Evans Systems announces record quarterly revenues.
This compares to net income of $247,000, or 8 cents per share, for the same period in 1993. The 101 percent increase in net income reflects increased margins and revenues related to the addition of retail facilities.
Revenues were $35,792,000 compared to $25,836,000 for the first quarter of 1994 representing an increase of $9,956,000, or 38.5%. Way Energy's revenues increased $7,896,000 and Chem-Way's $2,108,000 for the quarter. Gross profit margins for the three months ended Dec. 31, 1994 increased to $5,048,000 (14.1%) compared to $3,523,000 (13.6%) for the comparable three months in 1993. Operating income increased 115% to $887,000 versus $412,000 for the first quarter of 1993.
Evans Systems Chief Executive Officer J.L. Evans, Sr., stated: "ESI has reported its largest revenue quarter in the company's 26-year history. We are seeing a full benefits of increased volumes from the Kincer acquisition and the commitment of ESI's management for continued growth. With the addition of the retail outlets from the Pruett-Koonce acquisition adding to our volumes in the second quarter, ESI is poised to exceed $150,000,000 in revenues this year."
Revenues from Way Energy, ESI's petroleum distribution segment, increased 35.7% to $29,988,000 compared to $22,092,000 for the first quarter of 1993. Fuel gallonage increased to 26,700,000 gallons from 20,900,000 gallons for the like period in 1993, an increase of 26.7%. Gross profit margins improved to 14.9% compared to 13.2% in 1993 reflecting stable margins in the Company's outlets. Operating income was $753,000 compared to $150,000 in 1993, an increase of $603,000.
Chem-Way's revenues were $5,396,000 in 1994 compared to $3,288,000 in 1993; a 64.1% increase primarily attributable to the addition of new customers and expanded product line. Continual competitive pressures on R-12 resulted in a decrease in gross profit margins to 7.8% compared to 12.7% in 1993. Operating income decreased to $206,000 compared to $247,000 in 1993.
With the introduction of the hydrocarbon packaging facility late in the second quarter, Chem-Way expects to add additional products and customers from its continued efforts to expand its production line and brand acceptance.
Management feels that sales and margins will be positively impacted in the second half of fiscal 1995 due to the addition of the hydrocarbon facility.
EDCO Environmental posted revenues of $366,000 compared to $450,000 in 1993. Operating income/loss was ($30,000) compared to $45,000 in 1993 due to continued lower profit margins from increased competition and delays in government-subsidized remediation projects.
DISC posted an operating loss of ($42,000) compared to ($30,000) in 1993 on $42,000 in revenues. DISC is continuing to market its point-of-sale (POS) system and has installed four systems in ESI's company-operated convenience stores and intends to complete installation into the majority of ESI's convenience stores by the end of fiscal 1995.
ESI is a vertically integrated, growth-oriented company with four core business segments. Way Energy Systems Inc. is a distributor of wholesale and retail petroleum products. Chem-Way Systems Inc. produces, packages, and markets automotive after-market chemical products. EDCO Environmental Systems Inc. provides environmental remediation services and maintains and installs underground storage tanks; and Distributor Information Systems Corp. provides information systems and software for distributors and convenience store owners and operators. -0-
Evans Systems Inc. Condensed Financial Information (Dollars in thousands, except per share data)
Quarter Ended Quarter Ended Statement of Operations Data Dec. 31, 1994 Dec. 31, 1993
Revenues 35,792 25,836 Gross Profit 5,048 3,523 Operating Income 887 412 Net Income 497 247 Earnings Per Share .17 .08 Weighted average number of common and common equivalent shares outstanding 2,935 3,002
CONTACT: Evans Systems Inc.
Jerry Evans Jr., 409/245-2981
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|Date:||Feb 10, 1995|
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