Danka Reports Strong First Quarter Results.ST. PETERSBURG Petersburg, city (1990 pop. 38,386), politically independent and in no county, SE Va., on the Appomattox River; inc. 1850. A port of entry and an important tobacco market, it has industries producing chemicals, pharmaceuticals, furniture, structural steel, lumber, , Fla.--(BUSINESS WIRE)--July 27, 1995--Danka Business Systems PLC (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 :DANKY) today announced results for its first quarter ended June June: see month. 30, 1995. Revenue increased 43% to a record $249.0 million, while earnings from operations grew 37% to $20.8 million. Net earnings rose 27% to $10.9 million, or $0.22 per American Depositary Share American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. ("ADS") compared to $8.6 million or $0.18 per ADS last year. Dan Doyle Doyle , Sir Arthur Conan 1859-1930. British writer known chiefly for a series of stories featuring the brilliant detective Sherlock Holmes, including The Hound of the Baskervilles (1902). , Chief Executive Officer commented, "I am very pleased with our first quarter results. Our core operations porduced solid results while the acquisition activity exceeded our earlier expectations. During the first quarter we acquired companies with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenue of approximately $75 million. The first quarter was highlighted by our entry into Continental Europe Continental Europe, also referred to as mainland Europe or simply the Continent, is the continent of Europe, explicitly excluding European islands and, at times, peninsulas. through the acquisition of Reprotechniek, a Toshiba Toshiba Corporation (株式会社東芝 Kabushiki-gaisha Tōshiba dealer with branches in Holland and Belgium. In the U.S. we expanded our branch network through acquisitions in many of our existing geographic markets, and in the U.K. we acquired the photocopier photocopier Device for producing copies of text or graphic material by the use of light, heat, chemicals, or electrostatic charge. Most modern copiers use a method called xerography. business of AM International UK Limited, which strengthened our position particularly in the South West." Danka Business Systems PLC, headquartered in St. Petersburg, Florida St. Petersburg (often shortened to St. Pete) is a city in Pinellas County, Florida, United States. The city is known as a vacation destination for North American and European vacationers, as well as a politically important battleground in U.S. Presidential politics. , is one of the largest and fastest growing independent suppliers of automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. office equipment and related services and supplies in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and the United Kingdom. Danka's ADSs are listed on the NASDAQ/NMS and its Ordinary shares are listed on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . -0-
DANKA BUSINESS SYSTEMS PLC
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per American Depositary Share ("ADS") amounts)
For the three months ended
June 30, June 30,
1995 1994
(Unaudited) (Unaudited)
Revenue:
Retail equipment sales $ 98,470 $ 68,424 Retail service, supplies and rentals 120,721 83,985 Wholesale 29,823 21,979 Total revenue 249,014 174,388 Costs and operating expenses: Cost of retail equipment sales 61,039 41,826 Retail service, supplies and rental costs 63,479 44,523 Wholesale costs of revenue 24,678 17,777 Selling, general and administrative expenses 76,627 53,658 Amortization of intangible assets 2,356 1,352 Total costs and operating expenses 228,179 159,136 Earnings from operations 20,835 15,252 Interest expense and other, net 3,278 1,121 Earnings before income taxes 17,557 14,131 Provision for income taxes 6,700 5,561 Net Earnings $ 10,857 $ 8,570 Net earnings per ADS $ 0.22 $ 0.18 Weighted average ADSs 49,213 48,552
DANKA BUSINESS SYSTEMS PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, March 31,
1995 1995
(Unaudited) (Audited)
Assets Current Assets: Cash and cash equivalents $ 37,428 $ 86,848 Accounts receivable, net 148,951 133,046 Inventories 153,384 132,246 Prepaid expenses and other current assets 4,714 4,267 Investments -- 10,285 Total current assets 344,477 366,692 Equipment on operating leases, net 44,903 43,813 Property and equipment, net 36,647 36,533 Intangible assets, net 211,195 168,463 Other assets 20,252 19,813 Total assets $ 657,474 $ 635,314
Liabilities and shareholders'
equity
Current liabilities:
Current maturities of
long-term
debt and notes
payable $ 30,316 $ 23,494
Accounts payable 43,367 60,001
Accrued expenses 52,669 45,457
Deferred revenue 50,453 44,812
Total current liabilities 176,805 173,764 Long-term debt 238,073 233,681 Deferred income taxes 23,965 21,461 Total liabilities 438,843 428,906 Shareholders' equity Ordinary shares, 1.25 pence stated value 4,075 4,050 Additional paid-in capital 94,902 92,777 Retained earnings 121,000 110,143 Currency translation adjustment (1,346) (562) Total shareholders' equity 218,631 206,408 Total liabilities and shareholders' equity $ 657,474 $ 635,314 CONTACT: Danka Business Systems PLC, St. Petersburg William T. Freeman Freeman can mean:
Paul G. Dumond, 011-44171-603-1515 (London) |
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