Printer Friendly

SWISHER INTERNATIONAL 1993 SALES INCREASE 23 PERCENT; NET INCOME UP 31 PERCENT

 CHARLOTTE, N.C., Jan. 11 /PRNewswire/ -- Citing the rising concern among consumers regarding the spread of infectious diseases in public restrooms, Swisher International Inc. (NASDAQ: SWSH, SWSHW) announced today a 23 percent increase in fiscal 1993 revenues and a 31 percent rise in fiscal 1993 net income (after restating 1992 net income for adoption of FASB 109 "Accruing for Income Tax") for the year ended Oct. 31, 1993.
 Annuity revenues (which includes product sales to franchises, service fees, royalties and management fees) for the year were a record $2,242,000 an increase of 50 percent over annuity revenues of $1,490,000 for last year. Total revenues for the year increased 23 percent to a record $4,769,000 as compared to $3,886,000 for the same period last year. Income from operations for the year, increased to $988,000, compared to $801,000 a year ago, representing an increase of 23 percent.
 During 1993, Swisher changed its method of accounting for income tax by adopting FASB 109. The effect of this change resulted in a restatement of 1992 net income to $473,000, or $.39 per share, with average shares outstanding of 1,225,000, compared to net income of $618,000, or $.37 per share, with average shares outstanding of 1,686,000 for fiscal 1993. The average shares outstanding for fiscal 1993 reflect the effect of the 760,000 shares offered last April from Swisher's IPO.
 Annualized system-wide customer sales generated by the 69 existing franchises, now exceeds $12 million, an increase of more than 40 percent from last year. The number of customers serviced by Swisher weekly, at Oct. 31, 1993, was 17,000, compared to only 11,500 a year ago, representing a 48 percent increase. Pat Swisher, president and chief executive officer, noted that two fourth-quarter initial franchise sales (Toronto, Canada, and San Jose, Calif.) have been deferred to the first quarter of fiscal 1994. These sales were anticipated to be booked in the fourth quarter of fiscal 1993. Had these sales remained, 1993 EPS would have exceeded $.42 per share.
 "We expect our positive earnings and sales growth to continue into 1994 as the public continues to demand safer, cleaner restrooms," said Swisher. "The number of international franchises will also continue to grow as we continue to expand our operations in Canada."
 Swisher International Inc. is the only publicly held franchiser of hygiene services and products. The company markets its products and services principally through 69 franchises and two subsidiaries to a wide range of businesses in 31 states and Canada. Swisher currently services more than 18,500 customers ranging from small businesses to major chains including McDonald's, Burger King, Pizza Hut, Wendy's, Texaco and K-Mart.
 SWISHER INTERNATIONAL INC.
 Financial Summary
 (In thousands except share and per share data)
 Three Months Ended Total Year Ended
 Oct. 31, Oct. 31,
 1993 1992 1993 1992
 Revenues
 Annuity revenues:
 Product sales to franchisees $283 $222 $993 $665
 Service fees 190 194 695 472
 Royalties 153 141 536 342
 Marketing fees 5 5 18 11
 Total annuity revenues $631 $562 $2,242 $1,490
 Revenue from company-owned
 subsidiaries 306 253 1,080 1,214
 Gain on sale of majority-owned
 subsidiaries 0 5 0 87
 Initial franchise sales 327 182 1,309 1,046
 Other income 50 12 138 49
 Total revenues $1,314 $1,014 $4,769 $3,886
 Expenses
 Selling, general & administrative $665 $590 $1,988 $1,435
 Cost of product sales
 to franchisees 258 114 930 554
 Expenses of company-owned
 subsidiaries 238 241 852 1,074
 Interest expense 1 2 11 23
 Total expenses $1,162 $948 $3,781 $3,086
 Income before taxes $152 $66 $988 $801
 Income tax expense 54 31 370 328
 Net income $98 $35 $618 $473
 Earning per common share $0.05 $0.03 $0.37 $0.39
 Average number of shares
 outstanding 2,082 1,131 1,686 1,225
 -0- 1/11/94
 /CONTACT: Andrea Van Leeuwen, account executive, or Shirley Thompson, president, of Carl Thompson Associates, 303-494-5472/
 (SWSH)


CO: Swisher International Inc. ST: North Carolina IN: SU: ERN

LS-JL -- LA004 -- 0861 01/11/94 09:07 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 11, 1994
Words:692
Previous Article:ALAMO AND HILTON FORM A REWARDING PARTNERSHIP; HILTON CUSTOMERS TO RECEIVE HHONORS POINTS WHEN RENTING WITH ALAMO
Next Article:AMERICA WEST AIRLINES REPORTS DECEMBER AND FOURTH QUARTER 1993 TRAFFIC
Topics:

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