CHECK EXPRESS ANNOUNCES THIRD QUARTER RESULTS
CHECK EXPRESS ANNOUNCES THIRD QUARTER RESULTS TAMPA, Fla., Nov. 6 /PRNewswire/ -- Check Express, Inc.
(NASDAQ: CHXS), owner, operator and franchisor of retail check cashing centers, today announced results for the quarter ended Sept. 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 substantially all of the shares (985,000 pre-split; 492,500 post- split) of the company's common stock owned by Borer. Total revenues for third quarter 1992 decreased 5 percent to $878,806 from $928,162 in third quarter 1991. Net earnings for the period increased to $11,878 ($.005 per share) as compared to a loss of $59,748 ($0.02 per share) in 1991. Revenues for the nine months ended Sept. 30 increased 11 percent to $3,019,452 from $2,719,619 for the same period in 1991. Net earnings for the nine months increased to $184,015 from $1,730 in 1991. Larry F. Lang, chief executive officer, stated: "The improvement in earnings for the 1992 third quarter is primarily the result of decreases in management salaries, professional fees, depreciation and interest expense. Company-owned store operations remained steady, while our franchise program continues to grow, with 36 opened and 91 sold at September 30, 1992." The company also announced that it has been formally notified by NASDAQ that Check Express had met the minimum bid price requirement of $1.00 per share for continued listing on the NASDAQ Small-Cap Market. Effective Nov. 2, the temporary symbol "CHXSD" was dropped and the company's stock began trading under its original symbol "CHXS." Check Express currently operates 55 company and franchised retail money centers which provide check cashing, money orders, money transfers and related services. CHECK EXPRESS, INC. Selected Financial Information 3 mos. ended 9 mos. ended 9/30/92 9/30/91 9/30/92 9/30/91 Revenues $878,806 $928,162 $3,019,452 $2,719,619 Net income 11,878 (59,748) 184,015 1,730 Earnings per share $.005 --- $.074 --- Weighted average number of shares outstanding 2,167,503 2,660,003 2,495,836 2,660,003 -0- 11/6/92 /CONTACT: Larry F. Lang of Check Express, 813-289-2888/ (CHXS) CO: Check Express, Inc. ST: Florida IN: REA SU: ERN
EA-BN -- AT004 -- 8105 11/06/92 10:20 EST
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|Date:||Nov 6, 1992|
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