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BAREFOOT INC. REPORTS THIRD QUARTER RESULTS

 REVENUES UP 24 PERCENT, INCOME BEFORE INTEREST,
 TAXES & EXTRAORDINARY ITEMS UP 31 PERCENT
 WORTHINGTON, Ohio, Feb. 9 /PRNewswire/ -- Barefoot Inc. (NASDAQ/NMS: BARE) today reported higher earnings for its fiscal third quarter ended Dec. 31, 1992. Income before taxes, interest and extraordinary items was $2,287,000, up 31 percent over the prior year third quarter's $1,752,000. Revenues for the third quarter rose 24 percent to $10,234,000 from $8,257,000 in the prior year third quarter. Net income for the three months ended Dec. 31, 1992 was $2,023,000, compared to the prior year third quarter's $267,000. The prior year's third quarter result was reduced by a $1,084,000 extraordinary item for charges related to the early repayment of debt following the October 1991 initial public offering.
 The current year fiscal quarterly period was affected by an adjustment to the expected tax provision for fiscal 1993 which resulted in a $3,164,000 reversal of income tax expense provided in fiscal 1993's first two quarters and also resulted in a corresponding $3,164,000 reversal of tax benefit extraordinary credits recognized in fiscal 1993's first two quarters. The tax provision adjustments arose as a result of additional compensation deductions related to the exercise of non-qualified stock options during the quarter. The adjustments to the tax provision and the extraordinary credit had no effect on net income reported for the three months ended Dec. 31, 1992.
 For the nine months ended Dec. 31, 1992 revenues increased 21 percent to $44,729,000 from the prior year period's $37,057,000. Operating income increased 18 percent to $16,778,000, up from $14,014,000 in the prior year period. Interest expense declined $996,000 from $3,062,000 while net income after extraordinary items increased 60 percent to $15,782,000 from the prior year's $9,868,000.
 Earnings per share were $.26 for the three months ended Dec. 31, 1992 on 7,825,000 shares outstanding, compared to $.04 per share on 7,209,000 shares outstanding in the prior year quarter. For the nine month period, earnings per share in fiscal 1993 were $2.02 on 7,816,000 shares outstanding compared to $1.67 per share on 5,903,000 shares for the fiscal 1992 period.
 Barefoot previously reported it has completed the acquisition of the Ever-Green Lawns Corporation lawn care business effective Jan. 1, 1993. The acquired business had approximately $22 million of revenue in calendar 1992. The company also announced that six new franchise locations and one new company location have opened in 1993.
 Barefoot's cash position remains strong and net worth continues to improve. Cash balances were more than $4 million at Dec. 31, 1992, even after an initial partial payment in December of $4 million for acquisitions. Net worth improved to nearly $9 million compared to a deficit of $5,575,000 at March 31, 1992.
 Chief financial officer Michael R. Goodrich commented that the third quarter results were in line with expectations. "The third quarter is not our most profitable quarter because the lawn treating season wraps up during the quarter. The quarter's fixed costs, however, increase from year to year because of growth in the business through expansion of the customer base and acquisitions," he said.
 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. Including the newly acquired Ever- Green locations and the new locations opened in 1993, Barefoot will have 31 company locations, 36 franchise locations and nine franchise locations which are managed by Barefoot under management agreements. 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)
 (Unaudited)
 THREE MONTHS ENDED
 DECEMBER 31,
 1992 1991
 REVENUES:
 Customer service revenues $9,700 $7,517
 Franchise fees and royalty income 534 740
 Total revenues 10,234 8,257
 COSTS AND EXPENSES:
 Costs of services provided 4,148 3,274
 General and administrative 2,805 2,414
 Marketing 839 650
 Amortization of intangibles 155 167
 Total costs and expenses 7,947 6,505
 INCOME BEFORE INTEREST, INCOME TAXES
 AND EXTRAORDINARY ITEMS 2,287 1,752
 Interest expense 264 401
 INCOME BEFORE INCOME TAXES AND
 EXTRAORDINARY ITEMS 2,023 1,351
 Income tax provision (credit) (3,164) ---
 INCOME BEFORE EXTRAORDINARY ITEMS 5,187 1,351
 EXTRAORDINARY ITEMS
 (Reduction) Benefit of Tax Loss
 Carry Forwards (3,164) ---
 Early Payment of Debt Charges --- (1,084)
 NET IC?OME $2,023 $267
 EARNINGS PER SHARE:
 Income before extraordinary items $.66 $.19
 Extraordinary items (.40) (.15)
 Net income $.26 $.04
 WEIGHTED AVERAGE COMMON SHARES
 OUTSTANDING 7,825 7,209
 NINE MONTHS ENDED
 DECEMBER 31,
 1992 1991
 REVENUES:
 Customer service revenues $42,833 $34,922
 Franchise fees and royalty income 1,896 2,135
 Total revenues 44,729 37,057
 COSTS AND EXPENSES:
 Costs of services provided 15,528 12,651
 General and administrative 8,608 7,002
 Marketing 3,350 2,804
 Amortization of intangibles 465 586
 Total costs and expenses 27,951 23,043
 INCOME BEFORE INTEREST, INCOME TAXES
 AND EXTRAORDINARY ITEMS 16,778 14,014
 Interest expense 996 3,062
 INCOME BEFORE INCOME TAXES AND
 EXTRAORDINARY ITEMS 15,782 10,952
 Income tax provision (credit) 275 ---
 INCOME BEFORE EXTRAORDINARY ITEMS 15,507 10,952
 EXTRAORDINARY ITEMS
 (Reduction) Benefit of Tax Loss
 Carry Forwards 275 ---
 Early Payment of Debt Charges --- (1,084)
 NET INCOME $15,782 $9,868
 EARNINGS PER SHARE:
 Income before extraordinary items $1.98 $1.86
 Extraordinary items .04 (.19)
 Net income $2.02 $1.67
 WEIGHTED AVERAGE COMMON SHARES
 OUTSTANDING 7,816 5,903
 -0- 2/9/93
 /CONTACT: Michael R. Goodrich of Barefoot, Inc., 614-846-1800/
 (BARE)


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

KK -- CL005 -- 4555 02/09/93 10:36 EST
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Date:Feb 9, 1993
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