Printer Friendly

AMERISCRIBE HOLDS DISCUSSIONS REGARDING POSSIBLE SALE; RESULTS FOR THIRD QUARTER TO BE LOWER THAN ANTICIPATED

 AMERISCRIBE HOLDS DISCUSSIONS REGARDING POSSIBLE SALE;
 RESULTS FOR THIRD QUARTER TO BE LOWER THAN ANTICIPATED
 NEW YORK, Oct. 16 /PRNewswire/ -- Ameriscribe Corporation (NYSE: ACR), a leading provider of facilities management and office support services, announced today that its board of directors has authorized management to respond to acquisition inquiries made by several publicly-traded companies, certain of which were made through investment banking firms. Ameriscribe said discussions with such companies are continuing. The company has retained the firm of J.P. Morgan Securities, Inc. as its financial advisor to assist it in evaluating any acquisition offers and to investigate other possible transactions that may be in the best interests of Ameriscribe's stockholders, and 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 further stated that, based on preliminary results, it expects to report net income (and net income from operations) for the third quarter ended Sept. 30, 1992, of approximately $400,000, or $0.07 per share, on revenues of approximately $27,600,000. In the comparable quarter of 1991, net income from operations was $994,000, or $0.19 per share, before extraordinary items of $169,000, or $0.03 per share, on revenues of $24,182,000. Per share results for the 1992 third quarter will reflect an increase of approximately 13 percent in the number of weighted average shares outstanding due to a public offering in July 1991. The company attributed the decline in 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 expects to report net income from operations of approximately $2,600,000, or $0.43 per share, up from $1,586,000, or $0.39 per share, for the same period of 1991. Net income for the latest nine months is expected to be approximately $14,600,000, or $2.43 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 $2.00 per share. For the first nine months of 1991, net income was $2,020,000, or $0.50 per share, including extraordinary items totaling $434,000, or $0.11 per share. The number of weighted average shares outstanding for the 1992 nine months increased 49 percent over the 1991 period. Revenues are expected to be approximately $84,000,000 for the first nine months of 1992, compared with $72,065,000 in the year-ago period.
 Allan R. Tessler, chairman and CEO, commented, "Due to the weak economy, volume at our existing facilities management sites was sluggish during the third quarter and we did not achieve revenues sufficient to produce the expected level of profitability. At the same time, we have continued to introduce new services which are important to our future growth, such as records/file room management and electronic publishing, although this has resulted in an increase in expenses related to systems and personnel."
 "We are responding to the difficulties of the third quarter by seeking cost efficiencies and revising pricing schedules where possible, although our profitability is still linked to the level of volume at client sites. In this regard, we have begun to see an upturn in client activity, starting at the end of the third quarter, and would expect an increase in same site volume by year-end 1992 if this trend continues," Mr. Tessler added.
 "We believe future results also will be positively affected by our increasing service base. Ameriscribe added 16 new facilities management sites during the third quarter and now has a total of 267 sites, as compared with 218 at the end of 1991. Additionally, we have commitments to add 10 more sites during the fourth quarter and have begun operation of our first electronic publishing facilities management site. Thus, we are encouraged that we will have many more sources of revenue and profitability in place as the economy recovers," he concluded.
 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.
 -0- 10/16/92
 /CONTACT: David Walke or Edward Nebb, both of Morgan-Walke Associates, 212-986-5900, for Ameriscribe/
 (ACR) CO: Ameriscribe Corporation ST: New York IN: SU: ERP


TS-TM -- NY006 -- 0815 10/16/92 09:33 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 16, 1992
Words:790
Previous Article:JONES INTERCABLE REPORTS FIRST QUARTER RESULTS; REVENUES INCREASE 7 PERCENT
Next Article:MACRONEX APPOINTS NEW PRESIDENT AND CEO
Topics:


Related Articles
AMERISCRIBE'S FIRST QUARTER INCOME FROM OPERATIONS IS $1.0 MILLION, OR 17 CENTS PER SHARE, ON RECORD QUARTERLY REVENUES
AMERISCRIBE EARNS $1.2 MILLION IN SECOND QUARTER; OPERATING INCOME RISES NEARLY 118 PERCENT
AMERISCRIBE EARNS $1.2 MILLION IN SECOND QUARTER; OPERATING INCOME RISES NEARLY 118 PERCENT
AMERISCRIBE CORPORATION EARNS $403,000, OR $0.07 PER SHARE, FOR THIRD QUARTER OF 1992
AMERISCRIBE REPORTS 1992 NET INCOME OF $13.8M, OR $2.29 PER SHARE, ON RECORD SALES; REPORTS CONTINUED DISCUSSIONS ON POSSIBLE SALE OF COMPANY
AMERISCRIBE CORPORATION SIGNS DEFINITIVE AGREEMENT TO MERGE WITH PITNEY BOWES UNIT
AMERISCRIBE REPORTS FIRST QUARTER INCOME FROM OPERATIONS OF $611,000 OR $0.10 PER SHARE; PROVIDES ADDITIONAL INFORMATION ON MERGER
AMERISCRIBE REPORTS SECOND QUARTER RESULTS
AMERISCRIBE TO MAIL PROXIES FOR PROPOSED MERGER WITH PITNEY BOWES MANAGEMENT SERVICES
AMERISCRIBE ANNOUNCES SHARE PRICE CONSIDERATION FOR PROPOSED MERGER WITH PITNEY BOWES MANAGEMENT SERVICES

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters