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
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|Date:||Nov 21, 1991|
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