Printer Friendly

ROLLINS TRUCK LEASING REPORTS HIGHER REVENUES AND EARNINGS FOR THE SECOND FISCAL QUARTER; REVENUES UP 12 PERCENT; EARNINGS UP 36 PERCENT

ROLLINS TRUCK LEASING REPORTS HIGHER REVENUES AND EARNINGS FOR THE SECOND FISCAL QUARTER; REVENUES UP 12 PERCENT; EARNINGS UP 36 PERCENT
 WILMINGTON, Del., April 15 /PRNewswire/ -- Rollins Truck Leasing Corp. (NYSE, PSE: RLC) today reported its results for the second fiscal quarter and the six months ended March 31, 1992.
 Revenues for the second quarter increased by 12 percent to $91,816,000 from the $82,123,000 reported last year. The company realized higher revenues from full-service leasing, commercial rental and dedicated carriage services. Operating and depreciation expenses increased by 12 percent principally due to the increase in revenues and the short-term impact of integrating several small acquisitions into the company's operations during the second quarter. Interest expense was lower during the quarter mainly due to lower average borrowings and to reduced short-term rates this year on the company's floating rate indebtedness. Net earnings improved by 36 percent to $4,878,000 from the $3,596,000 reported last year. Earnings per share increased by 26 percent to $.24 vs. $.19 per share in 1991.
 For the six months ended March 31, 1992, revenues were $181,444,000, a 9 percent increase over the $166,655,000 reported for the same period of 1991. Net earnings were $10,586,000 or $.52 per share, up 23 percent from the $8,621,000 or $.46 per share in 1991.
 The company noted that these results were achieved despite continued weak economic conditions.
 Rollins Truck Leasing Corp. is one of the largest full-service tractor and truck leasing companies in the United States. The company services more than 23,000 vehicles from almost 200 locations throughout the country.
 ROLLINS TRUCK LEASING CORP.
 Consolidated Statement of Earnings
 (Dollars in thousands; unaudited)
 Periods ended Three Months Six Months
 March 31 1992 1991 1992 1991
 Revenues $91,816 $82,123 $181,444 $166,655
 Expenses:
 Operating 38,744 34,480 75,817 68,938
 Depreciation, net 26,607 23,868 52,071 47,494
 Selling and administrative 9,588 8,075 18,492 16,165
 Total 74,939 66,423 146,380 132,597
 Earnings before interest
 expense and income taxes 16,877 15,700 35,064 34,058
 Interest expense, net 8,747 9,717 17,421 19,805
 Earnings before
 income taxes 8,130 5,983 17,643 14,253
 Income taxes 3,252 2,387 7,057 5,632
 Net earnings 4,878 3,596 10,586 8,621
 Earnings per share $.24 $.19 $.52 $.46
 Average common shares and
 equivalents outstanding
 (000) --- --- 20,399 18,714
 ROLLINS TRUCK LEASING CORP.
 Consolidated Balance Sheet
 (Dollars in thousands; unaudited)
 March 31 1992 1991
 Assets:
 Current assets:
 Cash $11,319 $17,105
 Accounts receivable, net 44,825 39,463
 Inventory of parts and
 supplies 8,293 8,580
 Other current assets 11,137 6,556
 Total 75,574 71,704
 Equipment on operating leases,
 at cost, net of accumulated
 depreciation 479,548 455,162
 Other property and equipment,
 at cost, net of accumulated
 depreciation 105,550 89,185
 Notes receivable-Matlack,
 Inc. (including
 $1,500 due in one year) 15,250 21,000
 Excess of cost over net
 assets of businesses acquired 12,466 12,691
 Other assets 4,209 4,561
 Total 692,597 654,303
 Liabilities and shareholders'
 equity:
 Current liabilities (excluding
 equipment financing
 obligations):
 Accounts payable $6,181 $5,958
 Accrued liabilities 25,054 20,018
 Income taxes payable 127 404
 Current maturities of long-
 term debt 2,835 3,960
 Total 34,197 30,340
 Equipment financing obligations 407,861 406,271
 Long-term debt 7,127 17,556
 Deferred income taxes 59,487 53,177
 Other liabilities 5,956 6,406
 Shareholders' equity 177,969 140,553
 Total 692,597 654,303
 -0- 4/15/92
 /CONTACT: Patrick J. Bagley, vice president and treasurer of Rollins Truck Leasing, 302-426-3409/
 (RLC) CO: Rollins Truck Leasing Corp. ST: Delaware IN: TRN SU: ERN


MP-MK -- PH003 -- 8497 04/15/92 08:41 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:Apr 15, 1992
Words:659
Previous Article:UPJOHN EARNINGS PER SHARE UP 10 PERCENT IN FIRST QUARTER
Next Article:SUIT FILED AGAINST AMERICAN DENTAL LASER, INC.


Related Articles
ROLLINS TRUCK LEASING REPORTS FIRST FISCAL QUARTER RESULTS
ROLLINS ENVIRONMENTAL SERVICES REPORTS THIRD QUARTER RESULTS; REVENUES UP 18 PERCENT, EARNINGS UP 69 PERCENT
ROLLINS TRUCK LEASING REPORTS THIRD QUARTER RESULTS; REVENUES UP 14 PERCENT; EARNINGS UP 33 PERCENT
ROLLINS TRUCK LEASING REPORTS THIRD QUARTER RESULTS; REVENUES UP 14 PERCENT; EARNINGS UP 33 PERCENT
ROLLINS TRUCK LEASING REPORTS REPORTS RECORD RESULTS FOR FOURTH QUARTER AND FISCAL YEAR 1992; REVENUES UP 13 PERCENT; EARNINGS UP 38 PERCENT
ROLLINS TRUCK LEASING CORP. REPORTS FIRST FISCAL QUARTER RESULTS
Rollins Truck Leasing Corp. Reports Higher First Quarter Net Earnings.
Rollins Truck Leasing Corp. Reports 12% Increase in Net Earnings For Second Fiscal Quarter Record.
Rollins Truck Leasing Corp. Reports Record Earnings for Fourth Quarter And Full Year.
Rollins Truck Leasing Corp. Reports Higher First Quarter Net Earnings.

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