Printer Friendly

CRUISE AMERICA ANNOUNCES RESULTS

 CRUISE AMERICA ANNOUNCES RESULTS
 MIAMI, Nov. 21 /PRNewswire/ -- Cruise America, Inc. (AMEX: RVR)


today announced record pretax profits of $2,618,000 for the quarter ended Oct. 31, 1991 and $8,687,000 for the six months ended Oct. 31, 1991. This represents increases of 10 percent and 16 percent over the comparable three and six month periods a year ago. Although pretax earnings remain at record levels, the company's effective tax rate increased significantly. Thus, net earnings for the quarter were $1,626,000 or $.29 per share compared to $2,066,000 or $.37 per share in 1990. Net earnings for the six month period ended Oct. 31, 1991 were $5,360,000 or $.97 per share compared to $6,375,000 or $1.15 per share in 1990.
 "A strong increase in new vehicle sales, aggressive debt reduction and continued expense control combined to maintain our pretax earnings growth momentum in a period of continued economic recession," stated Robert A. Smalley, chairman. "These positive forces should remain with us throughout the remainder of the year. Although the increase in the effective tax rate had a negative impact on net earnings for the past two quarters, that same tax rate will work to the company's advantage over the next two quarters, where the company historically experiences seasonal losses.
 "Continued strong rental demand, exciting new rental products and the company's new vehicles sales distribution arm "R.V. Depot" should help Cruise America maintain positive earnings growth," added Smalley.
 Cruise America, Inc. is the largest company in North America principally involved in the rental and sale of RVs.
 CRUISE AMERICA, INC.
 FINANCIAL AND OPERATING HIGHLIGHTS
 OCT. 31, 1991
 THREE MONTHS ENDED
 10/31/90 10/31/91
 Total Revenue $24,517,000 26,934,000
 Earnings Before Income Taxes 2,385,000 2,618,000
 Income Tax Expense (319,000) (992,000)
 Net Earnings 2,066,000 1,626,000
 Earnings Per Share .37 .29
 Average Shares Outstanding 5,531,000 5,538,000
 Average Rental Fleet 3,214 3,358
 Revenue Days 167,262 186,552
 SIX MONTHS ENDED
 10/31/90 10/31/91
 Total Revenue $50,349,000 49,801,000
 Earnings Before Income Taxes 7,506,000 8,687,000
 Income Tax Expense (1,131,000) (3,327,000)
 Net Earnings 6,375,000 5,360,000
 Earnings Per Share 1.15 .97
 Average Shares Outstanding 5,531,000 5,537,000
 Average Rental Fleet 3,260 3,361
 Revenue Days 325,527 361,673
 -0- 11/21/91
 /CONTACT: Eric R. Bensen, vice president-finance of Cruise America, Inc., 305-262-9611/
 (RVR) CO: Cruise America, Inc. ST: Florida IN: LEI SU: ERN AW-MR -- FL002 -- 5704 11/21/91 08:13 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 21, 1991
Words:454
Previous Article:JACOBS RECEIVES PRESTIGIOUS BUSINESS ROUNDTABLE AWARD
Next Article:PILGRIM RESTART
Topics:


Related Articles
CRUISE AMERICA ANNOUNCES POSITION CHANGES
HOLLAND AMERICA LINE ANNOUNCES MS NOORDAM NAMED 'SHIP OF THE YEAR' BY WORLD OCEAN & CRUISE LINER SOCIETY
CARNIVAL CORPORATION REPORTS RECORD FIRST QUARTER EARNINGS
Carnival Corporation Reports Record First Quarter Earnings
Carnival Corporation Reports Record Second Quarter Earnings
Carnival Corporation Concludes Dissolution of Asian Cruise Venture and Repurchases MS Tropicale
Budget Group to Acquire Cruise America
Carnival Corporation Completes Acquisition Of Majority Interest In Cunard Line
Carnival Corporation Expects No Impact On Earnings To Result From Delay In Delivery Of New Ship For Its Holland America Unit.
Carnival Corporation Reports Record Fourth Quarter and Full Year Earnings.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters