SOLAR FINANCIAL SERVICES ANNOUNCES THIRD QUARTER RESULTS
SOLAR FINANCIAL SERVICES ANNOUNCES THIRD QUARTER RESULTS MIAMI, April 3 /PRNewswire/ -- Solar Financial Services, Inc.
(NASDAQ: SOFI) today reported its third quarter and nine months results. For the nine months ended Feb. 29, 1992, the company earned an after tax profit of $814,051 or $.06 per share on revenues of $12,403,493. This compares with an after tax profit of $147,800 on revenues of $6,602,247 for the same nine month period last year.
For the three months ended Feb. 29, 1992, the company had revenue and after tax profit of $4,794,609 and $774,258, respectively, as compared to revenues and after tax profits of $2,354,264 and $5,553, respectively, for the three months ended Feb. 28, 1991. "We are pleased by our upward trend and the profitability at each of our existing lots," said David Pavsner, Solar's president and chief executive officer. The company's new lot, located in north Broward County, Florida, opened on Feb. 2 of this year, has contributed approximately $266,000 in new revenues. Solar Financial Services operates 3 lots under the name of "Don L. Motors" in the Dade and Broward County Markets (South Florida). The company also operates a finance company that finances the sale of used vehicles, with an average receivable balance of approximately $20 million, and a vehicle service company. According to Pavsner, it is the company's objective to open at least 2 new lots covering the Palm Beach and Monroe County markets, within the next 12 months. SOLAR FINANCIAL SERVICES, INC. Condensed Statements of Operations Three Months Ended Feb. 29, 1992 Feb. 28, 1991 Revenues $ 4,794,609 $ 2,354,264 Net Income 774,258 5,553 Profit Per Share $.06 $.01 Weighted Average Number of Shares Outstanding 13,521,783 10,055,000 Nine Months Ended Feb. 29, 1992 Feb. 28, 1991 Revenues $12,403,493 $ 6,602,247 Net Income 814,015 147,800 Profit Per Share $.06 $.01 Weighted Average Number of Shares Outstanding 13,323,963 10,922,945 -0- 4/3/92 /CONTACT: David L. Pavsner, CEO, 305-835-1168 or Laurance B. Hankin, CFO, 305-835-1101, both of Solar Financial Services, Inc./ (SOFI) CO: Solar Financial Services, Inc. ST: Florida IN: SU: ERN
AW-JB -- FL001 -- 4699 04/03/92 08:05 EST
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|Date:||Apr 3, 1992|
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