Fritz Companies Announces Results for Fiscal Second Quarter; Quarterly Revenues Rise by 11.2 Percent and Net Income Improves by 24.2 Percent.SAN FRANCISCO--(BUSINESS WIRE)--Dec. 22, 1998--Fritz Companies, Inc. (Nasdaq:FRTZ) today announced double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" revenue growth and improved performance in both operating and net income for its second fiscal quarter, which ended Nov. 30, 1998. Second quarter revenues increased by 11.2 percent to $381.9 million from $343.6 million in the prior year period. Net Revenue (which represents revenue less direct transportation costs) increased to $153.7 million, a 5.9 percent improvement from $145.2 million in the comparable period last year. Improved operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: compared to the prior year period occurred as a result of continuing progress toward achievement of our strategic goals. Labor expenses at $85.6 million reflect a modest 2.7 percent increase, while general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. at $53.1 million increased by 3.6 percent. Overall, 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. increased to $15 million, a 42.3 percent improvement from $10.6 million achieved in the prior year. As expected, the reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its in the recent trend of exchange rate gains explains in part the $2.4 million of "other" expenses this quarter, compared to an income gain of $47 thousand in the same period last year. Nevertheless, net income increased 24.2 percent to $8.6 million from $6.9 million in the prior year, resulting in 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 of 24 cents compared to 19 cents last year, a 26.3 percent increase. For the six month period, revenues were $724.3 million, an 8.1 percent increase from the same period in the prior year. Net revenues improved by 5.1 percent to $298.9 million while operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased by 2.6 percent to $274 million. Net income for the six month period was $15.2 million, representing an improvement of 42.4 percent. Diluted earnings per share increased by 40 percent to 42 cents, compared to 30 cents in the prior year period. Total debt at the end of the period was $105.6 million, a reduction of $16.4 million from the prior year level. "This quarter's performance reflects our continued commitment to providing our clients with improved, leading-edge service -- while improving financial performance for our shareholders," said Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Lynn Lynn, city (1990 pop. 81,245), Essex co., E Mass.; inc. as a town 1631, as a city 1850. Lynn is an old industrial center. The first ironworks (1643) and the first fire engine (1654) in the country were built there. C. Fritz fritz n. Informal A condition in which something does not work properly: Our television is on the fritz. [Perhaps from German Fritz . "Our performance demonstrates that we are increasing our productivity and sales, and progressing steadily on all strategic fronts to gain our objectives of returning to historic growth and earnings levels." The following table shows the revenue, and net revenue, in thousands of dollars and percentages attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the company's principal 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. services during the periods indicated: -0-
Three Months Ended November 30,
1998 % 1997 %
REVENUE:
Customs brokerage $ 40,778 10.7 $ 41,634 12.1
Ocean freight forwarding 112,807 29.5 97,712 28.4
Airfreight forwarding 172,313 45.1 157,003 45.7
Warehousing and
Distribution 56,048 14.7 47,262 13.8
Total revenue $381,946 100% $343,611 100%
NET REVENUE:
Customs brokerage $ 40,778 26.5 $ 41,634 28.7
Ocean freight forwarding 35,039 22.8 31,641 21.8
Airfreight forwarding 45,804 29.8 41,546 28.6
Warehousing and
Distribution 32,095 20.9 30,343 20.9
Total net revenue $153,716 100% $145,164 100%
Six Months Ended November 30,
1998 % 1997 %
REVENUE:
Customs brokerage $ 82,616 11.4 $ 82,856 12.4
Ocean freight forwarding 220,723 30.5 195,167 29.1
Airfreight forwarding 315,775 43.6 300,259 44.8
Warehousing and
Distribution 105,161 14.5 92,028 13.7
Total revenue $724,275 100% $670,310 100%
NET REVENUE:
Customs brokerage 82,616 27.6 $ 82,856 29.1
Ocean freight forwarding 66,585 22.3 61,862 21.8
Airfreight forwarding 86,216 28.8 79,638 28.0
Warehousing and
Distribution 63,445 21.3 60,047 22.1
Total net revenue $298,862 100% $284,403 100%
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amount)
(Unaudited)
Three Months Ended Six Months Ended
Nov. 30, Nov. 30, Nov. 30, Nov. 30,
1998 1997 1998 1997
Revenue $ 381,946 $ 343,611 $ 724,275 $ 670,310
Freight Consolidation
Costs 228,230 198,447 425,413 385,907
Net Revenue 153,716 145,164 298,862 284,403
Operating Expenses
Salaries and
related costs 85,636 83,410 169,918 163,469
General and
administrative 53,077 51,208 104,110 103,665
Total operating
expenses 138,713 134,618 274,028 267,134
Income from Operations 15,003 10,546 24,834 17,269
Other (Expense)
Income -- Net (2,427) 47 (2,440) (821)
Income Before Taxes on
Income 12,576 10,593 22,394 16,448
Taxes on Income 4,024 3,708 7,166 5,757
Net Income $ 8,552 $ 6,885 $ 15,228 $ 10,691
Weighted average share
outstanding -- basic 36,262 36,109 36,078 35,911
Earnings per share
-- basic $ 0.24 $ 0.19 $ 0.42 $ 0.30
Weighted average shares
outstanding -- diluted 36,277 36,216 36,170 36,020
Earnings per share
-- diluted $ 0.24 $ 0.19 $ 0.42 $ 0.30
-0- Fritz Companies, Inc. is a leader in global transportation and logistics. Providing flexible service options ranging from integrated logistics programs to traditional 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 forwarding and customs brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. , Fritz develops, implements and delivers worldwide supply chain solutions for its clients. The Fritz worldwide network is comprised of more than 10,000 staff operating across 480 locations, present in 115 countries, linked together by systems. Fritz Companies, Inc. (Nasdaq:FRTZ) 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, 415/904-8360. All recent information releases are available via fax-on-demand service accessed by dialing 888/286-6419. Additional information is available via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the : www.fritz.com |
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