Danka reports record results for fiscal 1995.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)--May 1, 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) Monday Monday: see week. announced record revenues and profits for its fiscal year and fourth quarter ended March 31, 1995. Revenues for fiscal 1995 grew 51% to $802.2 million while earnings from operations rose 49% to $71.6 million. Net earnings increased 48% to $39.0 million or 80 cents per American Depositary Share American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. ("ADS"). Results for the fourth quarter of fiscal 1995 were also impressive. Revenue increased 40% to $238.3 million while earnings from operations increased 46% to $21.0 million. Net earnings for the quarter increased 39% to $11.2 million or 23 cents per ADS. 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). , president and chief executive commented: "Fiscal 1995 was once again an outstanding year for Danka. Revenues and profits exceeded our expectations, setting yet another record. The year was marked by strong internal growth, a significant expansion of our branch network throughout 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, and a further strengthening of our capital structure. "The primary driver of our internal growth continues to be the ability to leverage our strong base of operations Noun 1. base of operations - installation from which a military force initiates operations; "the attack wiped out our forward bases" base air base, air station - a base for military aircraft army base - a large base of operations for an army . This has been achieved by providing top quality service, a solution-oriented sales force and an increasing national and international recognition of the Danka name. The expansion of our major market program and the increased sales of high volume and color copier equipment have also contributed to our growth." Doyle continued: "Acquisitions continue to play a significant role in Danka's growth. During the year we acquired businesses 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. revenues of more than $200 million, exceeding our previous expectations. Danka now has branches in nearly every major city throughout the U.S., Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and the U.K. The markets in which we operate remain highly fragmented frag·ment n. 1. A small part broken off or detached. 2. An incomplete or isolated portion; a bit: overheard fragments of their conversation; extant fragments of an old manuscript. 3. , and the opportunities for continued expansion are excellent." David Snell Snell , George 1903-1996. American geneticist. He shared a 1980 Nobel Prize for discoveries concerning cell structure that enhanced understanding of the immunological system, resulting in higher success rates in organ transplantation. , chief financial officer added: "I am extremely pleased with this year's results, and the strength of our margins across the business. Our cash flow remains strong with over $50 million being generated from operations. Additionally, with our recent issuance of $200 million of Convertible Subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. Notes, our financial position is as strong as it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have ever been." As a result of this fine performance, the board of directors of Danka Business Systems PLC are recommending the payment of a final dividend of 0.90 pence pence n. Chiefly British A plural of penny. pence Noun a plural of penny USAGE: Since the decimalization of British currency and the introduction of the abbreviation p, per Ordinary share (approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 6 cents per ADS). The dividend will be payable on July July: see month. 25, 1995 to ADS holders of record as of June June: see month. 29, 1995. Danka Business Systems PLC, headquartered in St. Petersburg, 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 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 years ended
March 31, March 31,
1995 1994
Revenue: Retail equipment sales $ 324,758 $ 202,246 Retail service, supplies and rentals 377,982 250,972 Wholesale 99,456 78,190 Total revenue 802,196 531,408 Costs and operating expenses: Cost of retail equipment sales 196,953 122,964 Retail service, supplies and rental costs 199,585 131,174 Wholesale costs of revenue 81,765 63,502 Selling, general and administrative expenses 245,525 162,119 Amortization of intangible assets 6,818 3,765 Total costs and operating expenses 730,646 483,524 Earnings from operations 71,550 47,884 Interest expense, net 7,742 3,667 Earnings before income taxes 63,808 44,217 Provision for income taxes 24,761 17,751 Net earnings $ 39,047 $ 26,466 Net earnings per ADS $ 0.80 $ 0.59 Weighted average ADSs 48,735 45,210 Note: All periods have been adjusted for the two for one ADS split.
DANKA BUSINESS SYSTEMS PLC
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per American Depositary Share ("ADS") amounts)
For the three months ended
March 31, March 31,
1995 1994
(Unaudited) (Unaudited)
Revenue: Retail equipment sales $ 99,272 $ 65,962 Retail service, supplies and rentals 110,814 80,905 Wholesale 28,232 23,082 Total revenue 238,318 169,949 Costs and operating expenses: Cost of retail equipment sales 60,996 40,628 Retail service, supplies and rental costs 58,384 42,146 Wholesale costs of revenue 23,640 19,154 Selling, general and administrative expenses 72,126 52,530 Amortization of intangible assets 2,220 1,158 Total costs and operating expenses 217,366 155,616 Earnings from operations 20,952 14,333 Interest expense, net 2,921 988 Earnings before income taxes 18,031 13,345 Provision for income taxes 6,814 5,262 Net earnings $ 11,217 $ 8,083 Net earnings per ADS $ 0.23 $ 0.17 Weighted average ADSs 49,052 48,550 Note: All periods have been adjusted for the two for one ADS split.
DANKA BUSINESS SYSTEMS PLC
CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, March 31,
1995 1994
Assets Current assets: Cash $ 86,848 $ 15,620 Accounts receivable, net 133,046 93,309 Inventories 132,246 82,213 Prepaid expenses and other current assets 4,267 5,076 Income tax refund receivable, net - 4,922 Investments 10,285 - Total current assets 366,692 201,140 Equipment on operating leases, net 43,813 37,515 Property and equipment, net 36,533 22,120 Intangible assets: Goodwill, net 162,215 84,663 Noncompete agreements, net 6,248 4,682 Other assets 19,813 6,684 Total assets $ 635,314 $ 356,804 Liabilities and shareholders' equity Current liabilities: Current maturities of long-term debt and notes payable $ 23,494 $ 5,067 Accounts payable 60,001 32,572 Accrued expenses 45,457 32,199 Deferred revenue 44,812 35,052 Total current liabilities 173,764 104,890 Long-term debt 233,681 67,520 Deferred income taxes 21,461 14,469 Total liabilities 428,906 186,879 Shareholders' equity: Ordinary shares, 1.25 pence stated value 4,050 3,974 Additional paid-in capital 92,777 90,376 Retained earnings 110,143 76,066 Currency translation adjustment (562) (491) Total Shareholders' equity 206,408 169,925 Total liabilities and shareholders' equity $ 635,314 $ 356,804 CONTACT: Danka Business Systems, St. Petersburg William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack T. Freeman Freeman can mean:
or Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. G. Dumond 011-44171-603-1515 |
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