CORRECTING and REPLACING JOULE Inc. Reports Fiscal 2003 Fourth-Quarter and Full-Year Financial Results.Business Editors CORRECTION...by JOULE Inc. EDISON Edison, township (1990 pop. 88,680), Middlesex co., NE N.J., inc. 1870 as Raritan Township, renamed 1954. Edison's varied manufactures include light trucks, chemicals, metal products, electrical and electronic equipment, machinery, and instruments. , N.J.--(BUSINESS WIRE)--Dec. 17, 2003 In BW5742 issued Dec. 16, 2003: In the second paragraph, net income for the final quarter of fiscal 2003 was incorrectly stated as "$70,000" and should read "$50,000." In the third paragraph, the fiscal 2003 net loss was incorrectly stated as "$244,000" and should read "$264,000." In the financial table titled "Financial Highlights" under the column header (1) In a disk or tape file, a set of data that resides permanently at the beginning. It may be used for identification only (type of file, date of last update, etc.), or it may describe the structural layout of the contents, as is common with many document and database formats. Three Months Ended September September: see month. 30, 2003, Income tax provision (benefit) reads $29,000 and should read $49,000; Net income (loss) reads $70,000 and should read $50,000. Under the column header Fiscal Year Ended September 30, 2003, Income tax provision (benefit) reads ($172,000) and should read ($152,000); Net income (loss) reads ($244,000) and should read ($264,000). Please replace the release dated Dec. 16, 2003 with the following corrected version. The corrected release reads: JOULE INC. REPORTS FISCAL 2003 FOURTH-QUARTER AND FULL-YEAR FINANCIAL RESULTS The management of JOULE Inc. (AMEX AMEX See: American Stock Exchange :JOL) today announced its financial results for the fiscal 2003 fourth quarter and full year ended September 30, 2003. In late November November: see month. , JAC JAC Journal of Antimicrobial Chemotherapy JAC Joint Astronomy Centre JAC Joint Advisory Committee (Board of Directors for SEI) JAC John Abbott College JAC Juvenile Assessment Center JAC Joint Analysis Center Acquisition Company, Inc., which is owned by Emanuel Besides being a common first name, Emanuel (sometimes spelled Emmanuel or Immanuel) may refer to:
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , announced a going private transaction in the form of a cash tender offer to purchase the outstanding shares of Joule not owned by the Logothetis family and Mr. Wellman for $1.52 per share. For the 2003 fiscal fourth quarter, revenues were $17,393,000, down 6.3 percent compared with last year's fourth-quarter revenues of $18,565,000. The company reported net income for the final quarter of fiscal 2003 of $50,000, or $0.01 per basic and 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. share, versus $107,000, or $0.03 per basic and diluted share, for fiscal 2002's final quarter. In the 2003 fourth quarter, costs of $50,000 were incurred related to the going private transaction. For fiscal year 2003, revenues of $68,717,000 declined 5.6 percent from the prior year's revenues of $72,796,000. The fiscal 2003 net loss was $264,000, or $0.07 per basic and diluted share, compared with a net loss of $162,000, or $0.04 per basic and diluted share, for fiscal 2002. John G. Wellman, Jr., JOULE's President and Chief Operating Officer, stated, "The fourth quarter results reflect our continued attention to cost controls even as revenue declined slightly from the previous quarter and was below the prior year fourth quarter. The generally positive economic news that is being reported has not translated into overall greater demand for our services at this time." JOULE Inc. is a staffing company providing a variety of technical, commercial and industrial services. Established in 1965, JOULE Inc. operates 15 branch offices, primarily in the greater New Jersey area as well as Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). , Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. and Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. .This news release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the federal securities laws that are subject to risks and uncertainties. Factors that could cause the Company's actual results and financial condition to differ from the Company's expectations include, but are not limited to, a change in economic conditions that adversely affects the level of demand for the Company's services, competitive market and pricing pressures, the availability of qualified temporary workers, the ability of the Company to manage growth through improved information systems and the training and retention of new staff, and government regulation.
JOULE INC.
Financial Highlights
(In thousands, except per-share amounts)
Three Months Fiscal Year
Ended: Ended:
September 30, September 30,
2003 2002 2003 2002
------- ------- ------- -------
Revenues $17,393 $18,565 $68,717 $72,796
Income (loss) before income taxes 99 226 (416) (259)
Income tax provision (benefit) 49 119 (152) (97)
------- ------- ------- -------
Net income (loss) $50 $107 $(264) $(162)
======= ======= ======= =======
Basic earnings (loss) per share $0.01 $0.03 $( 0.07) $(0.04)
======= ======= ======= =======
Diluted earnings (loss) per share $0.01 $0.03 $( 0.07) $(0.04)
======= ======= ======= =======
Common shares outstanding-basic 3,684 3,682 3,684 3,682
Common shares and common equivalents
outstanding 3,686 3,685 3,684 3,682
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion