Evans Systems announces annual results, corporate re-engineering.BAY CITY, Texas--(BUSINESS WIRE)--Dec. 20, 1995--Evans Systems Inc. (NASDAQ/NMS:EVSI) (ESI (Edge Side Includes) A markup language for Web pages that enables elements of a Web page to be dynamically assembled in servers distributed throughout the Internet. ) reported audited fiscal results for the year ended Sept. 30, 1995, of $335,000, or 11 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on revenues of $158,195,000. This compares to $740,000, or 25 cents per share, on revenues of $109,866,000 for fiscal 1994. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for 1995 grew to $2,109,000 from $1,132,000. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for 1995 improved to $2,316,000 from $2,163,000. The company attributed the decline in net earnings to a 1.75% decline in gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. in the fourth quarter. The decline was centered in the company's Way Energy gasoline segment where margins were unseasonably low due to intense competition. The company also attributed the decline to higher-than-anticipated costs associated with assimilating the acquisition of Kincer Inc. Additionally, EDCO EDCO Economic Development for Central Oregon EDCO Economic Developers Council of Ontario (Cornwall, ON, Canada) EDCO Exploration Drilling Corporation EDCO Extended Duration Crew Operations Environmental experienced lower margins for new construction contracts and continued to have delays in obtaining revenues from the company's Matrix CA-6 product. The company's ChemWay segment, however, more than doubled its revenues to $22,853,000 from $9,758,000 in fiscal 1994, and reported operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $692,000 compared to $172,000 the previous year. For the fourth quarter, ESI announced a loss of $307,000, or 10 cents per share, on revenues of $41,919,000 compared with earnings of $588,000, or 20 cents per share, on revenues of $33,995,000 in the fourth quarter of fiscal 1994. The lower results were primarily due to lower gross profit margins and higher depreciation and interest expenses. Evans Systems also announced that it is realigning its Way Energy segment and is consolidating its support functions to refocus the organization along its core business lines. The Way Energy segment will be split into two separate reporting business units consisting of its petroleum marketing and convenience store operations, which will result in more meaningful reporting of the company's business segment. Chief Executive Officer, J.L. Evans Sr., said: "We believe these changes will position our company to reflect our core business lines in petroleum marketing and convenience store operations. Our new organizational structure  This article has no lead section.To comply with Wikipedia's lead section guidelines, one should be written. is designed to take better advantage of the changing convenience store industry through our co-branding programs with Taco Bell Taco Bell Corp., a subsidiary of Yum! Brands, Inc., is a Mexican-style quick service restaurant chain based in Irvine, California, United States. The restaurant has locations primarily in the United States and Canada, but also operates outlets in several other markets. (R) and Blimpie(R), and better manage our market position around our customers' needs." Segment reporting segment reporting A type of financial reporting in which the firm discloses information by identifiable industry segments. For example, Union Pacific Corporation reports revenues, income, assets, depreciation, and capital expenditures for each of four for the new organization for 1995 and 1994:
1995 1994
Petroleum Marketing
Revenues $93,693,000 $68,508,000
Gross Profit 9,181,000 6,976,000
Operating Income 252,000 586,000
Convenience Store Operations Revenues $39,538,000 $30,089,000 Gross Profit 7,596,000 5,743,000 Operating Income 245,000 381,000 ChemWay Revenues $22,853,000 $ 9,758,000 Gross Profit 1,937,000 961,000 Operating Income 692,000 172,000 EDCO Environmental Revenues $ 1,841,000 $ 1,510,000 Gross Profit 568,000 620,000 Operating Income (Loss) (271,000) (32,000) Operations, marketing, maintenance and support functions for the Way Energy segment will be consolidated and managed on a company-wide basis. The previous organizational structure was aligned along the company's branded distributor agreements. The new structure will reflect streamlined services focused on meeting the customers' needs and preferences. This will eliminate existing duplicated functions and will result in an immediate estimated annual savings of $140,000 through cost reductions. The realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. will result in the reassignment of certain personnel to provide efficiency and accountability. As an integral part of this process, the company, on Dec. 15, 1995, entered into an agreement with Lawson Software (Lawson Software, St. Paul, MN, www.lawson.com) A software company that specializes in ERP for vertical markets including health care, retail, public sector, professional and financial services. which will be replacing ESI mainframe software with enterprise-wide client/server-based business applications. The company plans initial implementation of the Lawson Software in March, 1996, with the remainder to be completed by June, 1996. Lawson is an international leader in the area of client/server business applications. In line with the company's improvement efforts, the ESI board of directors in a meeting held on Dec. 18, 1995, named the following management team for the new segments. The board appointed Adam Hudson, vice president of Petroleum Marketing sales. Hudson has a bachelor of science Noun 1. Bachelor of Science - a bachelor's degree in science BS, SB bachelor's degree, baccalaureate - an academic degree conferred on someone who has successfully completed undergraduate studies degree in business administration from North Carolina State University History
James Bruce (December 14, 1730 – April 27, 1794) was a Scottish traveller and travel writer who spent more than a dozen years in North Africa and Ethiopia, where he traced the origins of the Blue Nile. Grover, vice president of Petroleum Marketing planning and development. The board of directors also named Bud Shuford, vice president and general manager of Convenience Stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. . Shuford was previously a marketing manager for the Way Energy Convenience Store unit and prior to joining ESI in 1983 spent 11 years with the Circle K Corp. as an area manager. ESI is a growth-oriented company with four core business segments. Petroleum Marketing distributes wholesale and retail petroleum products; Convenience Store Operations is a company-operated chain of retail outlets that provides a full line of convenience store items and fast-food through nationally recognized Taco Bell(R) and Blimpie(R) in several locations; ChemWay Systems Inc. produces, packages and markets automotive after-market chemical products; and EDCO Environmental Systems Inc. provides environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a services. -0-
Condensed Financial Information
(Dollars in thousands, except per share data)
Year Ended
Statement of Operations Data: 9/30/95 9/30/94
Revenues $ 158,195 $ 109,866 Gross profit 19,282 14,302 Operating income 918 1,107 Net income 335 740 Earnings per share .11 .25 Weighted average number of common and common equivalent shares outstanding 2,941 3,002 Cash flow from operations 2,109 1,132 EBITDA 2,316 2,163 CONTACT: Evans Systems Inc., Bay City Jerry Evans Jr., 409/245-2981 |
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