WATERHOUSE INVESTOR SERVICES, INC. REPORTS RESULTS
NEW YORK, Sept. 22 /PRNewswire/ -- Waterhouse Investor Services, Inc. (NYSE: WHO) today reported earnings per share for the fourth quarter ended Aug. 31, 1993 of $0.65 versus $0.30 the previous year -- a 117 percent increase. Fiscal year earnings per share were $2.35 for the current year versus $1.40 last year -- a 68 percent increase. Revenues increased to a record $84,215,000, an increase of 52 percent over the previous year. WATERHOUSE INVESTOR SERVICES, INC. Revenues & Earnings Periods ended Aug. 31 Quarter 1993 1992 Revenues $ 24,205,000 $ 13,766,000 Net income 3,956,000 1,818,000 Earnings per share .65 .30 Average shares outstanding 6,110,184 6,102,754 Periods ended Aug. 31 Year 1993 1992 Revenues $ 84,215,000 $ 55,553,000 Net income 14,357,000 8,473,000 Earnings per share 2.35 1.40 Average shares outstanding 6,101,035 6,045,498 NOTE: All earnings per share figures have been adjusted to reflect the company's 5 for 4 stock split which was paid in the form of a 25 percent stock dividend on March 3, 1993 and the company's 3 for 2 stock split which was paid in the form of a 50 percent dividend on Feb. 26, 1992.
During the past fiscal year, the company opened an additional eleven branch offices and expects to open the same amount in this fiscal year, which would bring the nationwide network to sixty offices.
The company announced that the board of directors has declared a 3 for 2 stock split to be paid in the form of a 50 percent stock dividend to holders of record on Oct. 12, 1993, payable Nov. 8, 1993. The company also announced that it has engaged Heidrick and Struggles to seek a replacement for Edward J. Nicoll, president and chief operating officer of Waterhouse Securities, Inc. Mr. Nicoll has advised the company that he plans to pursue a new career in the field of law and public service. Mr. Nicoll has been appointed vice chairman of Waterhouse Securities, Inc. and will remain as a consultant and a member of the board of directors of Waterhouse Investor Services, Inc. and Waterhouse National Bank. As previously announced on August 20th, the company received preliminary approval from the Office of the Comptroller of the Currency in Washington, D.C. for the chartering of Waterhouse National Bank. Mr. Donald J. Bernhardt, who has over 30 years of varied experience in the banking industry, has been appointed president and chief executive officer of the bank effective Sept. 1, 1993. -0- 9/22/93 /CONTACT: Lawrence M. Waterhouse, Jr., chairman of the board of Waterhouse Investor Services, 212-806-3500/ (WHO)
CO: Waterhouse Investor Services, Inc. ST: New York IN: FIN SU: ERN
TM -- NY082 -- 4866 09/22/93 16:47 EDT
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|Date:||Sep 22, 1993|
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