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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      83,200

Note 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.