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AMERISCRIBE CORPORATION EARNS $403,000, OR $0.07 PER SHARE, FOR THIRD QUARTER OF 1992

 AMERISCRIBE CORPORATION EARNS $403,000,
 OR $0.07 PER SHARE, FOR THIRD QUARTER OF 1992
 NEW YORK, Oct. 28 /PRNewswire/ -- Ameriscribe Corporation (NYSE: ACR), a leading provider of facilities management and office support services, today reported total revenues of $27,658,000 and net income of $403,000, or $0.07 per share, for the third quarter ended Sept. 30, 1992. These results were consistent with a preliminary earnings announcement made by the company on Oct. 16, 1992. The comparable results for the third quarter of 1991 were total revenues of $24,182,000 and income from operations of $994,000, or $0.19 per share. In the year-ago quarter, an extraordinary gain (net of taxes) of $169,000, or $0.03 per share made final net income $1,163,000, or $0.22 per share. There were no extraordinary items in the 1992 third quarter. Per share results for the 1992 third quarter were based on 6,025,000 weighted average shares outstanding, an increase from 5,338,000 in the 1991 period due to a secondary public offering in July 1991.
 Ameriscribe attributed the decline in third quarter earnings to lower than expected revenues due to the adverse impact of the recession on its customers' business, an unusually weak summer season, and continuing expenses related to investments in new services.
 For the nine months ended Sept. 30, 1992, Ameriscribe's total revenues were $84,075,000, compared with $72,065,000 in the same period of 1991. Income from operations was $2,611,000, or $0.43 per share, for the recent nine months, up from $1,586,000, or $0.39 per share, for the 1991 period. Net income for the nine months ended Sept. 30, 1992 was $14,611,000, or $2.42 per share, after the cumulative effect of a change in accounting for income taxes (recorded in the 1992 first quarter) of $12,000,000, or $1.99 per share. For the first nine months of 1991, net income was $2,020,000, or $0.50 per share, after an extraordinary gain (net of taxes) of $434,000, or $0.11 per share. There were 6,021,000 and 4,043,000 weighted average shares outstanding for the 1992 and 1991 nine month periods, respectively.
 The company said it has begun to experience an upturn in client volume, starting at the end of the third quarter, and would expect an increase in same site revenues by year-end 1992 if this trend continues. Also, Ameriscribe added 16 new facilities management sites in the third quarter and has commitments to add over 10 more sites in the fourth quarter. It had a total of 267 sites at the end of the third quarter, up from 218 at year-end 1991. Finally, management is pursuing cost efficiencies and revising pricing schedules where possible. The company noted that the potential improvement in same site volume, contributions from new sites, and increased efficiencies should have a positive effect on future revenues and earnings.
 At Sept. 30, 1992, Ameriscribe's working capital was $11,321,000, shareholders' equity was $30,035,000 and the ratio of long-term debt to equity was 50.3 percent. The comparable figures at Dec. 31, 1991 were working capital of $5,707,000, shareholders' equity of $13,114,000 and a long-term debt to equity ratio of 112.2 percent.
 Ameriscribe previously announced that its board of directors had authorized management to respond to acquisition inquiries made by several publicly traded companies, certain of which were made through investment banking firms. In its announcement of Oct. 16, 1992, Ameriscribe stated that discussions with such companies were continuing; that it had retained the firm of J.P. Morgan Securities, Inc. as its financial advisor to assist in evaluating any acquisition offers and to investigate other possible transactions that may be in the best interests of Ameriscribe's stockholders; and that it has established a special committee of independent directors to advise the board. No assurance can be given that any formal acquisition offers will be received or, if received, that any will be deemed acceptable by the board of directors.
 Ameriscribe Corporation, through its wholly owned subsidiary, Ameriscribe Management Services, Inc., is a leading national provider of facilities management services on the premises of major legal, financial and Fortune 1,000 firms. The services offered by Ameriscribe include copy, mailroom and facsimile operations, records/file room management and electronic publishing.
 AMERISCRIBE CORPORATION
 Financial Highlights
 (Dollars in thousands, except per share amounts)
 Periods ended Three months Nine months
 Sept. 30: 1992 1991 1992 1991
 Total revenues $27,658 $24,182 $84,075 $72,065
 Total costs and expenses 27,007 22,358 79,863 69,144
 Income from operations before
 income taxes, extraordinary
 items and cumulative effect
 of a change in accounting for
 income taxes 651 1,824 4,212 2,921
 Provision for income taxes 248 830 1,601 1,335
 Income from operations before
 extraordinary items and
 cumulative effect of a change
 in accounting for income taxes 403 994 2,611 1,586
 Extraordinary Items:
 Realization of net operating
 loss carryforwards -- 508 -- 773
 Loss on early retirement of
 debt, net of tax benefit
 of $213 -- (339) -- (339)
 Income from operations before
 cumulative effect of a change
 in accounting for income taxes 403 1,163 2,611 2,020
 Cumulative effect of a change in
 accounting for income taxes(A) -- -- 12,000 --
 Net income $ 403 $ 1,163 $14,611 $ 2,020
 Earnings per common and common
 equivalent share:
 Operations $ 0.07 $ 0.19 $ 0.43 $ 0.39
 Extraordinary items -- 0.03 -- 0.11
 Cumulative effect of a
 change in accounting for
 income taxes(A) -- -- 1.99 --
 Net income $ 0.07 $ 0.22 $ 2.42 $ 0.50
 Average common and common
 equivalent shares
 outstanding 6,025 5,338 6,021 4,043
 (A) -- The cumulative effect of a change in accounting for income taxes reflects the Company's adoption of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes". Accordingly, in the first quarter of 1992, the company recorded a deferred tax asset of $12 million ($16,128,000 less a valuation reserve of $4,128,000) which primarily represents the estimated future value of net operating loss carryforwards.
 -0- 10/28/92
 /CONTACT: Cindy Gorlick of Ameriscribe Corporation, 212-941-2590, or Edward Nebb or Brad Miller of Morgen-Walke Associates, 212-986-5900, for Ameriscribe Corporation/
 (ACR) CO: Ameriscribe Corporation ST: New York IN: PUB SU: ERN


TS -- NY053 -- 5940 10/28/92 11:29 EST
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Date:Oct 28, 1992
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