Coach USA Corrects and Replaces Headers in Statements of Income
4 November 1998
Coach USA Corrects and Replaces Headers in Statements of Income
--In BW1580, (COACH-USA) Coach USA, Inc. Announces Record Third Quarter Results; Diluted EPS of $0.81 on a 48% Revenue Increase, the Company corrects and replaces headers in the Statements of Income. The corrected table follows below:
COACH USA, INC. Statements of Income For the three and nine months ended September 30, 1998 & 1997 (Unaudited - In thousands except for EPS) Three Months Ended Nine Months Ended 9/30/98 9/30/97(1) 9/30/98 9/30/97(1) Revenue $ 232,916 $ 157,109 $ 579,552 $ 392,353 Operating Expenses 161,777 111,547 419,388 288,565 Gross Profit 71,139 45,562 160,164 103,788 S, G & A Expenses 22,929 15,859 63,426 43,007 Amortization 2,513 1,037 5,586 2,380 Merger costs - poolings (2) 0 524 0 918 Operating Income 45,697 28,142 91,152 57,483 Interest and Other Expenses 9,979 6,861 26,149 15,544 Income Before Income Taxes 35,718 21,281 65,003 41,939 Provision for Income Taxes 13,930 8,203 25,352 16,839 Income before extraordinary items 21,788 13,078 39,651 25,100 Extraordinary items (net of income taxes) (111) (203) (537) (602) Net Income $ 21,677 $ 12,875 $ 39,114 $ 24,498 Weighted Avg. Shares -Basic 25,288 21,555 23,684 21,312 Weighted Avg. Shares -Diluted 27,434 23,187 25,868 22,773 EPS - Basic (3): EPS $ 0.86 $ 0.60 $ 1.65 $ 1.15 EPS (before extraordinary items)$ 0.86 $ 0.61 $ 1.67 $ 1.18 EPS (before extraordinary items)(2) $ 0.86 $ 0.63 $ 1.67 $ 1.22 EPS - Diluted (3): EPS $ 0.81 $ 0.57 $ 1.56 $ 1.11 EPS (before extraordinary items) $ 0.81 $ 0.58 $ 1.58 $ 1.14 EPS (before extraordinary items)(2) $ 0.81 $ 0.60 $ 1.58 $ 1.18 Depreciation 12,720 8,490 33,440 22,419 Amortization 2,513 1,037 5,586 2,380 EBITDA 60,930 38,193 130,178 83,200Note 1: Prior to the acquisitions, the pooled companies were managed
as independent private companies. In conjunction with the
acquisitions, certain stockholders of the pooled companies have
agreed to reductions in salaries and benefits and have entered
into employment agreements. Accordingly, the pro forma data for
the three and nine months ended September 30, 1997, includes an
adjustment to present compensation at the level the stockholders
agreed to receive subsequent to the acquisitions. In addition,
the pro forma data presents the incremental provision for income
taxes as if all entities had been subject to federal and state
income taxes throughout the periods.
Note 2: The above pro forma net income for the three and nine months
ended September 30, 1997 includes non-recurring acquisition costs
associated with certain poolings-of-interest transactions of $524
and $918, respectively. Excluding these costs, pro forma net
income before extraordinary items would have been $13,602 and
$26,018 for the three and nine months ended September 30, 1997,
respectively.
Note 3: All earnings per share data presented above have been
calculated in accordance with the new Statement of Financial
Accounting Standards No. 128. The diluted earnings per share data
presented above reflects the dilutive effect, if any, of stock
options, warrants and convertible subordinated notes which were
outstanding during the periods presented.