Coach USA Corrects and Replaces Headers in Statements of Income.--(BUSINESS WIRE)-- In BW1580, (COACH-USA) Coach USA Coach USA is an American transportation service provider that offers scheduled bus service, city sightseeing, tour and charter bus service. Its main focus is in the New York Metropolitan Area. , Inc. Announces Record Third Quarter Results; 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. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.81 on a 48% Revenue Increase, the Company corrects and replaces headers in the Statements of Income. The corrected table follows below: -0-
COACH USA, INC.
Statements of Income
For the three and nine months ended September 30, 1998 & 1997
(Unaudited - In thousands except for EPS)
Three Months Ended Nine Months Ended
9/30/98 9/30/97(1) 9/30/98 9/30/97(1)
Revenue $ 232,916 $ 157,109 $ 579,552 $ 392,353
Operating Expenses 161,777 111,547 419,388 288,565
Gross Profit 71,139 45,562 160,164 103,788
S, G & A Expenses 22,929 15,859 63,426 43,007
Amortization 2,513 1,037 5,586 2,380
Merger costs -
poolings (2) 0 524 0 918
Operating Income 45,697 28,142 91,152 57,483
Interest and Other
Expenses 9,979 6,861 26,149 15,544
Income Before
Income Taxes 35,718 21,281 65,003 41,939
Provision for
Income Taxes 13,930 8,203 25,352 16,839
Income before
extraordinary items 21,788 13,078 39,651 25,100
Extraordinary items
(net of income taxes) (111) (203) (537) (602)
Net Income $ 21,677 $ 12,875 $ 39,114 $ 24,498
Weighted Avg. Shares
-Basic 25,288 21,555 23,684 21,312
Weighted Avg. Shares
-Diluted 27,434 23,187 25,868 22,773
EPS - Basic (3):
EPS $ 0.86 $ 0.60 $ 1.65 $ 1.15
EPS (before
extraordinary items)$ 0.86 $ 0.61 $ 1.67 $ 1.18
EPS (before
extraordinary
items)(2) $ 0.86 $ 0.63 $ 1.67 $ 1.22
EPS - Diluted (3):
EPS $ 0.81 $ 0.57 $ 1.56 $ 1.11
EPS (before extraordinary
items) $ 0.81 $ 0.58 $ 1.58 $ 1.14
EPS (before extraordinary
items)(2) $ 0.81 $ 0.60 $ 1.58 $ 1.18
Depreciation 12,720 8,490 33,440 22,419
Amortization 2,513 1,037 5,586 2,380
EBITDA 60,930 38,193 130,178 83,200
Note 1: Prior to the acquisitions, the pooled companies were managed as independent private companies. In conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the acquisitions, certain stockholders of the pooled companies have agreed to reductions in salaries and benefits and have entered into employment agreements. Accordingly, the pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma data for the three and nine months ended September September: see month. 30, 1997, includes an adjustment to present compensation at the level the stockholders agreed to receive subsequent to the acquisitions. In addition, the pro forma data presents the incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. provision for income taxes as if all entities had been subject to federal and state income taxes throughout the periods. Note 2: The above pro forma net income for the three and nine months ended September 30, 1997 includes non-recurring acquisition costs associated with certain poolings-of-interest transactions of $524 and $918, respectively. Excluding these costs, pro forma net income before extraordinary items would have been $13,602 and $26,018 for the three and nine months ended September 30, 1997, respectively. Note 3: All earnings per share data presented above have been calculated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the new Statement of Financial Accounting Standards No. 128. The diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of data presented above reflects the dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). , if any, of stock options, warrants and convertible subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. notes which were outstanding during the periods presented. |
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