COMDATA ANNOUNCES FIRST QUARTER 1992 RESULTS
COMDATA ANNOUNCES FIRST QUARTER 1992 RESULTS BRENTWOOD, Tenn., May 1 /PRNewswire/ -- Comdata Holdings Corporation
(NASDAQ: CMDT) today announced results for the first quarter ended March 31, 1992.
Revenues for the quarter were $47,122,000, a seven percent increase over the $43,893,000 reported for the first quarter of 1991. Net loss for the period, prior to the preferred stock dividend, improved from $1,590,000 a year ago to $1,300,000 during the first of quarter of 1992. After the preferred stock dividend, the net loss per common share was the same in each period at $0.04 per share. Commenting on the results, George L. McTavish, chairman and chief executive officer, said, "After dealing with the difficulties caused by the slow economy during 1991, we are pleased with the revenue growth during the first quarter.
The first quarter also showed a very strong improvement over the fourth quarter of 1991 as earnings before interest and tax improved by $7.8 million. Expenses for the quarter reflect our increased investment in new products and the expansion of our sales organization. The $800,000 reduction in quarterly interest expense from a year earlier also contributed to improved results and was due in large part to the significant amount of bank debt we repaid during 1991."
Comdata is a leading provider of transaction services to the trucking industry in the United States and Canada, including funds transfer, fuel purchase programs, cash advance, permit and legalization services, telecommunications services, and fleet management information. The company is also a leading provider of funds transfer, cash advance services and check services to the retail and leisure industries. COMDATA HOLDINGS CORPORATION Financial Highlights (Unaudited, in thousands, except per share data) Three months ended March 31 1992 1991 Revenues $47,122 $43,893 Operating costs: Salaries and employee benefits 12,164 12,394 Agent commissions 5,760 6,322 Telecommunications 5,394 5,430 Depreciation & amortization 3,425 3,809 Other operating costs 12,528 7,611 Total operating costs 39,271 35,566 Earnings before interest and taxes 7,851 8,327 Interest expense, net 9,151 9,917 Net loss (1,300) (1,590) Preferred stock dividend (298) 0 New loss attributable to common stock (1,598) (1,590) Net loss per common share ($0.04) ($0.04) Weighted average common shares outstanding 42,609 42,411 -0- 5/1/92 R /CONTACT: Dennis Hanson, executive vice president, chief financial officer of Comdata, 615-370-7000; or June Filingeri, 212-986-5900, or Kenneth E. Pieper, 214-701-8851, both of Morgen-Walke, for Comdata/ (CMDT) CO: Comdata Holdings Corporation ST: Tennessee IN: SU: ERN
SB -- NY015 -- 5330 05/01/92 09:14 EDT
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|Date:||May 1, 1992|
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