Printer Friendly

TRANSMEDIA NETWORK INC. CONTINUES RECORD GROWTH IN 1993; NET REVENUES INCREASE BY MORE THAN 40 PERCENT

 NEW YORK, Dec. 6 /PRNewswire/ -- Transmedia Network Inc. (NASDAQ: TMNI), today announced record revenues of $36,758,733; net earnings of $2,734,225, and fully diluted earnings per share of $.43, for its year ended Sept. 30, 1993, compared to $25,521,732; $1,744,894, and $.30, respectively, for 1992.
 Total revenues for the year included net sales of $33,512,234, compared to $23,777,303, a year earlier, membership and renewal fee income of $1,686,423, compared to $1,142,345, for 1992, and initial and continuing franchise and license fee income of $1,560,076, compared to $602,084 in 1992.
 For the fourth quarter ended Sept. 30, 1993, Transmedia reported revenues of $10,927,556; net earnings of $1,138,207, and fully diluted earnings per share of $.17 (primary, $.18), compared to $7,056,251; $514,311, and $.08 (primary, also $.08) for the same period in 1992.
 David Weinberg, chief financial officer, noted, "We are particularly pleased to report a solid 41 percent growth in net sales, the one barometer of our business best reflecting the company's strength and increasing size." He went on to say revenues, in the fourth quarter of 1993, were augmented by initial license fee income of $1 million received from Conestoga Partners for the establishment of Transmedia in the United Kingdom and Europe.
 Transmedia Network Inc., established in 1984, owns and markets a restaurant charge card offering 25 percent savings on meals. The company derives its income from membership fees and cardmembers' use of The Restaurant Card which makes available to them food and beverage credits issued to the company by restaurants in return for cash advances used by these dining establishments for a wide variety of needs. The company noted the company's more than 206,000 cardmembers are now saving approximately $1.2 million per month at nearly 2,400 member restaurants across the country.
 Headquartered in North Miami, Fla., where Transmedia runs its Cardmember Service Center, the company also operates in the metropolitan New York City area, Boston, as well as Philadelphia and its surrounding areas, including Delaware. In addition, five franchised operations cover most of New Jersey; Chicago and suburbs; Washington, D.C., and Northern Virginia; California and North and South Carolina. More than 70 restaurants in the U.K. have already joined the Transmedia program since the licensing arrangement for the United Kingdom and Europe was signed in August 1993.
 TRANSMEDIA NETWORK INC.
 Year Ended Sept. 30, 1993 1992
 Revenues $36,758,733 $25,521,732
 Earnings Before Income Tax Expense 4,556,825 3,061,194
 Income Tax Expense 1,822,600 1,316,300
 Net Earnings 2,734,225 1,744,894
 Earnings per Share
 Primary .43 .30
 Fully Diluted .43 .30
 Weighted Average Number of Shares
 Outstanding
 Primary 6,323,203 5,744,799
 Fully Diluted 6,397,789 5,873,817
 Three Months Ended Sept. 30, 1993 1992
 Revenues $10,927,556 $7,056,251
 Earnings Before Income Tax Expense 1,805,007 863,811
 Income Tax Expense 666,800 349,500
 Net Earnings 1,138,207 514,311
 Earnings per Share
 Primary .18 .08
 Fully Diluted .17 .08
 Weighted Average Number of Shares
 Outstanding
 Primary 6,471,966 6,356,325
 Fully Diluted 6,549,381 6,417,211
 NOTE: All income per share amounts and the number of shares outstanding have been adjusted to reflect a three-for-two stock split, in the form of a 50 percent stock dividend, paid on Oct. 21, 1993, to shareholders of record on Oct. 7, 1993.
 -0- 12/6/93
 /CONTACT: Stephen Berg, 212-580-8760, or David Weinberg, 305-892-3300/
 (TMNI)


CO: Transmedia Network Inc. ST: New York, Florida IN: FIN SU: ERN

LG-TW -- NY002 -- 0644 12/06/93 09:15 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 6, 1993
Words:629
Previous Article:ANALOG DEVICES AND IBM TO COMMERCIALIZE SILICON-GERMANIUM INTEGRATED CIRCUITS FOR WIRELESS COMMUNICATIONS
Next Article:TRIAD FINANCE SUBSIDIARY SECURES $15 MILLION LEASE DISCOUNT LINE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters