COMDATA REPORTS SECOND QUARTER 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)--July 26, 1995--COMDATA REPORTS SECOND QUARTER RESULTS o Net Income of $7.4 million on revenue of $68.5 million. o Earnings per share of $.21 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 increased 27% and Transportation revenue increased 12% for a combined growth rate of 18% in the second quarter. o Earnings before income taxes increase 40%. o The announcement of the intended acquisition of Fleetman, Inc., a company specializing in providing local fleet fueling services. o Comdata's Comchek Card now accepted at automated teller machines 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. (ATMs) nationwide. BRENTWOOD, TENNESSEE--July 26, 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 period ended June June: see month. 30, 1995. Revenue for the second quarter increased 13% over second quarter 1994 to $68.5 million, and resulted in net income of $7.4 million. The increase in second quarter revenue was adversely affected by the sale of the Retail division in February February: see month. , which resulted in a decrease in revenue of $2.3 million for the three months ending June 30, 1995. Without this decrease, revenue would have grown 18% for the quarter. In addition, while the Company's income before taxes increased 40%, net income increased by a smaller 8% due to the effective income tax rate increasing from 12% to 32%. 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 $.21 on a fully diluted basis for the second quarter of 1995, virtually identical to last year's results. Gaming revenues increased 27% in the quarter, and Transportation revenues increased 12%. Operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: increased from 25.5% to 26.8% for the three months. Net income after taxes of $12.8 million for the six months, was up 11%, over the comparable period in 1994, and was impacted by the higher effective tax rates. 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, Chairman and Chief Executive Officer, "We are pleased with the second quarter results, especially considering the weakness exhibited in the trucking sector for most of the first half of the year. Our efforts to expand services to local fleets are progressing well with the recent announcement of our plans to acquire Fleetman, Inc. Also in the second quarter we announced that our Comchek Card is now accepted at 80,000 Cirrus Automated Teller Machines (ATMs) nationwide. This added convenience should further increase transaction growth in the periods ahead. Gaming related revenues continue to post strong growth due to the increase nationwide in the number of casinos A list of casinos. Antigua and Barbuda
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 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 Statements of Operations
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
Transportation revenues:
Funds transfer $21,501 $20,575 $42,378 $40,794
Permits 8,118 8,013 15,429 15,056
Telecommunications 5,835 4,874 11,013 9,248
Other 4,792 2,555 8,032 4,911
40,246 36,017 76,852 70,009
Consumer and Gaming 28,281 22,193 53,731 42,797 Retail 0 2,311 921 5,105 Total operating revenues 68,527 60,521 131,504 117,911 Operating costs: Salaries & employee benefits 14,678 14,948 29,017 29,329 Agent commissions 13,601 10,314 25,512 19,595 Telecommunications 6,612 6,420 13,013 12,694 Depreciation & amortization 2,433 2,210 4,752 3,993 Other operating costs 12,817 11,169 25,255 23,622 Total operating costs 50,141 45,061 97,549 89,233 Income before interest and taxes 18,386 15,460 33,955 28,678 Interest expense, net 7,491 7,678 14,877 15,346 Income before income taxes 10,895 7,782 19,078 13,332 Income tax expense 3,486 924 6,268 1,801 Net income 7,409 6,858 12,810 11,531 Preferred stock dividend requirement, payable in shares of stock or accreting to liquidation preference 3,309 3,463 6,531 6,834 Net income for common stock $4,100 $3,395 $6,279 $4,697 Earnings per Share Net income per common and dilutive common equivalent share $0.21 $0.21 $0.37 $0.32 Weighted average common and dilutive common equivalent shares outstanding 34,943 30,668 34,351 14,845 -0-
COMDATA HOLDINGS CORPORATION
Unaudited Consolidated Balance Sheets
(In Thousands)
June 30,
1995 1994
ASSETS
Current Assets:
Cash and cash equivalents $12,165 $15,173
Accounts receivable, net 145,272 137,861
Prepaid expenses and other 6,018 1,849
Total current assets 163,455 154,883
Property and equipment, net 12,607 10,192 Cost in excess of net assets acquired, net 94,498 82,182 Other assets 18,277 15,565
$288,837 $262,822
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Settlements and drafts payable $ 95,995 $86,190
Accounts payable 8,358 10,595
Other accrued liabilities 24,553 22,111
Customer security deposits 6,497 6,409
Current portion of long-term debt 1,983 649
Total current liabilities 137,386 125,954
Deferred credits 2,771 4,933
Long-term debt, net:
Revolving credit loan 11,812 22,005
Senior subordinated notes 130,000 130,000
Subordinated debentures 75,000 75,000
Junior subordinated notes, net 5,875 5,743
Other 1,799 6,702
Total long term debt 224,486 239,450
Stockholders' equity:
Preferred stock - Series A - 17,262
- Series B 76,217 67,757
- Series C 33,555 30,044
Common stock 167 148
Paid-in capital 122,365 102,209
Accumulated deficit (308,110) (324,935)
Total stockholders' equity (75,806) (107,515)
$288,837 $262,822
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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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