Fritz Announces Second Fiscal Quarter Results For Six Months Ended Nov. 30, 1996.SAN FRANCISCO--(BUSINESS WIRE)--Jan. 7, 1997--Fritz Companies Inc. reported revenues and earnings for the second quarter of fiscal year 1997 and six months ended Nov. 30, 1996. For the second quarter of fiscal year 1997, revenue increased 11% to $306.5 million from $276.1 million for the comparable period and net revenue increased 9.9% to $130.8 million from $119.0 million for the comparable period. The increased revenue and net revenue was primarily due to warehousing and distribution and airfreight air·freight n. 1. A system of transporting freight by air. 2. The amount charged for transporting freight by air. air . The increased warehousing and distribution revenue and net revenue resulted primarily from the company's continued expansion of overseas and domestic services, increased demand from existing integrated 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. customers, acquisitions and the company's continued expansion of its warehouse facilities. Airfreight revenue and net revenue increased primarily due to increased business from existing integrated logistics customers, acquisitions and the company's continued expansion of its operations in Asia, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . However, the company
experienced lower margins due to higher costs.
Revenue for the six months ended Nov. 30, 1996 increased 6.4% to $577.0 million from $542.5 million for the comparable period and net revenue increased 11% to $260.5 million from $234.7 million for the comparable period. The increased revenue and net revenue was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to warehousing and distribution and customs brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. . The increased warehousing and distribution revenue and net revenue resulted primarily from the company's continued expansion of overseas and domestic services, increased demand from existing integrated logistics customers, acquisitions and the company's continued expansion of its warehouse facilities. The increased customs brokerage was primarily attributable to the growth in the company's existing customer base, new customers and acquisitions. The following table shows the revenue, and net revenue, in thousands of dollars and percentages attributable to the company's principal logistics services during the periods indicated: -0-
Fritz Companies Inc.
3 months ended Nov. 30,
1996 % 1995 %
REVENUE:
Customs brokerage $37,790 12.3 $36,482 13.2
Ocean freight forwarding 87,807 28.7 86,029 31.2
Airfreight forwarding 145,695 47.5 130,120 47.1
Warehousing and distribution 35,172 11.5 23,471 8.5
Total revenue $306,464 100.0 $276,102 100.0
3 months ended Nov. 30,
1996 % 1995 %
NET REVENUE:
Customs brokerage $37,790 28.9 $36,482 30.7
Ocean freight forwarding 25,600 19.6 25,285 21.2
Airfreight forwarding 40,748 31.1 39,096 32.9
Warehousing and distribution 26,639 20.4 18,132 15.2
Total net revenue $130,777 100.0 $118,995 100.0
6 months ended Nov. 30,
1996 % 1995 %
REVENUE:
Customs brokerage $ 78,674 13.6 $ 73,037 13.5
Ocean freight forwarding 168,602 29.2 166,050 30.6
Airfreight forwarding 260,683 45.2 258,356 47.6
Warehousing and distribution 68,995 12.0 45,026 8.3
Total revenue $576,954 100.0 $542,469 100.0
6 months ended Nov. 30,
1996 % 1995 %
NET REVENUE:
Customs brokerage $ 78,674 30.2 $ 73,037 31.1
Ocean freight forwarding 53,749 20.6 53,826 22.9
Airfreight forwarding 74,885 28.8 73,289 31.2
Warehousing and distribution 53,186 20.4 34,547 14.8
Total net revenue $260,494 100.0 $234,699 100.0
Operating expenses increased 16.6% for the second quarter of
fiscal year 1997 compared to the comparable period of fiscal year
1996. Salaries and related costs increased primarily due to an
increase in the number of employees and higher salary levels.
General and administrative expenses increased primarily due to
expenditures to support the company's expansion including
warehouse-related expenses.
Operating expenses for the six months ended Nov. 30, 1996
increased 18.9% compared to the comparable period. Salaries and
related costs increased primarily due to an increase in the number
of employees and higher salary levels. General and administrative
expenses increased primarily due to expenditures to support the
company's expansion, including warehouse-related expenses. In
addition, there was an increase in travel and professional services
expenditures. The increased travel cost was due primarily to the
company's biennial worldwide managers' meeting and professional
services cost increased primarily due to higher legal expenses and
consulting fees.
The company's cash and equivalents as of Nov. 30, 1996 were
$84.7 million vs. $75.6 million at Aug. 31, 1996.
-0-
Fritz Companies Inc.
Condensed Consolidated Statements of Income
(In thousands, except per share amounts)
Unaudited
3 Months Ended 6 Months Ended
Nov. 30, Nov. 30, Nov. 30, Nov. 30,
1996 1995 1996 1995
REVENUE $306,464 $276,102 $576,954 $542,469
FREIGHT CONSOLIDATION
COSTS 175,687 157,107 316,460 307,770
NET REVENUE 130,777 118,995 260,494 234,699
OPERATING EXPENSES:
Salaries and related
costs 73,872 62,420 145,506 124,052
General and administrative 42,206 37,153 87,926 72,328
Total expenses 116,078 99,573 233,432 196,380
INCOME FROM OPERATIONS 14,699 19,422 27,062 38,319
OTHER INCOME (EXPENSE) -
NET (460) 73 (837) 553
INCOME BEFORE TAXES ON
INCOME 14,239 19,495 26,225 38,872
TAXES ON INCOME 4,984 6,823 9,179 13,605
NET INCOME $ 9,255 $12,672 $17,046 $25,267
Weighted average shares
outstanding - Primary 35,373 35,247 35,584 34,887
Earnings per share -
primary $ 0.26 $ 0.36 $ 0.48 $ 0.72
Weighted average
shares outstanding -
fully diluted 35,510 35,394 35,694 35,144
Earnings per share -
fully diluted $ 0.26 $ 0.36 $ 0.48 $ 0.72
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, 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 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 Exchange, symbol FRTZ. CONTACT: Fritz Companies, Inc., San Francisco Will Clark
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion