Interstate National Dealer Services Announces Q1 Fiscal 2001 Results
MITCHEL FIELD, N.Y.--March 15, 2001--Interstate National Dealer Services, Inc. today announced its first quarter results for the period ended January 31, 2001.Revenues for the three months ended January 31, 2001 was $12,878,138, compared to $13,232,786 for the same period a year earlier.
Net income for the three months ended January 31, 2001 was $319,515, or $0.07 per share on 4,407,417 diluted weighted average shares outstanding, compared to net income of $416,663, or $0.09 per share on 4,849,486 diluted weighted average shares outstanding for the comparable period a year earlier.
Mr. Chester J. Luby, Chairman and CEO, stated, "We are not satisfied by our performance in the most recent quarter. While we can talk about how the business climate impacted our results, it is our task to effectively manage in these times and deliver improved results."
"Although the current quarter's performance does not bear witness to the actions we are taking", Mr. Luby noted, "we have responded aggressively to the changing climate and expect that future results will benefit from these efforts. Namely, enhancing our products and methods of delivery to improve sales and monitoring and refining the administrative process to reduce costs. We are continuing to add experienced sales representatives to further penetrate the dealer marketplace."
"At the February 2001 National Automobile Dealers Association convention in Las Vegas we announced a new web based Sales Administration Module ("SAM") to our agents and auto dealers. It is this kind of support and forward looking product that will establish Interstate as a preferred supplier of extended service contracts and warranties", Luby added.
Mr. Luby concluded, "Notably, our aggressive business approach is combined with conservative financial management that results in a company that is financially secure, able to withstand temporary business slowdowns and positioned to take advantage of opportunities as they arise. With cash and investments of nearly $64 million, or $14.50 per share and a fully diluted book value of $4.79 per share, Interstate maintains its superior financial standing. We continue to have confidence in the Company's long term prospects and will continue to repurchase shares as price and market conditions dictate."
INTERSTATE NATIONAL DEALER SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JANUARY 31, 2001 AND 2000
UNAUDITED
2001 2000
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REVENUES $ 12,878,138 $ 13,232,786
Net income $ 319,515 $ 416,663 (a)
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NET INCOME PER SHARE:
Basic $ .08 $ .09 (b)
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Weighted average shares outstanding 4,195,325 4,672,136
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Diluted $ .07 $ .09 (b)
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Weighted average shares outstanding 4,407,417 4,849,486
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(a) Net income excluding discontinued operations of uautobid.com wouldbe approximately $654,000
(b) Net income per share excluding uautobid.com expenses would be
$0.14 basic and $0.13 diluted
CONSOLIDATED BALANCE SHEETS
January 31, October 31,
2001 2000
Unaudited
Cash and investments $ 63,907,679 $ 62,825,533
Total assets 80,662,313 79,784,928
Total stockholders' equity 21,112,907 20,800,567