Career Horizons reports financial results for three months ended Sept. 30, 1995.Inc. (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 :CARH CARH Council for Affordable and Rural Housing CARH Coalition for Affordable and Reliable Health Care CARH Community Assistance for the Retarded and Handicapped ) today reported financial results for the three months ended Sept. 30, 1995. Revenues for the three months were $97.0 million, compared with $86.9 million for the year-ago quarter, an increase of 12%. System-wide sales, which include sales processed A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. for the Company's Private Label Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. division, were $160.9 million, compared with $145.2 million for the year-ago quarter, an increase of 11%. Net income advanced 28% to $2.5 million, or 40 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , from $1.9 million, or 32 cents per share, a year ago. The growth in earnings was primarily attributable to higher revenues and an improvement in gross margin. The gross margin improvement reflected increased margin in the HR Services division, and the impact of the recently acquired operations. Walter W. Macauley, president and chief executive officer, said, "Continued healthy net income growth and the acquisition of two information technology staffing companies were the highlights of an active quarter. The acquisitions represent the Company's first in specialty staffing, which we have identified as a strategic growth area. Computer Consulting Group, headquartered in Columbia, South Carolina Columbia is the state capital and largest city of South Carolina. As of 2006, estimates for the population of the city proper is 122,819[1]. Columbia is the county seat of Richland County, but a small portion of the city extends into Lexington County. , places information technology consultants under contract with large corporations. Professionals for Computing computing - computer , based in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , provides contract and permanent placement of a wide array of technology specialists. Information technology is one of several staffing specialties that offer potentially attractive opportunities to the Company." On October 19, the company completed a private placement of $86.25 million of 7% convertible senior notes due 2002. A portion of the proceeds, approximately $27.4 million, were used to reduce borrowings under the company's revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility, which will continue to be available to the company; the remainder, net of fees and expenses, was added to working capital and will be used for acquisitions. Note: As part of the transition in the company's fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. from June 30 to December 31, the audited results of operations for the six months ending December 1995 will be released by March 15, 1996. Career Horizons is a national provider of general and specialty supplemental and health care personnel with 451 company-owned, franchised and private label offices operating under recognized local and regional brand names in 42 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . -0-
Career Horizons, Inc., and Subsidiaries
Unaudited Condensed Consolidated Statements of Income
(data in thousands, except per share amounts)
Three Months Ended
Sept. 30,
1995 1994
REVENUES $96,950 $86,861
EXPENSES:
Cost of services 73,855 66,688
Selling, general and
administrative expenses 13,861 11,648
Remittance to franchisees 4,514 4,687
Other expense, net 93 74
Total expenses 92,323 83,097
Income from operations 4,627 3,764 Interest expense, net (480) (392) Income before income taxes 4,147 3,372 Provision for income taxes (1,659) (1,433) NET INCOME $2,488 $1,939 INCOME PER COMMON SHARE $.40 $.32 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 6,290 6,133 CONTACT: Career Horizons, Inc. Michael T. Druckman, Sr. V.P. and Chief Financial Officer 516/496-2300 or Lundy Associates, Inc. Michael A. Lundy, 201/660-1100 |
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