Cronos Releases 1st Half Review.LONDON--(BUSINESS WIRE)--Oct. 20, 1997--Cronos today released its first half financials as reviewed by its auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together , Moore Moore, city (1990 pop. 40,761), Cleveland co., central Okla., a suburb of Oklahoma City; inc. 1887. Its manufactures include lightning- and surge-protection equipment, packaging for foods, and auto parts. Stephens Ste·phens , Alexander Hamilton 1812-1883. American politician who was vice president of the Confederacy (1861-1865) under Jefferson Davis. . For further information, please refer to the Cronos Cronos swallowed his children at birth; they lived again when he was forced by Zeus to disgorge them. [Gk. Myth.: EB (1963) VI, 747] See : Cannibalism Cronos Web Site at www.cronos.com, email Cronos at ir@cronos.com, or contact Alan A`lan´ n. 1. A wolfhound. Bulmer Bulmer could be:
The process by which the corporation communicates with its investors. at email: ir@cronos.com phone: 44-1730-823788 fax: 44-1730-823515 -0- REVIEW REPORT TO THE CRONOS GROUP "We have reviewed the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. balance sheet of The Cronos Group at 30th June June: see month. 1997 and the related statements of income and cash flows for the period then ended. These financial statements are the responsibility of the Group's management. Our responsibility is to issue a report on these financial statements based on our review. "We conducted our review 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 International Standard on Auditing applicable to review engagements. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement mis·state tr.v. mis·stat·ed, mis·stat·ing, mis·states To state wrongly or falsely. mis·state  ment n. . A review is limited primarily to inquiries of
company personnel and analytical procedures Analytical Procedures is one of financial audit skill which help an auditor understand the client's business and changes in the business, to identify potential risk areas and to plan other audit procedures. applied to financial data
and thus provides less assurance than an audit. We have not performed
an audit, and accordingly, we do not express an audit opinion."Based on our review, nothing has come to our attention that caused us to believe that the accompanying financial statements do not give a true and fair view in accordance with International Accounting Standards." MOORE STEPHENS St Paul's House Warwick Warwick, town and district, England Warwick, town (1991 pop. 21,701) and district, county seat of Warwickshire, central England, on the Avon River. The town has some commerce and manufacturing. Lane London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. EC4P 4BN -0-
THE CRONOS GROUP AND SUBSIDIARIES
SUMMARY OF CONSOLIDATED INCOME STATEMENTS
(dollar amounts in thousands, except per share amounts)
Three Months Ended
June 30,
1996 1997
Total revenues $40,044 $41,565
Direct operating expenses 7,906 8,871
Payments to container owners 18,218 16,578
Depreciation and amortization 2,995 5,012
Selling, general and administrative expenses 5,627 5,493
Financing & recomposition expenses -- 1,047
Interest expense 2,508 4,228
Total expenses 37,254 41,229
Earnings/ (loss) before income taxes 2,790 336
Income taxes 663 81
Net income/ (loss) 2,127 255
Preferred dividends -- --
Earnings/ (loss) available for common shares $2,127 $255
Earnings/ (loss) per common share $0.24 $0.03
Weighted average shares 8,858,378 8,858,378
Six Months Ended
June 30,
1996 1997
Total revenues $79,216 $82,048
Direct operating expenses 15,730 18,698
Payments to container owners 36,351 32,972
Depreciation and amortization 5,762 9,920
Selling, general and administrative expenses 11,182 10,522
Financing & recomposition expenses -- 1,966
Interest expense 4,808 8,364
Total expenses 73,833 82,442
Earnings/ (loss) before income taxes 5,383 (394)
Income taxes 1,440 81
Net income/ (loss) 3,943 (475)
Preferred dividends -- --
Earnings/ (loss) available for common shares $3,943 $(475)
Earnings/ (loss) per common share $0.45 $(0.05)
Weighted average shares 8,847,697 8,858,378
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THE CRONOS GROUP AND SUBSIDIARIES
SUMMARY OF CONSOLIDATED BALANCE SHEETS
(dollar amounts in thousands, except per share amounts)
As at As at
December 31, June 30,
1996 1997
Assets
Cash $17,278 $11,347
Total receivables 46,908 50,696
Container equipment, net 243,828 261,940
Property and investments, net 75,231 42,862
Other 16,056 20,266
Total Assets $399,301 $387,111
Liabilities and Shareholders' Equity
Amounts payable to container owners $22,446 $28,697
Debt and capital lease obligations 198,989 199,305
Other liabilities 55,388 39,069
Current and deferred income taxes 7,482 7,857
Deferred income and unamortized
acquisition fees 19,420 17,081
Total Liabilities 303,725 292,009
Shareholders' Equity 95,576 95,102
Total Liabilities and Shareholders'
Equity $399,301 $387,111
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THE CRONOS GROUP AND SUBSIDIARIES
SUMMARY OF CONSOLIDATED CASH FLOW STATEMENTS
(dollar amounts in thousands, except per share amounts)
Six Months Ended
June 30,
1996 1997
Cash flows from operating activities $9,271 $11,090
Cash flows from investing activities (43,163) (22,337)
Cash flows from financing activities 21,288 5,316
Net increase (decrease) in cash and cash
equivalents (12,604) (5,931)
Cash and cash equivalents at beginning of
period 24,243 17,278
Cash and cash equivalents at end of
period $11,639 $11,347
CONTACT: The Cronos Group Alan Bulmer, Cronos Investor Relations email: ir@cronos.com phone: 44-1730-823788 fax: 44-1730-823515 www.cronos.com |
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