Printer Friendly

CRUISE AMERICA REPORTS RECORD EARNINGS

 MIAMI, Aug. 18 /PRNewswire/ -- Cruise America, Inc. (AMEX: RVR) reported record net earnings for the first quarter ended July 31, 1993 of $4,828,000 or $.87 per share, an increase of 18 percent over the $4,096,000 or $.74 per share reported for the same period a year ago. Total revenue for the quarter was $29,700,000 compared to $29,955,000 in the prior year.
 Commenting on the first quarter results, Randall Smalley, president, stated: "I am pleased to report improved earnings for the first quarter. Highlighting the improvements were record rental revenues and a strong performance in new vehicle sales by our R.V. Depot sales network. Lower rental vehicle sales accounted for the 1 percent decline in total revenue. Higher utilization for the quarter, combined with a slightly smaller motorhome rental fleet caused a shortage of rental vehicles available for sale.
 "Other highlights include lower interest costs due to an aggressive debt reduction strategy started last fiscal year and cost savings related to the restructuring of our California operations. We are optimistic about the impact of these programs on future quarters."
 Cruise America, Inc. is the largest company in North America specializing in the sale and rental of recreational vehicles.
 CRUISE AMERICA, INC.
 FINANCIAL AND OPERATING HIGHLIGHTS
 JULY 31, 1993
 QUARTER ENDED JULY 31,
 1992 1993
 Total Revenue $ 29,955,000 29,700,000
 Net Earnings 4,096,000 4,828,000
 Earnings Per Share .74 .87
 Average Shares Outstanding 5,541,000 5,545,000
 -0- 8/17/93
 /CONTACT: Eric R. Bensen, chief financial officer of Cruise America, Inc., 305-262-9611/
 (RVR)


CO: Cruise America, Inc. ST: Florida IN: LEI SU: ERN

RC-JB -- FL001 -- 3783 08/18/93 09:05 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 18, 1993
Words:288
Previous Article:HATHAWAY REINSTATES DIVIDEND
Next Article:ROYCE LABORATORIES, INC. ADDS CHARLES J. SIMONS TO BOARD OF DIRECTORS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters