Printer Friendly

PHH CORPORATION ANNOUNCES EXCELLENT RESULTS; FIRST QUARTER NET INCOME CONTINUES GROWTH TREND -- UP 13 PERCENT OVER PRIOR YEAR

PHH CORPORATION ANNOUNCES EXCELLENT RESULTS; FIRST QUARTER NET INCOME
 CONTINUES GROWTH TREND -- UP 13 PERCENT OVER PRIOR YEAR
 HUNT VALLEY, Md., Aug. 24 /PRNewswire/ -- PHH Corporation (NYSE: PHH) today reported fiscal 1993 results for the first quarter which ended July 31, 1992. Net income was $12.6 million, an increase of 13 percent from $11.2 million in the prior year. Earnings per share rose 12 percent, from 66 cents to 74 cents. First quarter revenues of $513.3 million increased 3 percent from $500.0 million a year ago.
 In an overview of the company's performance, Chairman and Chief Executive Officer Robert D. Kunisch said, "Despite an economy which has kept uncertainty high for many of our clients, I am pleased to report that PHH achieved its primary goal of providing meaningful earnings growth for our stockholders."
 Discussing the company's mortgage banking operations, Kunisch stated: "We continue to be extremely gratified by the outstanding performance of this business segment. Every significant indicator was far above the prior year. For example, our servicing portfolio, which is characterized by mortgages of the highest credit quality, increased by nearly $1 billion during the quarter and today exceeds $8.5 billion. We see great potential for this operation with its clear growth strategy and well-defined market niche."
 Commenting on the relocation and real estate management business segment, Kunisch said: "In the U.S., authorizations to purchase homes increased 10 percent, reflecting the impact of successfully integrating two recent acquisitions. Results were also positively influenced by the performance of consulting services and other fee-based relocation products." Kunisch added, "European relocation activities were hampered by the continuation of an extremely soft real estate market in the United Kingdom."
 Reporting on the vehicle management operations, Kunisch said: "Globally, vehicles under management increased modestly 2 percent over prior year levels. Consistent with our North American vehicle strategy, we are seeing an increasing percentage of income from our fee-based services, augmented by the benefits of effective cost management. In Europe, our United Kingdom vehicle management and card-based operations turned in a solid performance, somewhat offset by the costs of enhancing our position on the continent."
 Looking ahead, Kunisch said: "Our strong first quarter performance continues the trend in the third and fourth quarters of last year and is extremely gratifying. We believe this momentum is sustainable, especially if we experience any kind of improvement in the general economy."
 Founded in 1946 as a professional fleet management company, PHH today is a $4 billion transnational services corporation listed on the New York, London and Toronto Stock Exchanges. PHH Corporation and its operating units provide a broad range of integrated business services to more than 2,000 corporations and organizations in North America, the United Kingdom and Western Europe.
 PHH CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Income (Unaudited)
 (Thousands of dollars except per share data)
 Three Months Ended
 July 31,
 1992 1991
 Revenues:
 Vehicle management services $259,998 $236,643
 Relocation and real
 estate services 225,577 243,858
 Mortgage banking services 27,691 19,462
 Total revenues 513,266 499,963
 Operating Expenses:
 Direct costs of operating leases 165,570 138,995
 Costs, including interest,
 of carrying and reselling homes 200,892 221,071
 Direct costs of mortgage
 banking services 8,786 5,645
 Interest 44,140 50,708
 Selling, general
 and administrative 71,976 64,057
 Total operating expenses 491,364 480,476
 Operating income 21,902 19,487
 Other expense, net (510) (639)
 Income before income taxes 21,392 18,848
 Income taxes 8,753 7,675
 Net income $12,639 $11,173
 Net income per share $ 0.74 $ 0.66
 Number of shares used in
 calculation of net income
 per share (in thousands) 17,139 16,938
 Note: Certain reclassifications have been made to the prior year amounts for comparative purposes.
 -0- 8/24/92
 /CONTACT: Gene Truett (analysts), 410-771-2463, or Peter Brinch (media), 410-771-2519, both of PHH Corporation/
 (PHH) CO: PHH Corporation ST: Maryland IN: SU: ERN


MH -- DC005 -- 2511 08/24/92 10:30 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 24, 1992
Words:671
Previous Article:PRINGLE OF SCOTLAND CELEBRATES VIJAY SINGH'S WIN AT GERMAN OPEN
Next Article:PHP HEALTHCARE ACHIEVES RECORD REVENUES AND EARNINGS PER SHARE
Topics:


Related Articles
PHH REPORTS SECOND QUARTER RESULTS
PHH ANNOUNCES NET INCOME INCREASE OF 10 PERCENT FOR THIRD QUARTER AND DECLARES 130TH CONSECUTIVE DIVIDEND PAYMENT
PHH CORPORATION ANNOUNCES EXCELLENT RESULTS; SECOND QUARTER NET INCOME UP 21 PERCENT; YEAR-TO-DATE NET INCOME UP 17 PERCENT
PHH REPORTS NET INCOME INCREASE OF 8 PERCENT FOR THIRD QUARTER; YEAR- TO-DATE NET INCOME UP 13 PERCENT; 134TH CONSECUTIVE DIVIDEND DECLARED
CRESTAR FINANCIAL CORPORATION REPORTS INCREASED FIRST QUARTER 1993 EARNINGS
PHH CORPORATION ANNOUNCES RECORD FIRST QUARTER RESULTS; NET INCOME UP 17 PERCENT, EARNINGS PER SHARE UP 14 PERCENT
PHH CORPORATION'S SECOND QUARTER NET INCOME UP 27 PERCENT, YEAR-TO-DATE NET INCOME UP 22 PERCENT; 137TH CONSECUTIVE DIVIDEND DECLARED
PHH CORPORATION THIRD QUARTER NET INCOME UP 7 PERCENT
PHH SECOND QUARTER EARNINGS PER SHARE UP 12%, CONTINUES TREND OF 12 CONSECUTIVE QUARTERS OF RISING EARNINGS; 141ST CONSECUTIVE DIVIDEND DECLARED
PHH THIRD QUARTER EARNINGS PER SHARE UP 12%; PHH CONTINUES TREND OF 17 CONSECUTIVE QUARTERS OF RISING EARNINGS

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