Crescent Operating, Inc. Announces Second Quarter Results.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--Aug. 14, 2000 Crescent crescent, emblematic representation of the quarter moon. The crescent and star, ancient Byzantine symbols that became the emblems of Constantinople, were also assumed as the standard of the Ottoman Turks. Operating, Inc. ("Crescent Operating" or the "Company") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :COPI COPI Chevron Overseas Petroleum Inc. COPI Construction Output Price Index (UK) COPI Court-Ordered Protected Individual ) today announced its operating results for the three month and six month periods ended June June: see month. 30, 2000. -- Crescent Operating's revenues for the six months ended June 30, 2000 were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $343.9 million, which represented a 10.9% increase over revenues of approximately $310.1 million for the six months ended June 30, 1999. Net loss for the six months ended June 30, 2000 was approximately ($5.4) million, or ($0.52) per share compared with net income of approximately $3.6 million, or $0.32 per share (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. ) for the six months ended June 30, 1999. -- Crescent Operating's revenues for the three months ended June 30, 2000 were approximately $176.4 million, which represented a 1.7% increase over revenues of approximately $173.4 million for the three months ended June 30, 1999. Net loss for the three months ended June 30, 2000 was approximately ($3.4) million, or ($0.33) per share compared with net income of approximately $0.2 million, or $0.01 per share (diluted) for the three months ended June 30, 1999. The Company's operating results for the three month and six month periods ended June 30, 2000 are not necessarily indicative indicative: see mood. of the Company's expected results for the full year, due primarily to seasonality of certain of its business segments. See Crescent Operating's quarterly report on Form 10-Q Form 10-Q See 10-Q. for a complete discussion of the Company's financial results. Crescent Operating is a diversified management company diversified management company An investment company with a minimum of 75% of its assets as cash, government securities, securities of other investment companies, and other securities subject to a limitation of no more than 5% of the diversified management which through various subsidiaries and affiliates, owns, leases or operates a portfolio of assets consisting primarily of seven full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. hotels and two destination health and fitness resorts, its interest in CBHS CBHS Christian Brothers High School (Memphis, TN) CBHS Chemical Biological Hardened Shelter , an interest in a temperature controlled logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. operating company operating company A business that engages in transactions with outsiders. , an interest in three real estate development operations, and an equipment sales and leasing business. Certain of the statements in this press release constitute 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, including Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. Although Crescent Operating believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, Crescent Operating's actual results could differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from Crescent Operating's expectations include, among others, the ability of the Company's segments to continue to achieve operating results at or above current levels and at a level sufficient to meet current projections, Crescent Operating's ability to service existing debt and meet other operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , the availability of debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. , and the possibility that Crescent Operating's outstanding debt (some of which requires so-called so-called adj. 1. Commonly called: "new buildings ... in so-called modern style" Graham Greene. 2. balloon payments The final installment of a loan to be paid in an amount that is disproportionately larger than the regular installment. When a loan is made, repayment of the principal, which is the amount of the loan, plus the interest that is owed on it, is divided into installments due at of principal) may be refinanced at higher interest rates or otherwise on terms less favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to Crescent Operating, and other general risk factors. For a more complete discussion of these and other risk factors, please see Crescent Operating's SEC reports, including its annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , quarterly reports on Form 10-Q, reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , and the Company's Registration Statement on Form S-4. For further information, please contact Rick Knight knight, in ancient and medieval history, a noble who did military service as a mounted warrior. The Knight in Ancient History In ancient history, as in Athens and Rome, the knight was a noble of the second class who in military service had to , Chief Financial Officer at 817/339-2212. Crescent Operating is also online at www.crescentoperating.com.
CRESCENT OPERATING, INC.
SEGMENT FINANCIAL INFORMATION
FOR THE THREE MONTHS ENDED JUNE 30, 2000
(Amounts in thousands, except share data)
Equipment Temperature
Sales Controlled
and Leasing Hospitality Logistics
----------- ----------- -----------
Revenues $ 38,427 $ 66,429 $ --
Operating expenses 36,556 67,504 5
------- ------- --------
Income (loss) from operations 1,871 (1,075) (5)
------- ------- --------
Investment income (loss) -- (1,930) (1,400)
------- ------- --------
Other (income) expense
Interest expense 2,755 216 --
Interest income (7) (49) --
Other 135 -- --
------- ------- --------
Total other (income) expense 2,883 167 --
Income (loss) before income
taxes and minority interests (1,012) (3,172) (1,405)
Income tax provision (benefit) (424) (1,270) (562)
------- ------- --------
Income (loss) before minority
interests (588) (1,902) (843)
Minority interests -- 1,212 --
------- ------- --------
Net income (loss) $ (588) $ (690) $ (843)
------- ------- --------
------- ------- --------
Net income (loss) per share, basic
and diluted $ (0.06) $ (0.06) $ (0.08)
------- ------- --------
------- ------- --------
EBITDA Calculation: (1)
Net income (loss) $ (588) $ (690) $ (843)
Interest expense, net 2,748 25 460
Income tax provision (benefit) (424) (461) (560)
Depreciation and amortization 4,056 294 805
------- ------- --------
EBITDA $ 5,792 $ (832) $ (138)
------- ------- --------
------- ------- --------
Land
Development Other Total
------------ ------ ------
Revenues $ 71,541 $ -- $ 176,397
Operating expenses 65,763 987 170,815
------- ------- --------
Income (loss) from operations 5,778 (987) 5,582
------- ------- --------
Investment income (loss) 4,583 -- 1,253
------- ------- --------
Other (income) expense
Interest expense 3,474 2,171 8,616
Interest income (879) (86) (1,021)
Other (211) -- (76)
------- ------- --------
Total other (income) expense 2,384 2,085 7,519
------- ------- --------
Income (loss) before income
taxes and minority interests 7,977 (3,072) (684)
Income tax provision (benefit) 3,258 (1,228) (226)
------- ------- --------
Income (loss) before minority
interests 4,719 (1,844) (458)
Minority interests (4,166) -- (2,954)
------- ------- --------
Net income (loss) $ 553 $ (1,844) $ (3,412)
------- ------- --------
------- ------- --------
Net income (loss) per share, basic
and diluted $ 0.05 $ (0.18) $ (0.33)
------- ------- --------
------- ------- --------
EBITDA Calculation: (1)
Net income (loss) $ 553 $ (1,844) $ (3,412)
Interest expense, net 138 2,085 5,456
Income tax provision (benefit) 410 (1,228) (2,263)
Depreciation and amortization 470 (18) 5,607
------- ------- --------
EBITDA $ 1,571 $ (1,005) $ 5,388
------- ------- --------
------- ------- --------
(1) EBITDA represents earnings before interest, income taxes,
depreciation and amortization. Amounts are calculated based on
the Company's ownership percentage of the EBITDA components.
