Printer Friendly

FRITZ ANNOUNCES RESULTS FOR FOURTH QUARTER AND YEAR ENDED DEC. 31, 1992

 SAN FRANCISCO, March 1 /PRNewswire/ -- Fritz Companies Inc. (NASDAQ: FRTZ) reported revenues and earnings for the fourth quarter and year ended Dec. 31, 1992.
 For the fourth quarter of 1992, revenue increased 21.1 percent to $69,766,000 compared to $57,631,000 in the same period of 1991. Net revenue, which represents revenue less direct transportation costs, increased 17.2 percent to $38,978,000 from $33,251,000 in the same period of 1991, and pro forma net income rose 92.7 percent to $2,864,000 compared to $1,486,000 in the same period of 1991. Pro forma earnings per share were up 50.9 percent to 29 cents on 9,907,000 average shares outstanding compared to 19 cents on 7,759,000 average shares outstanding in the corresponding period of 1991.
 For the year of 1992, revenue increased 23.3 percent to $248,766,000, compared to $201,753,000 in 1991. Net revenue increased 16.8 percent to $141,573,000 from $121,194,000 in 1991, and pro forma net income rose 93.5 percent to $10,519,000 compared to $5,435,000 in 1991. Pro forma earnings per share were up 82.9 percent to $1.28 per share on 8,299,000 average shares outstanding compared to 70 cents per share on 7,759,000 average shares outstanding in 1991.
 In 1992, the company expanded its infrastructure in Asia by adding offices in Malaysia, the Philippines, Sri Lanka, Bangladesh, Thailand and the People's Republic of China. In South America, the company acquired its former local agents in Chile and Argentina. In Europe, the company expanded operations in the United Kingdom and acquired its former agents in Belgium. In the CIS (formerly the Soviet Union), the company opened offices in Moscow, West Siberia, the Komi Region, Latvia, Estonia and Alma-Ata, and in the United States, opened offices in San Diego and Kansas City. Management believes its ongoing investments in geographic expansion along with continued marketing efforts focusing on providing integrated transporation logistics services have led to increased business from existing as well as new customers.
 Fritz Companies Inc. is a leader in international transportation logistics and related information services for importers and exporters worldwide. The company's principal services include customs brokerage (the largest in the United States), international air and ocean freight forwarding, warehousing and distribution and other value-added services for the international movement of goods.
 Fritz Companies Inc. is headquartered at 706 Mission St., San Francisco, CA 94103, telephone 415-904-8360. The company's shares are traded in the Over-the-Counter market, NASDAQ symbol FRTZ.
 FRITZ COMPANIES INC.
 Condensed Consolidated Statements of Income
 (In thousands, except per share amounts)
 Fourth Quarter Year
 Ended Dec. 31: 1992 1991 1992 1991
 Revenues $ 69,766 $ 57,631 $248,766 $201,753
 Freight Consolidation
 Costs 30,788 24,381 107,193 80,559
 Net Revenues 38,978 33,250 141,573 121,194
 Operating Expenses:
 Salaries and related
 costs 22,227 18,329 82,456 71,739
 General and
 administrative 12,359 10,593 42,126 37,028
 Total expenses 34,586 28,922 124,582 108,767
 Income from operations 4,392 4,328 16,991 12,427
 Other expense - net (21) (1,978) (1,543) (3,697)
 Income before taxes
 on income 4,371 2,350 15,448 8,730
 Taxes on income 1,542 427 2,331 830
 Net income $ 2,829 $ 1,923 $ 13,117 $ 7,900
 Pro Forma Information:(A)
 Income before taxes on
 income $ 4,371 $ 2,350 $ 15,448 $ 8,730
 Pro forma adjustment
 for acquisition of
 minority interest 35 127 733 328
 Pro forma income before
 taxes on income 4,406 2,477 16,181 9,058
 Pro forma taxes on
 income 1,542 991 5,662 3,623
 Pro forma net income $ 2,864 $ 1,486 $ 10,519 $ 5,435
 Weighted average shares
 outstanding(B) 9,907 7,759 8,299 7,759
 Pro forma net income
 per share $ 0.29 $ 0.19 $ 1.28 $ 0.70
 (A) The pro forma data reflects adjustments assuming the company had not elected S Corp. status for income tax purposes. Including the repurchase of the minority interest in its subsidiaries sold to the sole stockholder to qualify for S Corp. status. The provisions for federal and state income taxes assume effective tax rates of 40 percent for 1991, and 35 percent for 1992.
 (B) Assumes as outstanding during all periods prior to the repurchase of minority interest, 109,410 shares, which represent the actual number of shares sold to fund the repurchase by the company of the minority interest in its subsidiaries.
 -0- 3/1/93
 /CONTACT: John H. Johung, chief financial officer of Fritz, 415-904-8330/
 (FRTZ)


CO: Fritz Companies Inc. ST: California IN: TRN SU: ERN

GT-SG -- SF004 -- 1227 03/01/93 08:50 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 1, 1993
Words:807
Previous Article:MOTHER'S CONCERN SPARKS PROGRAM TO HELP SPEAKERS CRUSADE AGAINST ALCOHOL, DRUG ABUSE
Next Article:GEORGIA-PACIFIC AND BORREGAARD TERMINATE NEGOTIATIONS FOR BELLINGHAM LIGNOSULFONATE AND ALCOHOL PLANTS
Topics:


Related Articles
YEAR-END RESULTS ANNOUNCED AT HI/LO
CRAY COMPUTER CORP. REPORTS 1992 FINANCIAL RESULTS
NYMAGIC, INC. REPORTS FOURTH QUARTER RESULTS
HCA - HOSPITAL CORPORATION OF AMERICA ANNOUNCES FOURTH QUARTER AND YEAR END 1992 RESULTS
INTELLIGENT SYSTEMS ANNOUNCES 1992 YEAR-END RESULTS
CERADYNE INC. ANNOUNCES RESULTS FOR THE YEAR AND FOURTH QUARTER 1992
OAK HILL SPORTSWEAR REPORTS RESULTS
EXPEDITORS' REVENUES, OPERATING INCOME INCREASE 16% IN 4TH QUARTER
NYMAGIC, INC. REPORTS FOURTH-QUARTER EARNINGS, DEC. 31, 1993
FRITZ ANNOUNCES RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DEC. 31, 1993

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters