WILAND SERVICES ANNOUNCES RESULTS
WILAND SERVICES ANNOUNCES RESULTS BOULDER, Colo., Aug. 14 /PRNewswire/ -- Wiland Services Inc.
(NASDAQ: WSVS), announced today its results for the second quarter ended June 30, 1992.
Operating revenues were $10,521,000 -- a 47 percent increase from revenues of $7,177,000 for the like period in 1991. The company posted a net loss of $55,000 or 2 cents per share, which was up from a net loss of $494,000 or 14 cents per share for the second quarter of 1991. For the six months ended June 30, 1992, operating revenues were $20,266,000 -- a 39 percent increase over revenues of $14,531,000 for the like period in 1991. The company reported net income of $274,000 or 8 cents per share for the six month period ended June 30, 1992, compared to a net loss of $461,000 or 13 cents per share for the like period in 1991. This improvement in earnings for 1992 as compared to the like periods in 1991 occurred in spite of a significant loss from operations by the Consumer Products division during the second quarter. The loss from operations, including certain corporate expenses, for Consumer Products during the second quarter was $1,276,000 or 36 cents per share, and for the six month period ended June 30, 1992 the loss was $1,506,000 or 42 cents per share as compared to losses of $527,000 or 15 cents per share and $719,000 or 20 cents per share for the like periods in 1991, respectively. The company's Direct Marketing Services division markets database management, list enhancement, marketing research, list fulfillment, computer printing, information services and mailing list services which assist direct marketers with the planning and implementation of their marketing programs. The company's Consumer Products division sells a diverse line of merchandise directly to individual consumers under the trade name Colorful Images. In addition, the company also markets its own list. Headquartered in Boulder, the company has production facilities in Boulder and Fredericksburg, Va., and sells its products and services nationwide. WILAND SERVICES INC. Six Months Ended Three Months Ended June 30, June 30, 1992 1991 1992 1991 Sales of services $10,417,802 $8,127,630 $5,650,796 $4,016,320 Sales of products 9,848,281 6,404,345 4,870,381 3,160,847 Total operating revenues 20,266,083 14,531,975 10,521,177 7,177,167 Income (loss) from operations 428,790 (626,434) (123,556) (746,403) Other income (deductions), net (728) (142,906) 36,277 (77,146) Income (loss) before income taxes 428,062 (769,340) (87,279) (823,549) Provision (credit) for income taxes 154,000 (308,000) (32,000) (330,000) Net income (loss) $274,062 $(461,340) $(55,279) $(493,549) Net income (loss) per common share $0.08 $(0.13) $(0.02) $(0.14) -0- 8/14/92 /CONTACT: Frank Marcus of Wiland Services, 303-772-9171/ (WSVS) CO: Wiland Services Inc. ST: Colorado IN: SU: ERN
BB -- DV003 -- 9970 08/14/92 11:23 EDT
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|Date:||Aug 14, 1992|
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