FLORAFAX REPORTS RESULTS
FLORAFAX REPORTS RESULTS TULSA, Okla., Nov. 26 /PRNewswire/ -- Florafax International Inc.
(NASDAQ: FIIF) reported consolidated net income of $5,000 ($.00 per share) on net revenues of $7,980,000 for the year ended Aug. 31, 1991 compared to a consolidated net loss of $755,000 (|$.15~ per share) on net revenues of $8,806,000 for the like period in 1990. The company had operating income of $248,000 for fiscal 1991 as compared to an operating loss of $191,000 for fiscal 1990.
Florafax Chairman Floyd Cox, Jr., commenting on the 1991 results, stated, "Reduced revenues were principally attributable to declines in membership revenues, reduced floral and order processing revenues and the discontinuation of the company's floral industry magazine due to increased production costs. We will continue to be affected by the overall shrinking of the flowers-by-wire market and by the present lack of confidence among U.S. consumers." Cox continued, "The company experienced solid growth in direct floral order business by handling a greater number of orders through contracts and joint promotions with the United States Military Services, regional supermarket chains and other corporate entities. These orders help support the Florafax floral wire service members by providing them thousands of orders for fulfillment." Credit card processing revenues nearly doubled compared to 1990, and continued growth is anticipated as the company continues to introduce this service outside the floral industry. Florafax has scheduled its annual stockholders' meeting for the election of directors on Dec. 20, 1991 at the company's executive offices at 4175 S. Memorial Dr., Tulsa, OK. Shareholders of record on Oct. 25, 1991 are entitled to vote at the meeting. Nominees for directors are T. Craig Benson, Floyd Cox, Jr., Bryan L. Herrmann, Solomon Oden Howell, Jr., William E. Mercer and Andrew W. Williams. Florafax, headquartered in Tulsa, operates a floral wire service and credit card processing service nationwide. Its common stock is traded over the counter under additional NASDAQ listings with the symbol "FIIF". -0- 11/26/91 /CONTACT: Floyd Cox, Jr. of Florafax, 800-333-0213/ (FIIF) CO: Florafax International Inc. ST: Oklahoma IN: SU: ERN
BB -- DV002 -- 7152 11/26/91 09:00 EST
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|Date:||Nov 26, 1991|
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