Printer Friendly

GASCARD INC. ANNOUNCES RESULTS FOR THE SIX MONTHS AND QUARTER ENDED FEB. 28, 1993

 CARLSBAD, Calif., May 5 /PRNewswire/ -- Gascard Inc. (OTC) ("Gascard" or the "company") of Carlsbad, today announced earnings for the six months and the second quarter ended Feb. 28, 1993.
 Gascard reported an after-tax profit of $84,154 on revenues of $3,291,279 for the six months ended Feb. 28, 1993, compared with an after-tax profit of $79,999 on revenues of $2,862,803 for the same period last year, improvements of 5.2 percent and 15 percent, respectively, compared to the same period in fiscal 1992.
 The larger profits and revenues for the first six months of fiscal 1993 are primarily the result of growth in the Gascard's business. Gallon volume and the number of fueling transactions for the six months ended Feb. 28, 1993, increased 22.2 percent and 12.3 percent, respectively, compared to the same period in fiscal 1992.
 Gascard also reported an after-tax profit of $10,762 on revenues of $1,556,393 for the three months ended Feb. 28, 1993, compared with an after-tax profit of $44,495 on revenues of $1,450,984 for the same period last year.
 The larger revenue for the second quarter of fiscal 1993 reflects growth in the company's business and the smaller profit is the result of added accounting and programming management staff and adjustment of the carrying values of certain inventories to allow for current selling prices. The decrease in the profit for the quarter is also attributable to a large sale of equipment to the State of Utah in the second quarter of fiscal 1992 that did not recur in 1993. Gallon volume and the number of fueling transactions for the three months ended Feb. 28, 1993, increased 24.9 percent and 12.3 percent, respectively, compared to the same period in fiscal 1992.
 Chairman and Chief Executive Officer Lindsay B. Holland added that, "Gascard is pleased that its profitability midway through fiscal 1993 is ahead of the same period a year ago and on track to achieve the company's goal of a 50 percent improvement over last year's record profit. The company expects major agreements signed over the last three years with the states of Delaware and Utah and with Sinclair Oil Corp., as well as existing and new franchisees to produce increasingly significant revenue and network growth.
 Background -- Gascard Inc.:
 Gascard provides fuel management services to tens of thousands of commercial and government fleets that transact more than 200 million gallons of fuel annually through 1,868 Gascard and approximately 1,200 ARCO PayPoint locations in 40 states. Since 1981, Gascard has transacted more than 1.2 billion gallons. The company has contracts to provide fuel management services for the California Energy Commission and the states of Delaware and Utah and to process a proprietary fleetcard for Sinclair Oil Corp. The Gascard network also has interchange agreements with ARCO's PayPoint and Sinclair's Fleet Fueling networks.
 Gascard has developed and markets nationally a comprehensive card-activated fuel management system designed to reduce commercial and government fleet fueling costs. The Gascard system can prevent unauthorized purchases; lower accounting, administrative and other costs of fleet fueling; and eliminate or lessen the environmental risks of underground fuel storage tank ownership or operation. Each billing cycle the Gascard system reports complete fleet fueling transaction data -- date, time, site, vehicle, driver, odometer, miles per gallon, cents per mile, product, volume, price, extension and excise tax details -- which fleet managers can use to maximize fleet efficiency. Through Gascard's 127 franchisees, which are typically independent petroleum marketers, more than 500 salespeople market the Gascard system primarily to local and regional delivery, sales and service fleets, such as fuel and beverage distributors, overnight package delivery services, taxis, public utilities and government agencies.
 Gascard was originally organized in May 1981, and went public through an offering of its common stock in March 1987. In January 1990, the U.S. Patent Office issued Patent No. 4,891,503 to Gascard for its Distributed Authorization System. This sophisticated database management program automatically maintains individualized subsets of Gascard's national database in local point-of-sale terminals which enables them to authorize and process transactions almost instantaneously without recourse to Gascard's central computer and thus at a greatly reduced telecommunications cost. Gascard's common stock is traded on the over the counter market.
 -0- 5/5/93
 /CONTACT: Lindsay B. Holland, chairman and CEO of Gascard, 619-431-3200, ext. 120/


CO: Gascard Inc. ST: California IN: OIL SU: ERN

JL-BP -- SD004 -- 5102 05/05/93 17:47 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:May 5, 1993
Words:747
Previous Article:DUPONT ANNOUNCES ORGANIZATIONAL RESTRUCTURING
Next Article:MARIA LOPEZ MILLER JOINS THE STEPHENZ GROUP AS SENIOR ACCOUNT EXECUTIVE
Topics:


Related Articles
GASCARD INC. ANNOUNCES NEW CARD IMAGE, PC/EXPORT AND INCENTIVE PROGRAM EXTENSION AT NATIONAL FRANCHISEE MEETING
GASCARD INC. ANNOUNCES MAJOR FRANCHISEE SIGNED
GASCARD INC. ANNOUNCES FISCAL 1991 AND FIRST QUARTER FISCAL 1992 RESULTS
GASCARD INC. ANNOUNCES RESULTS FOR THE QUARTER AND SIX MONTHS ENDED FEB. 29, 1992
GASCARD INC. ANNOUNCES RESULTS FOR THE QUARTER AND SIX MONTHS ENDED FEB. 29, 1992
GASCARD INC. ANNOUNCES RESULTS FOR THE QUARTER AND NINE MONTHS ENDED MAY 31, 1992
GASCARD INC. ANNOUNCES FRANCHISEE AWARDS AT NATIONAL MEETING
GASCARD ANNOUNCES FOURTH QUARTER RESULTS AND RECORD FISCAL YEAR PROFIT
GASCARD INC. ANNOUNCES FIRST-QUARTER FISCAL 1993 RESULTS
THE TAIWAN FUND ANNOUNCES FIRST QUARTER PERFORMANCE

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