Printer Friendly

COMDISCO, INC. ANNOUNCES SECOND QUARTER NET EARNINGS OF $19 MILLION ON REVENUES OF $530 MILLION

 -- Announces $25 Million Share Repurchase Program;
 Announces Quarterly Cash Dividend --
 ROSEMONT, Ill., April 26 /PRNewswire/ -- Comdisco, Inc. (NYSE: CDO) today announced net earnings available to common stockholders of $19 million, or $.48 per share, for its second fiscal quarter of 1993. This compares with net loss of ($35) million, or ($.86) per share, for the year earlier period. The year earlier period net loss was primarily due to non-cash charges to earnings totalling $48 million after-tax.
 The company also announced revenues of $530 million for the second quarter of fiscal 1993, compared with $534 million for the year earlier period.
 For the six months ended March 31, 1993, the company reported total revenues of $1.1 billion, the same as for the prior year period. Net earnings available to common stockholders for the six months were $58 million, or $1.43 per share, versus a net loss of ($15) million, or ($.36) per share, for the year earlier period.
 Commenting on second quarter results, Kenneth N. Pontikes, chairman of the board and president, stated, "Comdisco continues to show improvement quarter to quarter. We are meeting the goals that we set for ourselves last March when we announced a restructuring of our operations. Despite a still weak economy, we are encouraged by the current level of activity that we see in the marketplace."
 The company also announced that the board of directors authorized an expenditure of up to an aggregate of $25 million to purchase shares of the company's currently outstanding common stock. Repurchase stock will be utilized for general corporate purposes. Any future purchases would depend on market and other conditions and would be made in the open market or otherwise at such prices as the company may from time to time approve.
 The board of directors today declared a quarterly cash dividend of $.07 per share. The dividend will be payable on June 21, 1993 to stockholders of record as of May 28, 1993. Comdisco had 40,294,668 shares of common stock outstanding as of March 31, 1993.
 Comdisco is one of the world's leading providers of solutions that help businesses acquire, manage, and protect their high-tech equipment. Comdisco's common stock (symbol CDO) is traded on the New York and Midwest Stock Exchanges.
 COMDISCO, INC. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (Unaudited, In Millions Except Per Share Data)
 Periods Ended Three Months Six Months
 March 31, 1993 1992 1993 1992
 Revenue
 Leasing:
 Operating $ 275 $ 288 $ 563 $ 585
 Direct financing 48 51 97 101
 Sales-type 60 49 142 139
 Total leasing 383 388 802 825
 Sales 83 88 172 150
 Disaster recovery 54 49 106 91
 Other 10 9 21 21
 Total revenue 530 534 1,101 1,087
 Costs and expenses
 Leasing:
 Operating 207 215 422 430
 Sales-type 42 33 110 104
 Total leasing 249 248 532 534
 Sales 72 77 153 131
 Disaster recovery 51 45 100 83
 Selling, general and
 administrative 50 51 97 102
 Litigation and receivables
 charge -- 45 -- 45
 Restructuring charge -- 35 -- 35
 Interest 73 91 150 181
 Total costs and expenses 495 592 1,032 1,111
 Earnings (loss) from continuing
 operations before income taxes 35 (58) 69 (24)
 Income taxes (benefit) 14 (23) 28 (9)
 Earnings (loss) from continuing
 operations before cumulative
 effect of change in accounting
 principle 21 (35) 61 (15)
 Cumulative effect of change
 in accounting principle -- -- 20 --
 Net earnings (loss) before
 preferred dividends 21 (35) 61 (15)
 Preferred dividends (2) -- (3) --
 Net earnings (loss) available
 to common stockholders $ 19 $ (35) $ 58 ($15)
 Retained earnings at
 beginning of period $ 618 $ 649 $ 582 $ 632
 Net earnings (loss) available
 to common stockholders 19 (35) 58 (15)
 Stock dividend -- (30) -- (30)
 Cash dividends paid on
 common stock (3) (2) (6) (5)
 Retained earnings at
 end of period $ 634 $ 582 $ 634 $ 582
 Net earnings (loss) per common
 and common equivalent share:
 Earnings (loss) from
 continuing operations $ 0.48 $ (0.86) $ 0.94 ($0.36)
 Cumulative effect of change
 in accounting principle -- -- 0.49 --
 Net earnings (loss) available
 to common stockholders $ 0.48 $ (0.86) $ 1.43 ($0.36)
 Common and common equivalent
 shares outstanding 41 41 41 41
 -0- 4/26/93
 /CONTACT: James J. Hyland, investor relations, or Neal Lulofs, media relations of Comdisco, Inc., 708-698-3000/
 (CDO)


CO: Comdisco, Inc. ST: Illinois IN: CPR SU: ERN

AH-LD -- NY117 -- 1015 04/26/93 17:40 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 26, 1993
Words:722
Previous Article:MICROCOM LOWERS PRICES OF HIGH-SPEED, HIGH-THROUGHPUT MNP 10 MODEMS
Next Article:UNITED AIRLINES TO REDEEM $500 MILLION IN SUBORDINATED NOTES
Topics:


Related Articles
COMDISCO ANNOUNCES 1991 NET EARNINGS FROM CONTINUING OPERATIONS OF $83 MILLION; INTENDS TO DISCONTINUE INVOLVEMENT IN OIL AND GAS BUSINESS
COMDISCO ANNOUNCES FIRST QUARTER EARNINGS, DECLARES QUARTERLY CASH DIVIDEND AND 5 PERCENT STOCK DIVIDEND
COMDISCO REPORTS SECOND QUARTER OPERATING RESULTS; MERGES LEASING AND DISASTER RECOVERY SALES ORGANIZATIONS; DECLARES QUARTERLY DIVIDEND
COMDISCO, INC. REPORTS THIRD QUARTER EARNINGS FROM CONTINUING OPERATIONS OF $17 MILLION, OR $.41 PER SHARE, ON REVENUES OF $561 MILLION
COMDISCO ANNOUNCES FOURTH QUARTER AND 1992 YEAR END RESULTS; DECLARES QUARTERLY CASH DIVIDEND
COMDISCO, INC. ANNOUNCES FIRST QUARTER EARNINGS FROM CONTINUING OPERATIONS OF $19 MILLION AND REVENUES OF $571 MILLION
NOVELL ANNOUNCES SECOND QUARTER FISCAL 1995 RESULTS
CATALYST INIERNATIONAL ANNOUNCES SECOND QUARTER EARNINGS
CFI ProServices Announces Second Quarter Results Will be Below Expectations
Novell Reports Third Fiscal Quarter 1998 Results:

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