MHI GROUP REPORTS RECORD SECOND QUARTER, SIX MONTHS RESULTS; EARNINGS RISE 554 PERCENT FOR SECOND QUARTER, 264 PERCENT FOR HALF YEAR
TALLAHASSEE, Fla., Nov. 12 /PRNewswire/ -- MHI Group, Inc. (NYSE: MH), which markets pre-need and at-need funeral and cemetery services, today reported record results for the second quarter and six months ended Oct. 31, 1991.
Second quarter net income rose 554 percent to $915,000 or five cents per share on revenues of $4,382,000 from net income of $140,000 or one cent per share on revenues of $2,860,000 for the same period last year. Included in the earnings were extraordinary gains from utilization of operating loss carryforward of $343,000 or two cents per share for the current year's period and $54,000 or less than one cent per share for the prior year's second quarter.
Six month net income climbed 264 percent to $1,341,000 or eight cents per share on revenues of $7,908,000 from net income of $368,000 or three cents per share on revenues of $5,844,000 for the first half of fiscal 1991. There were extraordinary gains from utilization of operating loss carryforward of $507,000 or three cents per share for the first half of this year and $143,000 or one cent per share for last year's initial six months.
"The second quarter was the most profitable in our history in this industry," Fred O. Drake, Jr., chairman and chief executive officer, said. "Each of our profit centers contributed to earnings. Pre-need sales, a marketing activity in which we excel, were outstanding, ensuring MHI of a growing market share in the years ahead," he added. "We believe additional gains will be achieved during the second half, and fiscal 1992 will be a record year," Drake concluded.
MHI GROUP, INC.
Financial Highlights (unaudited)
Periods ended: Three months Six months
Oct. 31: 1991 1990 1991 1990
Revenues $4,382,000 $2,860,000 $7,908,000 $5,844,000
Inc. bef. extraord. item 572,000 86,000 834,000 225,000
Extraordinary item (A) 343,000 54,000 507,000 143,000
Net income 915,000 140,000 1,341,000 368,000
Earnings per share
Before extraordinary item $.03 $.01 $.05 $.02
Extraordinary item (A) .02 -- .03 .01
Net .05 .01 .08 .03
Avg. shares outstanding
fully diluted 16,615,240 16,416,382 16,536,069 16,482,956
(A) -- Utilization of net operating loss carryforward.
/CONTACT: Fred O. Drake of MHI, 904-385-8883/
(MH) CO: MHI Group, Inc. ST: Florida IN: SU: ERN TS-KD -- NY030 -- 3388 11/12/91 10:53 EST