in the year, Comdata reported the elimination of its dividends on Series A Preferred Stock, which reduced annual dividends by $2.4 million. In the fourth quarter 100% of the Series A Preferred Stock has converted into common stock. Since the dividends on the Series A Preferred Stock were eventually payable in additional shares of common stock, this transaction has reduced that dilutive impact on common shareholders. Comdata is a leading provider of 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 to the trucking and gaming markets. 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. The Company also assists major retailers in managing consumer credit with check authorization The right or permission to use a system resource; the process of granting access. See access control. and collection services. Comdata Holdings Corporation common stock trades on the NASDAQ National Market System under the symbol CMDT. Financial Tables Follow -0-
COMDATA HOLDINGS CORPORATION
Unaudited Consolidated Balance Sheets
(In Thousands)
December 31,
1994 1993
ASSETS
Cash and cash equivalents $18,335 $13,332
Accounts receivable, net 147,940 107,555
Prepaid expenses and other 5,560 2,226
Total current assets 171,835 123,113
Property and equipment, net 11,848 9,616 Cost in excess of net assets acquired, net 81,017 79,618 Other assets 18,333 13,824
$283,033 $226,171
LIABILITIES AND STOCKHOLDERS' EQUITY
Settlements and drafts payable $112,127 $74,108
Accounts payable 9,707 10,410
Other accrued liabilities 21,305 17,312
Customer security deposits 6,301 6,632
Current portion of long-term debt 6,880 702
Total current liabilities 156,320 109,164
Deferred credits 3,741 6,125
Long-term debt:
Revolving credit loan 0 13,008
Senior subordinated notes 130,000 130,000
Subordinated debentures 75,000 75,000
Junior subordinated notes, net 5,807 5,684
Other 1,854 6,516
Total long term debt 212,661 230,208
Preferred stock - Series A 0 16,232
- Series B 72,058 63,713
- Series C 31,912 28,285
Common stock 165 147
Paid-in capital 120,607 101,885
Accumulated deficit (314,431) (329,588)
Total stockholders' equity (89,689) (119,326)
$283,033 $226,171
COMDATA HOLDINGS CORPORATION
Unaudited Results of Operations
(In thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
1994 1993 1994 1993
Trucking revenues:
Funds transfer $19,993 $18,424 $81,387 $71,655
Permits 7,123 6,289 29,698 25,485
Telecommunications 5,137 4,713 19,106 18,283
Other 2,524 3,614 10,059 9,281
34,777 33,040 140,250 124,704
Consumer and Gaming 24,990 19,459 93,686 75,927
Retail 2,011 2,832 9,346 11,685
Total operating revenues 61,778 55,331 243,282 212,316
Operating costs: Salaries & employee benefits 13,825 13,533 58,114 53,241 Agent commissions 11,676 8,590 43,367 30,252 Telecommunications 6,018 6,578 24,667 26,424 Depreciation & amortization 2,212 3,721 8,351 14,778 Write-off of goodwill and other intangibles 0 230,257 0 230,257 Other operating costs 11,881 11,778 46,789 43,966 Total operating costs 45,612 274,457 181,288 398,918 Income (loss) before interest and taxes 16,166 (219,126) 61,994 (186,602) Interest expense, net 7,547 7,487 30,572 30,268 Income (loss) before income taxes 8,619 (226,613) 31,422 (216,870) Income tax expense (benefit) 679 0 3,277 235 Net income (loss) 7,940 (226,613) 28,145 (217,105) Preferred stock dividend requirement, payable in shares of stock or accreting to liquidation preference 3,132 3,294 12,913 12,583 Net income (loss) for common stock $4,808 ($229,907) $15,232 ($229,688) Earnings per Share Net income (loss) per common and dilutive common equivalent share $0.23 ($15.84) $0.89 ($15.90) Weighted average common and dilutive common equivalent shares outstanding 33,821 14,518 31,777 14,447 Other Information Earnings (loss) before interest, taxes, depreciation and amortization (EBITDA) 18,378 14,852 70,345 58,433 Total shares outstanding - as if all preferred shares were converted at beginning of period 33,821 31,041 31,777 29,524 -0- 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) 688-5144 |
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