CHECK EXPRESS ANNOUNCES SECOND QUARTER RESULTS
CHECK EXPRESS ANNOUNCES SECOND QUARTER RESULTS TAMPA, Fla., Aug. 13 /PRNewswire/ -- Check Express, Inc.
(NASDAQ: CHXS), owner, operator and franchisor of retail check cashing centers, today announced results for the quarter ended June 30.
The results have been presented so as to reflect the effect of the transfer of 100 percent of the company's wholly owned subsidiary, Check Express Washington, Inc., to former president Peter F. Borer in exchange for 985,000 shares of the company's common stock owned by Borer. Total revenues for second quarter 1992 increased 5 percent to $975,397 from $932,058 in second quarter 1991. Net earnings for the period increased to $58,537 ($.011 per share) as compared to $277 ($0.0 per share) in 1991. Revenues for the six months ended June 30 increased 19 percent to $2,140,645 from $1,795,140 for the same period in 1991. Net earnings for the six months increased to $172,138 from $61,453 in 1991. Larry F. Lang, chief executive officer, stated: "The improvement in earnings for the 1992 period is a result of both an increase in revenues and a decrease in costs and expenses. Our franchise program continues to grow, with 36 opened and 90 sold at June 30, 1992, and should continue to contribute increasing revenues and profits." The company also announced that a hearing had been scheduled with NASDAQ to discuss the company's request for a temporary exception to the minimum bid price requirement of $1.00 per share for continued listing under the revised NASDAQ guidelines. Management will present a plan to NASDAQ officials which is believed will result in meeting the bid price requirement; however, the decision of NASDAQ officials is impossible to predict. In the event NASDAQ does not approve management's plan, the company's stock would be removed from NASDAQ Small-Cap Market and traded on the OTC Bulletin Board. Check Express currently operates 55 company and franchised retail money centers which provide check cashing, money orders, money transfers and related services. -0- 8/13/92 /CONTACT: Larry Lang of Check Express, 813-289-2888/ (CHXS) CO: Check Express, Inc. ST: Florida IN: REA SU: ERN
BN-BR -- AT013 -- 9757 08/13/92 17:32 EDT
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|Date:||Aug 13, 1992|
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