Printer Friendly

FRONTEER DIRECTORY POSTS THIRD QUARTER RESULTS

 BISMARCK, N.D., Aug. 9 /PRNewswire/ -- Fronteer Directory Co. Inc. (NASDAQ: FDIR) today announced the financial results for the three and nine months ended June 30, 1993. Net income for the three-month period rose to $266,259, or earnings of $.05 a share, compared to $6,546 a year earlier. The net income for the nine-month period also climbed to $184,396, or $.04 per share, compared to a loss of ($58,015), or ($.02), for the same period last year. An extraordinary gain from the sale of two directories in the third quarter of this year amounting to $253,312 contributed significantly to the increase in net income for this period.
 While sales were down slightly for the year, President and Chief Executive Officer Dennis Olson says the lower net operating numbers were primarily attributable to a revision in a directory production schedule and to expenses related to the subsidiary, Fronteer Personnel Services Inc. According to Olson, revenues from the Prescott Directory are usually posted in the first quarter of the year; however, they will now be posted in the fourth quarter. Revenue from the Prescott Directory was approximately $420,000 in 1992. In addition, higher expenses related to increased health insurance claims, which were self-insured by Fronteer Personnel Services, also affected net earnings for the nine- month period. The company has already taken measures to prevent this from becoming a recurring situation by instituting insurance coverage with Guardian Life.
 Despite the higher expenses incurred in the third quarter, Olson says Fronteer Personnel Services is now breaking even. "Initially it was slow going," observed Olson, "but operations are now on track, and Fronteer Personnel Services should contribute positively to the company's numbers from this point forward."
 Fronteer is the only publicly traded independent directory company in the country, serving communities in 10 different states.
 FRONTEER DIRECTORY CO. INC.
 Statement of Operations
 Three Months Ended Nine Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Net revenue $2,842,156 $2,833,169 $6,875,505 $6,998,625
 Extraordinary item
 (Sale of
 directories) 253,312 --- 253,312 ---
 Net income 266,259 6,546 184,396 (58,015)
 Net income per share .05 .00 .04 (.02)
 Weighted average
 shares
 outstanding 5,126,090 3,556,788 5,125,889 3,554,772
 -0- 8/9/993
 /CONTACT: Dennis Olson, president and CEO of Fronteer Directory, 701-258-4970; or Max Ramras, Marilou Snider or Paul Beeson of Registered Communications Group, 602-998-7555, for Fronteer Directory/
 (FDIR)


CO: Fronteer Directory Co. Inc. ST: North Dakota IN: PUB SU: ERN

EH-LS -- LA014 -- 0767 08/09/93 12:48 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 9, 1993
Words:435
Previous Article:NEW SURVEY SHOWS REAL ESTATE IS EXPERIENCING SLIGHT UPTURN; REALTORS ANTICIPATE EVEN BETTER TIMES
Next Article:U S WEST TO RESELL DIGIBOARD REMOTE LAN CONNECTION PRODUCTS
Topics:

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