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AMERISCRIBE REPORTS 1992 NET INCOME OF $13.8M, OR $2.29 PER SHARE, ON RECORD SALES; REPORTS CONTINUED DISCUSSIONS ON POSSIBLE SALE OF COMPANY

 NEW YORK, Feb. 24 /PRNewswire/ -- Ameriscribe Corporation (NYSE: ACR), a leading provider of reprographic and mailroom facilities management services, today reported net income for the year ended Dec. 31, 1992, of $13,800,000, or $2.29 per share. This compared with earnings of $4,038,000, or $0.90 per share, for 1991. Total revenues for 1992 were a record $113,848,000, compared to $97,745,000 for 1991, an increase of 16 percent. The 1992 results reflected higher income from continuing operations and a one-time net benefit from the cumulative effect of changes in accounting.
 Income from continuing operations before the special items described below was $3,224,000 in 1992, an increase of 12 percent from the $2,874,000 in income from continuing operations before special items in 1991. On a per share basis, income from continuing operations was $0.54 in 1992 and $0.64 in 1991. The reduction in the per share amount was due largely to a greater number of average shares outstanding in 1992 (6,017,000) than in 1991 (4,490,000) and the impact of the gain on litigation settlement of $481,000 before tax in 1991.
 Results for 1992 included a charge of $510,000, or $0.09 per share, relating to provisions for additional pension obligations and other matters for the company's discontinued operations. Net income in 1992 also included $11,086,000, or $1.84 per share, for the cumulative effect of changes in accounting for income taxes ($12,000,000 credit) and software development ($914,000 charge after tax). Net income in 1991 included $1,164,000, or $0.26 per share, for extraordinary items.
 Income from continuing operations for the fourth quarter of 1992 was $693,000, or $0.12 per share, and net income was $183,000, or $0.03 per share, after a charge for discontinued operations of $510,000, or $0.09 per share. In the same period in 1991, Ameriscribe's income from continuing operations, including a gain before taxes of $481,000 from a litigation settlement, was $1,287,000, or $0.22 per share; net income was $2,017,000, or $0.35 per share, including an extraordinary item for realization of a net operating loss carryforward of $730,000, or $0.13 per share. Total revenues for the three months ended Dec. 31, 1992, were $29,773,000, compared with $25,680,000 for the same quarter in 1991, an increase of 16 percent.
 Ameriscribe's fourth quarter revenue and income from continuing operations were in line with the company's expectations. It continued to experience an upturn in client volume as compared with the third quarter, offset by declines in offsite center revenues. Same site revenues for its facilities management sites (excluding offsite centers) were up 3 percent for the fourth quarter of 1992 as compared with the fourth quarter of 1991, and were up 2 percent for the full year. However, giving effect to the declines at its offsite centers, same site revenues were up less than 2 percent for the fourth quarter and were up only 1 percent for the full year.
 The company said that at year-end 1992 it had a total of 277 facilities management sites, as compared with 218 a year earlier. Allan R. Tessler, chairman and CEO, stated, "The record addition of 59 net new sites in 1992 and the recent upturn in client volume has positioned Ameriscribe for continued growth in revenue and profitability for 1993 and beyond. In addition, we are cautiously optimistic that the national rollout of electronic publishing and records management services begun in 1992 will begin to contribute to the company's profitability in 1993. We believe that these positive developments will alleviate some of the pressure on pricing which will continue to have a slightly negative effect on margins in the near term."
 At Dec. 31, 1992, Ameriscribe's working capital was $12,875,000 and shareholders' equity was $29,224,000. The comparable figures at Dec. 31, 1991 were $5,662,000 and $13,114,000, respectively.
 Ameriscribe also reported that it was continuing to hold discussions relating to the previously announced proposed sale of the company. While Ameriscribe hopes to reach an agreement in the near future, there can be no assurance that any transaction will be consummated.
 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
 (In thousands, except per share data)
 Periods ended Three months Year
 Dec. 31, 1992 1991 1992 1991
 Total revenues $ 29,773 $ 25,680 $113,848 $ 97,745
 Total expenses 28,782 23,849 108,772 92,992
 Inc. from cont. operations
 bef. litigation settlement
 and taxes 991 1,831 5,076 4,753
 Gain on litigation
 settlement -- 481 -- 481
 Inc. from cont. operations
 before taxes 991 2,312 5,076 5,234
 Provision for inc. taxes (298) (1,025) (1,852) (2,360)
 Inc. from cont. operations
 before special items 693 1,287 3,224 2,874
 Additional provision for
 discont. opers.(A) (510) -- (510) --
 Extraord. items(B) -- 730 -- 1,164
 Cumulative effect of changes
 in accounting(C) -- -- 11,086 --
 Net income $ 183 $ 2,017 $13,800 $ 4,038
 Earns. (loss) per common
 & common equiv. share:
 Cont. operations $ 0.12 $ 0.22 $ 0.54 $ 0.64
 Discont. opers.(A) (0.09) -- (0.09) --
 Extraord. items(B) -- 0.13 -- 0.26
 Cumulative effect of changes
 in accounting(C) -- -- 1.84 --
 Net income $ 0.03 $ 0.35 $ 2.29 $ 0.90
 Average common and common
 equivalent shares 6,003 5,778 6,017 4,490
 (A) Additional provision for discontinued operations in 1992 of $510,000 (after tax benefit of $340,000) relates to provisions for pension obligations and other matters for the Company's discontinued businesses.
 (B) Extraordinary items in 1991 include the realization of net operating loss carryforwards of $1,503,000 and a loss on early retirement of debt of $339,000 (after tax benefit of $213,000).
 (C) Cumulative effect of changes in accounting adopted as of Jan. 1, 1992, includes (i) a credit of $12,000,000 primarily representing the future value of net operating loss carryforwards recorded when the Company adopted Financial Accounting Standard No. 109, "Accounting for Income Taxes", and (ii) a charge of $914,000 (after tax benefit of $610,000) for the cumulative effect of a change in accounting for software development costs, which are now expensed as incurred.
 Previously, software development costs were capitalized and amortized, generally over five years. The effect of the accounting change for software development costs on income from continuing operations in 1992 was not material.
 -0- 2/24/93
 /CONTACT: David Walke or Edward Nebb of Morgen-Walke Associates, 212-986-5900, for Ameriscribe/
 (ACR)


CO: Ameriscribe Corporation ST: New York IN: SU: ERN

SH -- NY017 -- 9826 02/24/93 10:41 EST
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