CUC International reports record year-end and fourth quarter results.STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn.--(BUSINESS WIRE)--March 21, 1995--CUC International Inc. (NYSE NYSE See: New York Stock Exchange : CU) today announced its financial results for the fourth quarter and year-ended January January: see month. 31, 1995. The Company achieved record year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. revenues of $1,044.7 million versus $879.3 million for the prior year. Earnings were $1.00 per share compared to $0.77 per share for fiscal 1994, an increase of 30%. The weighted average number of shares outstanding was 117.8 million for the year-ended January 31, 1995 versus 114.1 million for the prior year. The Company also achieved record revenues of $281.7 million in the fourth quarter ended January 31, 1995, compared to $234.4 million a year ago, an increase of 20%. Earnings per share for the fourth quarter ended January 31, 1995 were $.28 per share based on 118.6 million weighted average shares outstanding compared to $.22 per share for the fourth quarter last year based on 116.3 million weighted average shares outstanding. Walter Wal·ter , Bruno 1876-1962. German conductor noted for his interpretations of Mozart and Mahler. Noun 1. Walter - German conductor (1876-1962) Bruno Walter A. Forbes Forbes , B(ertie) C(harles) 1880-1954. American publisher and businessman who founded and edited (1916-1954) Forbes magazine. His son Malcolm Stevenson Forbes , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CUC International CUC (Comp-U-Card) International Inc., a huge membership-based consumer services conglomerate with travel, shopping, auto, dining, home improvement and financial services offered to more than 60 million customers worldwide based out of Stamford, Connecticut and headed by Kirk , said, "Fiscal 1995 was a milestone year for CUC CUC Cuban Convertible Peso (ISO currency code) CUC Columbia Union College (Takoma Park, MD, USA) CUC Canadian Unitarian Council CUC Canadian Ultimate Championships . Our revenues passed the one billion dollar mark. Membership levels reached 33.9 million through our ability to add new services, new distribution channels and new clients. We also made a number of strategically important acquisitions including The NetMarket Company, which gave us a head start in offering our services through the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the ; Essex Corporation, which is a leader in marketing annuities through financial institutions; and, in February February: see month. 1995, Welcome Wagon Noun 1. welcome wagon - a wheeled vehicle carrying information and gifts from local merchants for new residents in an area wheeled vehicle - a vehicle that moves on wheels and usually has a container for transporting things or people; "the oldest known wheeled International, Inc., which gives us direct access to consumers through community markets. We also made a major commitment to aggressively pursue the international market. Earlier this month, we purchased our European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. and plan to recreate CUC's businesses, first in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and
then in other parts of the world.CUC is well positioned for the changing world. We built our company so that we can make the transition into technology-driven retailing with ease; our concepts and systems are easily transportable to interactive-based retailing. We approach the future with great enthusiasm and optimism." CUC International is a leading membership services company, currently providing more than 33 million consumers with access to a variety of services including home shopping Home Shopping commonly refers to the electronic retailing / home shopping channels industry, which includes such billion dollar companies as HSN, QVC, eBay, ShopNBC, Buy.com, and Amazon.com. , travel, insurance, auto, dining, home improvement, checking account enhancements, and discount coupon programs. CUC International is a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Stock Exchange-listed company whose divisions and subsidiaries include Benefit Consultants, Inc., Comp-U-Card, CUC Europe, Ltd., Entertainment Publications, Inc., Essex Corporation, FISI FISI Federazione Italiana Sport Invernali (Italian Federation for Winter Sports) FISI Fachinformatiker für Systemintegration (German: degree in information technology) *Madison Madison, cities, United States Madison. 1 City (1990 pop. 12,006), seat of Jefferson co., SE Ind., on the Ohio River; settled c.1806, inc. 1838. It is a port of entry and a tobacco marketing center. Financial Corporation, Interval International Interval International is an affiliated exchange company that arranges vacation exchanges for timeshare owners. Their exchange network includes more than 2,200 resorts and nearly 2 million member families worldwide. Similar to RCI, Interval International, I.I. , Inc., National Card Control, Inc., The NetMarket Company and Welcome Wagon International, Inc. -0-
CUC INTERNATIONAL INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
January 31, January 31
1995 1994
Assets
Current Assets
Cash and cash equivalents $180,648 $116,937
Receivables 188,185 150,822
Membership solicitations in process 45,636 42,943
Prepaid membership materials 26,503 21,976
Prepaid expenses, defer taxes & other 62,929 44,332
Total Current Assets 503,901 377,010
Contract renewal rights and
intangible assets, net 195,688 178,960
Properties, net 35,089 25,404
Deferred income taxes 16,778 20,830
Other 16,696 10,555
$768,152 $612,759
Liabilities and Shareholders' Equity Current Liabilities Accounts payable and accrued expenses & federal and state income taxes payable $109,489 $122,795
Total Current Liabilities 109,489 122,795
Deferred membership income, net 197,010 179,375 Zero coupon convertible notes (net of unamortized original issue discount of $2,507 and $6,820) 15,046 22,176 Compensatory stock option plan and other 3,285 3,532
Shareholders' Equity 443,322 284,881
$768,152 $612,759
-0-
CUC INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands except per share amounts)
Three Months Ended
January 31,
1995 1994
REVENUES Membership and service fees $281,699 $233,291 Other 30 1,120
Total Revenues 281,729 234,411
COSTS AND EXPENSES Operating 75,904 64,123 Marketing 114,216 94,217 General and administrative 39,749 33,993 Interest (Income) (876) 783 Amort of restricted stock compensation 65
Total Expenses 228,993 193,181
INCOME BEFORE INCOME TAXES 52,736 41,230 Provision for income taxes 19,954 16,011 NET INCOME $32,782 $25,219 Net Income Per Common Share $0.28 $0.22 Weighted Average Number of Common and Dilutive Common Equivalent Shares Outstanding 118,593 116,297 -0-
CUC INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Dollar amounts in thousands except per share amounts)
Twelve Months Ended
January 31,
1995 1994
REVENUES Membership and service fees $1,039,288 $875,033 Other 5,381 4,291
Total Revenues 1,044,669 879,324
COSTS AND EXPENSES Operating 282,772 242,229 Marketing 421,987 356,540 General and administrative 149,139 132,973 Interest (Income) (56) 4,756 Amort of restricted stock compensation 303 631
Total Expenses 854,145 737,129
INCOME BEFORE INCOME TAXES 190,524 142,195 Provision for income taxes 72,933 54,824 NET INCOME $117,591 $87,371 Net Income Per Common Share $1.00 $0.77 Weighted Average Number of Common and Dilutive Common Equivalent Shares Outstanding 117,849 114,131 -0-
CUC INTERNATIONAL INC. AND SUBSIDIARIES
SUPPLEMENTAL CASH FLOW DATA
(In thousands)
Twelve Months Ended
January 31,
1995 1994
Net income $117,591 $87,371
Amort of membership acquisition costs 353,516 310,969
Deferred membership income 43,639 49,660
Membership acquisition costs (379,520) (339,604)
Amort of contract rights and excess cost 14,368 14,595
Amortization of prepaid commissions 472
Amort of original issue discount
on convertible notes 1,662 3,223
Amortization of restricted stock 303 631
Depreciation 8,939 7,663
Deferred income taxes 4,351 (1,206)
$164,849 $133,774
CONTACT: CUC International Inc., Stamford Sandra Morgan Sandra Morgan (born June 6 1942 in Tamworth, New South Wales), known after marriage as Sandra Beavis was an Australian freestyle swimmer of the 1950s, who won a gold medal in the 4x100m freestyle relay at the 1956 Melbourne Olympics. , 203/965-5114 |
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