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BAREFOOT INC. REPORTS FISCAL YEAR-END RESULTS; REVENUES UP 23 PERCENT AND EARNINGS PER SHARE UP 42 PERCENT

 WORTHINGTON, Ohio, May 26 /PRNewswire/ -- Barefoot Inc. (NASDAQ/NMS: BARE) today reported higher earnings for its fiscal year ended March 31, 1993. Revenues for the year rose 23 percent to $50,599,000 from $41,096,000 in the prior year. Income before taxes, interest and extraordinary items was $13,124,000, up 16 percent over the prior year's $11,303,000. Net income for the fiscal year ended March 31, 1993, was $11,806,000, up 75 percent compared to the prior year's $6,761,000. The prior year's result was reduced by a $1,084,000 extraordinary item for charges related to the early repayment of debt following Barefoot's October 1991 initial public offering.
 For the fourth fiscal quarter ended March 31, 1993, revenues were up 45 percent at $5,870,000 versus $4,038,000 and Barefoot recorded a loss of $3,976,000 compared to a loss of $3,107,000 a year earlier.
 Earnings per share were $1.51 for the year ended March 31, 1993, on 7.8 million weighted average shares outstanding compared to $1.06 per share on 6.4 million weighted average shares outstanding the year earlier. The prior year included a $.17 per share extraordinary charge. The fourth quarter loss was $.52 per share on 7.6 million shares outstanding compared to a loss of $.43 per share on 7.2 million shares outstanding a year earlier.
 Barefoot previously reported it had completed the acquisition of the Ever-Green Lawns Corporation lawn care business effective Jan. 1, 1993. The acquired business had approximately $22 million of revenues in calendar 1992. The company also previously announced that six new franchise locations and one new company location would begin operations in calendar 1993. Also, in April 1992 Barefoot acquired franchises operating in four markets. The combination of the expenses of the acquired Ever-Green and franchise locations and extremely poor weather conditions for treating lawns in March in much of the country resulted in the loss for the quarter being larger than the previous year. Due to the seasonality of Barefoot's business, the fourth quarter is the only quarter that has always resulted in losses.
 Barefoot's lawn care programs consist of from five to eight treatments per year depending on the region of the country. Treatments not completed due to the poor March weather result in a deferral of revenues into April and May and are not permanently lost.
 In spite of the adverse weather conditions, Barefoot has completed its most successful spring selling season in its history. Factoring in acquisitions, new customer sales and normal seasonal cancellations, Barefoot's growth in customers has been significant. In calendar 1993 Barefoot will be servicing a total of 432,000 customers system-wide of which 330,000 are served by company locations and 102,000 are served by franchisees. In 1992 Barefoot serviced 315,000 customers system-wide of which 223,000 were company customers and 92,000 were franchise customers. As a result, Barefoot expects significant increases in revenues and income before income taxes in fiscal 1994 compared to fiscal 1993.
 As a result of the sale of 500,000 shares of stock on March 25, 1993, and the profitable fiscal 1993 operations, Barefoot has increased its net worth to a positive $15,370,000 at March 31, 1993, from a deficit of $5,575,000 at March 31, 1992.
 Headquartered in Worthington, Ohio, Barefoot is the nation's second largest professional lawn care service company. Operating through its wholly owned subsidiary, Barefoot Grass Lawn Service, Inc., it provides residential lawn care services through periodic applications of fertilizer and control products. Barefoot has 30 company locations and 45 franchise locations. Barefoot's shares are traded on the NASDAQ National Market System under the symbol BARE.
 BAREFOOT INC.
 INCOME STATEMENT
 (In Thousands except per share data)
 TWELVE MONTHS ENDED
 MARCH 31,
 1993 1992
 REVENUES:
 Customer service revenues $48,510 $38,747
 Franchise fees and royalty income 2,089 2,348
 Total revenues 50,599 41,095
 COSTS AND EXPENSES:
 Costs of services provided $20,757 $16,701
 General and administrative 12,252 9,398
 Marketing 3,748 2,971
 Amortization of intangibles 717 722
 Total costs and expenses 37,475 29,792
 INCOME (LOSS) BEFORE INTEREST, INCOME
 TAXES AND EXTRAORDINARY ITEMS 13,124 11,303
 Interest expense 1,318 3,458
 INCOME (LOSS) BEFORE INCOME TAXES AND
 EXTRAORDINARY ITEMS 11,806 7,845
 Income tax provision (credit) --- ---
 INCOME (LOSS) BEFORE EXTRAORDINARY
 ITEMS 11,806 7,845
 EXTRAORDINARY ITEMS
 (Reduction) Benefit of Tax Loss
 Carry Forwards --- ---
 Early Payment of Debt Charges --- 1,084
 NET INCOME (LOSS) $11,806 $6,761
 EARNINGS (LOSS) PER SHARE:
 Income loss before extraordinary
 items $1.51 $1.23
 Extraordinary items --- $(.17)
 Net income (loss) $1.51 $1.06
 WEIGHTED AVERAGE COMMON SHARES
 OUTSTANDING 7,824 6,374
 THREE MONTHS ENDED
 MARCH 31,
 1993 1992
 REVENUES:
 Customer service revenues $ 5,677 $ 3,825
 Franchise fees and royalty income 193 213
 Total revenues 5,870 4,038
 COSTS AND EXPENSES:
 Costs of services provided $ 5,229 $ 4,050
 General and administrative 3,719 2,395
 Marketing 324 168
 Amortization of intangibles 252 137
 Total costs and expenses 9,524 6,749
 INCOME (LOSS) BEFORE INTEREST, INCOME
 TAXES AND EXTRAORDINARY ITEMS (3,654) (2,711)
 Interest expense 322 396
 INCOME (LOSS) BEFORE INCOME TAXES AND
 EXTRAORDINARY ITEMS (3,976) (3,107)
 Income tax provision (credit) (275) ---
 INCOME (LOSS) BEFORE EXTRAORDINARY
 ITEMS (3,701) (3,107)
 EXTRAORDINARY ITEMS
 (Reduction) Benefit of Tax Loss
 Carry Forwards (275) ---
 Early Payment of Debt Charges --- ---
 NET INCOME (LOSS) $(3,976) $(3,107)
 EARNINGS (LOSS) PER SHARE:
 Income loss before extraordinary
 items $(.49) $(.43)
 Extraordinary items $(.03) ---
 Net income (loss) $(.52) $(.43)
 WEIGHTED AVERAGE COMMON SHARES
 OUTSTANDING 7,627 7,189
 -0- 5/26/93
 /CONTACT: Michael R. Goodrich of Barefoot, Inc., 614-846-1800/
 (BARE)


CO: Barefoot, Inc. ST: Ohio IN: SU: ERN

AR -- CL003 -- 2303 05/26/93 08:32 EDT
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