Crescent Operating Announces First Quarter Results.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--May 15, 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 quarter ended March 31, 2000. -- Crescent Operating's revenues for the quarter ended March 31, 2000 were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $167.6 million which represented a 23% increase over revenues of approximately $136.7 million for the quarter ended March 31, 1999. -- Crescent Operating's net loss for the quarter ended March 31, 2000 was approximately $2.0 million, or ($0.19) 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. ) compared with net income of approximately $3.4 million or $0.31 per share (diluted) for the quarter ended March 31, 1999. The Company's operating results for the three months ended March 31, 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, 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 MARCH 31, 2000
(Amounts in thousands, except share data)
Equipment
Sales Temperature
and Controlled
Leasing Hospitality Logistics
--------- --------- ----------
Revenues $ 36,247 $ 72,210 $ --
Operating expenses 35,771 70,045 18
--------- --------- ----------
Income (loss) from operations 476 2,165 (18)
--------- --------- ----------
Investment income (loss) -- 1,526 (3,258)
--------- --------- ----------
Other (income) expense
Interest expense 2,378 228 --
Interest income (13) (24) --
Other 153 (4) --
--------- --------- ----------
Total other (income) expense 2,518 200 --
--------- --------- ----------
Income (loss) before income
taxes and minority interest (2,042) 3,491 (3,276)
Income tax provision (benefit) (858) 1,397 (1,310)
--------- --------- ----------
Income (loss) before minority
interests (1,184) 2,094 (1,966)
Minority interests -- 97 --
--------- --------- ----------
Net income (loss) $ (1,184) $ 2,191 $ (1,966)
========= ========= ==========
Net income (loss) per share,
basic and diluted $ (0.11) $ 0.21 $ (0.19)
========= ========= ==========
EBITDA Calculation: (1)
Net income (loss) $ (1,184) $ 2,191 $ (1,966)
Interest expense, net 2,365 43 110
Income tax provision (benefit) (858) 1,462 (1,306)
Depreciation and amortization 3,837 285 851
--------- --------- ----------
EBITDA $ 4,160 $ 3,981 $ (2,311)
========= ========= ==========
Land
Development Other Total
--------- --------- ---------
Revenues $ 59,094 $ -- $ 167,551
Operating expenses 52,790 954 159,578
--------- --------- ---------
Income (loss) from operations 6,304 (954) 7,973
--------- --------- ---------
Investment income (loss) 7,237 -- 5,505
--------- --------- ---------
Other (income) expense
Interest expense 3,355 2,053 8,014
Interest income (737) (90) (864)
Other (61) 3 91
--------- --------- ---------
Total other (income) expense 2,557 1,966 7,241
--------- --------- ---------
Income (loss) before income
taxes and minority interest 10,984 (2,920) 6,237
Income tax provision (benefit) 3,428 (1,169) 1,488
--------- --------- ---------
Income (loss) before minority
interests 7,556 (1,751) 4,749
Minority interests (6,828) -- (6,731)
--------- --------- ---------
Net income (loss) $ 728 $ (1,751) $ (1,982)
========= ========= =========
Net income (loss) per share,
basic and diluted $ 0.07 $ (0.17) $ (0.19)
========= ========= =========
EBITDA Calculation: (1)
Net income (loss) $ 728 $ (1,751) $ (1,982)
Interest expense, net 135 1,963 4,616
Income tax provision (benefit) 518 (1,169) (1,353)
Depreciation and amortization 358 (18) 5,313
--------- --------- ---------
EBITDA $ 1,739 $ (975) $ 6,594
========= ========= =========
(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 Companys
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
Companys calculation of EBITDA is comparable to
similarly titled items reported by other companies.
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