Management believes that EBITDA can be a meaningful measure of
the Company's operating performance, cash generation and
ability to service debt. However, EBITDA should not be
considered as an alternative to either: (i) net earnings
(determined in accordance with GAAP); (ii) operating cash flow
(determined in accordance with GAAP); or (iii) liquidity.
There can be no assurance that the Company's calculation of
EBITDA is comparable to similarly titled items reported by
other companies.
CRESCENT OPERATING, INC.
SEGMENT FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED JUNE 30, 2000
(Amounts in thousands, except share data)
Equipment Temperature
Sales Controlled
and Leasing Hospitality Logistics
----------- ----------- ---------
Revenues $ 74,674 $ 138,639 $ --
Operating expenses 72,327 137,549 23
------- ------- --------
Income (loss) from operations 2,347 1,090 (23)
------- ------- --------
Investment income (loss) -- (404) (4,658)
------- ------- --------
Other (income) expense
Interest expense 5,133 444 --
Interest income (20) (73) --
Other 288 (4) --
------- ------- --------
Total other (income) expense 5,401 367 --
------- ------- --------
Income (loss) before income
taxes and minority interests (3,054) 319 (4,681)
Income tax provision (benefit) (1,282) 127 (1,872)
------- ------- --------
Income (loss) before minority
interests (1,772) 192 (2,809)
Minority interests -- 1,309 --
------- ------- --------
Net income (loss) $ (1,772) $ 1,501 $ (2,809)
------- ------- --------
------- ------- --------
Net income (loss) per share,
basic and diluted (0.17) $ 0.15 $ (0.27)
------- ------- --------
------- ------- --------
EBITDA Calculation: (1)
Net income (loss) $ (1,772) $ 1,501 $ (2,809)
Interest expense, net 5,113 68 570
Income tax provision (benefit) (1,282) 1,001 (1,866)
Depreciation and amortization 7,893 579 1,656
------- ------- --------
EBITDA $ 9,952 $ 3,149 $ (2,449)
------- ------- --------
------- ------- --------
Land
Development Other Total
----------- ------- ---------
Revenues $ 130,635 $ -- $ 343,948
Operating expenses 118,553 1,941 330,393
------- ------- --------
Income (loss) from operations 12,082 (1,941) 13,555
------- ------- --------
Investment income (loss) 11,820 -- 6,758
------- ------- --------
Other (income) expense
Interest expense 6,829 4,224 16,630
Interest income (1,616) (176) (1,885)
Other (272) 3 15
------- ------- --------
Total other (income) expense 4,941 4,051 14,760
------- ------- --------
Income (loss) before income
taxes and minority interests 18,961 (5,992) 5,553
Income tax provision (benefit) 6,686 (2,397) 1,262
------- ------- --------
Income (loss) before minority
interests 12,275 (3,595) 4,291
Minority interests (10,994) -- (9,685)
------- ------- --------
Net income (loss) $ 1,281 $ (3,595) $ (5,394)
------- ------- --------
------- ------- --------
Net income (loss) per share,
basic and diluted $ 0.12 $ (0.35) $ (0.52)
------- ------- --------
------- ------- --------
EBITDA Calculation: (1)
Net income (loss) $ 1,281 $ (3,595) $ (5,394)
Interest expense, net 273 4,048 10,072
Income tax provision (benefit) 928 (2,397) (3,616)
Depreciation and amortization 828 (36) 10,920
------- ------- --------
EBITDA $ 3,310 $ (1,980) $ 11,982
------- ------- --------
------- ------- --------
(1) EBITDA represents earnings before interest, income taxes,
depreciation and amortization. Amounts are calculated based on
the Company's ownership percentage of the EBITDA components.
Management believes that EBITDA can be a meaningful measure of
the Company's operating performance, cash generation and
ability to service debt. However, EBITDA should not be
considered as an alternative to either: (i) net earnings
(determined in accordance with GAAP); (ii) operating cash flow
(determined in accordance with GAAP); or (iii) liquidity.
There can be no assurance that the Company's calculation of
EBITDA is comparable to similarly titled items reported by
other companies.
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion