MAIL BOXES ETC. ANNOUNCES SECOND QUARTER RESULTS
MAIL BOXES ETC. ANNOUNCES SECOND QUARTER RESULTS SAN DIEGO, Nov. 11 /PRNewswire/ -- Mail Boxes Etc. (NASDAQ: MAIL)
("MBE"), announced today that net operating income for its second quarter ending Oct. 31, 1991, increased 44 percent over the same period last year.
The company reported second quarter revenues of $8,898,412 and net operating income of $1,124,796, as compared to $7,298,829 of revenues and $782,827 of net operating income for the quarter ended Oct. 31, 1990. This represents a 22 percent increase in revenues and a 44 percent increase in net operating income. Earnings per share for the second quarter, based on net operating income, were $.20 this fiscal year compared to $.15 for the same quarter ended Oct. 31, 1990, representing a 33 percent increase. These comparisons exclude a one time gain of $400,000 received in the second quarter of last fiscal year from an insurance company as proceeds from settlement of a prior lawsuit. If the non-operating income insurance proceeds are included, the company's revenues, net income, and EPS for the second quarter of last fiscal year are $7,698,829, $1,022,827, and $.19, respectively. The number of shares outstanding at the end of the second quarter for this fiscal year increased 9 percent, from 5,288,392 shares to 5,757,504 shares as compared to last fiscal year. This increase was primarily due to the issuance of additional shares purchased by United Parcel Service (UPS) on Oct. 3, 1990, and on Oct. 3, 1991. In addition, the company declared a 4 for 3 split of its common stock on April 12, 1991. All earnings per share and the number of shares outstanding have been restated to reflect the stock split. Revenues for the first six months of this fiscal year were $16,285,268 with net operating income of $2,236,042. This compares to last fiscal year's first six months revenue of $13,480,533 and net operating income of $1,576,316, representing an increase of 21 percent in revenues and 42 percent in net operating income. Earnings per share based on net operating income for the first six months ended Oct. 31, 1991, were $.39, compared to $.30, or an increase of 30 percent. These comparisons exclude the one time gain of $400,000 received in the second quarter of last fiscal year as insurance company proceeds from settlement of a prior lawsuit. If the non-operating income insurance proceeds are included, the company's revenues, net income, and EPS for the first six months of last fiscal year are $13,880,533, $1,816,316, and $.35, respectively. The weighted average number of shares outstanding for the six months ended Oct. 31, 1991, were 5,723,034, compared to 5,196,139 shares outstanding at Oct. 31, 1990. This is an increase of 526,895 shares and is primarily due to the issuance of shares to United Parcel Service on Oct. 3, 1990 and on Oct. 3, 1991, and the stock split of April 12, 1991. Mail Boxes Etc. is a San Diego-base holding company whose operating subsidiaries include Mail Boxes Etc. USA Inc. (also known as "The Post Office Alternative") and MBE Service Corp. Mail Boxes Etc. USA Inc. is the nation's largest franchisor of neighborhood service centers specializing in postal, business and communication services. At the close of business on Oct. 31, 1991, Mail Boxes Etc. USA Inc. had more than 1,500 service centers operating in 48 states, plus the District of Columbia and Puerto Rico, and has entered into master license agreements with licensees for the development of the MBE franchise system in Canada, Mexico, Japan, Spain and Jamaica. -0- 11/11/91 /CONTACT: A.W. (Tony) DeSio, president and CEO of Mail Boxes Etc., 619-455-8800/ (MAIL) CO: Mail Boxes Etc. ST: California IN: SU: ERN EH-SE -- LA002 -- 2864 11/11/91 08:02 EST
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|Date:||Nov 11, 1991|
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