AlaTenn Resources reports higher income from operations for the fourth quarter and 1994.
For the year, net income rose 5% to $4.7 million or $2.22 per share compared with $4.4 million or $2.11 per share last year excluding certain one-time adjustments. In 1993, final adjustments to the Company's provisions for take-or-pay expenses and previously discontinued operations totaled $2.9 million or $1.37 per share and resulted in final net income for 1993 of $7.3 million or $3.48 per share.
"We are pleased with the results for the fourth quarter and year ended Dec. 31, 1994," commented Jerry A. Howard, Chairman, President and Chief Executive Officer. "The improvement in earnings for both of these periods primarily reflects the acquisition of the business of Ryder International Corporation in April of this year."
Total revenues for the fourth quarter were $17.2 million vs. $23.7 million in the same period last year. Total revenues for all of 1994 reached $70.9 million compared with $119.0 million in 1993. The decreases in revenues for the fourth quarter and all of 1994 were the result of lower natural gas prices and changes in the mix of services offered by our natural gas marketing subsidiary primarily as a result of regulatory changes. Health care related products accounted for approximately 14% of AlaTenn's revenues in the fourth quarter of 1994 and approximately 11% of the Company's total 1994 revenues.
"During this past year AlaTenn Resources reached a milestone as the Company began to implement a broader strategy for long-term growth," Howard continued. "Building on the firm foundation of our natural gas operations, we have set the stage for future growth through the acquisition of Ryder International."
AlaTenn Resources Inc. is a holding company with interests in the transmission and marketing of natural gas and the design, development and manufacture of innovative products primarily for the medical and health care industry.
AlaTenn Resources Inc. Unaudited Financial Highlights
Three Months Ended Twelve Months Ended 12/31/94 12/31/93 12/31/94 12/31/93
Revenues $ 17,220,000 $ 23,735,000 $ 70,905,000 $119,022,000 Net income $ 1,167,000 $ 1,003,000 $ 4,690,000 $ 7,332,000/1 Earnings per share $ .55 $ .47 $ 2.22 $ 3.48/1 Average shares outstanding 2,115,484 2,111,284 2,113,251 2,108,359
(1) Includes $2.9 million or $1.37 per share related to the adjustment of certain provisions for potential unrecoverable take-or-pay expenses and discontinued operations.
CONTACT: AlaTenn Resources Inc., Florence
George G. Petty, 205/383-3631
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|Date:||Feb 10, 1995|
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