Fritz Announces Results For Third Quarter Ended February 29, 1996.SAN FRANCISCO--(BUSINESS WIRE)--April 2, 1996--Fritz Companies, 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 :FRTZ) reported revenues and earnings for the third quarter of fiscal year 1996 and nine months ended February February: see month. 29, 1996. For the third fiscal quarter ended February 29, 1996, revenue was up 16% to $274.3 million from $237.0 million and net revenue, which represents revenue less direct transportation costs, increase 21% to $118.7 million from $97.8 million in the comparable period last year. Net income increased 16% to $10.3 million from $8.9 million in the comparable period last year. Due to the accounting year changes, the comparable period of last year includes significant portion of the calendar fourth quarter which was a peak season for the Company. The fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the third quarter of fiscal year 1996 was $0.29 on 36.0 million average shares outstanding compared to $0.27 per share on 33.0 million average shares outstanding in the comparable period last year. For the nine months ended February 29, 1996, the Company posted net income of $35.6 million, up 41% for $25.2 million in the comparable period last year. Revenue was up 29% to $816.7 million from $631.7 million, and net revenue increased 32% to $353.4 million from $267.0 million in the comparable period last year. The primary and fully diluted earnings per share were $1.01 and $1.00 per share on 35.3 million and 35.5 million average shares outstanding in 1996 respectively, compared to $0.80 and $0.79 per share on 31.6 million and 31.8 million average shares outstanding in 1995, respectively. This growth reflects the continued success of the Company's expanding logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. customer base with existing and new customers, and margin expansion through its continued acquisitions. Fritz fritz n. Informal A condition in which something does not work properly: Our television is on the fritz. [Perhaps from German Fritz Companies, Inc. is a leader in international transportation logistics and related information services See Information Systems. for importers and exporters worldwide. The Company's principal services include logistic lo·gis·tic also lo·gis·ti·cal adj. 1. Of or relating to symbolic logic. 2. Of or relating to logistics. [Medieval Latin logisticus, of calculation management, customs brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. , international air and ocean freight The price or compensation paid for the transportation of goods by a carrier. Freight is also applied to the goods transported by such carriers. The liability of a carrier for freight damaged, lost, or destroyed during shipment is determined by contract, statute, or consolidation and forwarding, warehousing and distribution, and other value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. for the global movement of goods and logistics information. Fritz Companies, Inc. is headquartered at 706 Mission Street, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , CA 94103, telephone (415) 904-8360 (www.fritz.com). The Company's shares are traded on the NASDAQ Exchange, symbol FRTZ. -0- Fritz Companies, Inc. Condensed Consolidated Statements of Income (In thousands, except per share amounts) (Unaudited)
Three Months Ended Nine Months Ended
2/29/96 2/28/95(a) 2/29/96 2/28/95(a)
Revenues $274,265 $236,972 $816,734 $631,688
Freight Consolidation Costs 155,517 139,197 463,287 364,713
Net Revenues 118,748 97,775 353,447 266,975
Operating Expenses:
Salaries and related costs 63,114 52,722 187,166 144,671
General and administrative 39,036 31,322 111,364 83,138
Total expenses 102,150 84,044 298,530 227,809
Income From Operations 16,598 13,731 54,917 39,166 Other Expense - Net 748 136 195 824 Income Before Taxes on Income 15,850 13,595 54,722 38,342 Taxes on Income 5,548 4,722 19,153 13,176 Net Income $ 10,302 $ 8,873 $ 35,569 $ 25,166 Net income per share - primary $ 0.29 $ 0.27 $ 1.01 $ 0.80 Weighted average shares outstanding 35,932 32,698 35,323 31,646 Net income per share - fully diluted $ 0.29 $ 0.27 $ 1.00 $ 0.79 Weighted average shares outstanding 35,977 32,964 35,473 31,795 (1) Represents combined operating results for Fritz Companies, Inc. and Intertrans Corporation for the three and nine months ended December 31, 1994, and January 31, 1995, respectively. CONTACT: Fritz Companies Inc., San Francisco John H. Johung, 415/904-8330 |
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