Florafax International Reports Record Year End Results; Revenues Rise 22 Percent for Fourth Quarter.VERO BEACH Vero Beach (vēr`o), city (1990 pop. 17,350), seat of Indian River co., E Fla., on Indian River (a lagoon and part of the Intracoastal Waterway); founded c.1888, inc. 1919. , Fla.--(BUSINESS WIRE)--Oct. 14, 1997--Florafax International, Inc. (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 SmallCap: FIIF), a leading flowers-by-wire provider, today reported record results for the fiscal year ended Aug. 31, 1997. Net income for the year climbed to a record $3,433,000, or 39 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. , fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , on 8,715,000 shares outstanding, from $2,262,000, or 35 cents per share, fully diluted, on 6,375,000 shares outstanding in the prior year. Fiscal 1997 revenues were $11,609,000, up from $10,299,000 for fiscal 1996. Net income in 1997 and 1996 included income tax benefits of $519,000 and $817,000 respectively, and the quarter ended Aug. 31, 1997 included a non-operating charge to earnings of $100,000. Fourth quarter net income was $895,000, or 11 cents per share, fully diluted, compared with $1,043,000, or 16 cents per fully diluted share for the comparable period of fiscal 1996. Net income for the quarter included income tax benefits of $521,000 in 1997 and $857,000 in 1996. Weighted average number of fully diluted common shares outstanding totaled 8,434,000 in 1997 and 6,572,000 in 1996. Revenues for the fourth quarter rose 22 percent, to $2,586,000 from revenues of $2,112,000 for last year's fourth quarter. 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. for the fourth quarter rose to $423,000 from $271,000 in the same quarter last year. Commenting on the results, Andrew W. Williams, chairman, said, "Fiscal 1997 was our third consecutive profitable year, on consistent gains in revenues. Results reflect a moderate increase in dues from our member florists, a greater number of dues-paying members, higher order fees, better results from our credit card operations, and the initial success of strategies to minimize the seasonality of our flower-related business. "Earnings growth has also been driven in part by internal efficiencies, including effective cost control measures. Although a portion of year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. net income is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to proceeds from litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , operating income alone climbed to $1.9 million in fiscal 1997 from $1.5 million in the prior year and only $952,000 in fiscal 1995. "Florafax enters fiscal 1998 with strong cash flow from operating activities, virtually no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. , a strong and growing membership, an expanding group of prestigious marketing partners for The Flower Club(TM), and a commitment to the strategies that accounted for 1997's strong performance," Williams concluded. Florafax International, Inc. is principally engaged in the business of generating floral flo·ral adj. Of, relating to, or suggestive of a flower: a fabric with a floral pattern. flo orders and providing floral placement services to retail florists. The company is also a third-party processor of credit cards. -0-
FLORAFAX INTERNATIONAL, INC.
Financial Highlights
For the Three Months Ended For the Year Ended
8/31/97 8/31/96 8/31/97 8/31/96
Revenues $2,586,000 $2,112,000 $11,609,000 $10,299,000
Operating income 423,000 271,000 1,918,000 1,562,000
Pre-tax income 374,000 183,000(a) 2,914,000 1,317,000(b)
Net income 895,000 1,043,000(c) 3,433,000 2,262,000(d)
Earnings per share:
Primary $.11 $.16 $.40 $.36
Fully diluted $.11 $.16 $.39 $.35
Weighted average
shares outstanding:
Primary 8,163,000 6,414,000 8,637,000 6,279,000
Fully diluted 8,434,000 6,572,000 8,715,000 6,375,000
(a) The quarter ended 8/31/97 included a non-operating charge to
earnings of $100,000.
(b) Pre-tax income for 1997 and 1996 included non-operating income
of $819,000 and $128,000 respectively.
(c) The quarter ended 8/31/97 and 8/31/96 included income tax
benefits of $521,000 and $857,000, respectively.
(d) Net income in 1997 and 1996 included income tax benefits of
$519,000 and $817,000, respectively.
CONTACT: FLORAFAX INTERNATIONAL, INC. Kelly Kel·ly , Ellsworth Born 1923. American abstract painter and sculptor whose works are characterized by flat color areas with sharply defined edges. Kelly, Emmett 1898-1979. McMakin, 561/563-0263 or Porter, LeVay & Rose, Inc. L.B. Stauffer, 212/564-4700 |
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