Interstate National Dealer Services Announces First Quarter Fiscal 2002 Results
MITCHEL FIELD, N.Y.--March 14, 2002--Interstate National Dealer Services, Inc. today announced its first quarter results for the period ended January 31, 2002.Revenues for the three months ended January 31, 2002 increased approximately 8% to $13,960,699, compared to $12,878,138 for the same period a year earlier. Net income for the three months ended January 31, 2002 was $345,383, or $0.08 per share on 4,087,131 diluted weighted average shares outstanding, compared to net income of $319,515, or $.07 per share on 4,407,417 diluted weighted average shares outstanding, for the comparable period a year earlier.
Interstate is a leading nationwide provider of service contracts and extended warranties, primarily for new and used cars and recreational vehicles, as well as watercraft, manufactured housing, motorcycles and other power sport vehicles. For additional information please visit our websites: http://www.inds.com and http://www.warrantydirect.com.
This press release contains forward-looking statements, which are subject to risks and uncertainties. Such statements are based on assumptions and expectations which may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ from the results discussed in the forward-looking statements. A number of these risks and other factors that might cause differences, some of which could be material, along with additional discussion of forward-looking statements, are set forth in the Company's Report on Form 8-K filed with the Securities and Exchange Commission on December 23, 1996.
INTERSTATE NATIONAL DEALER SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED JANUARY 31, 2002 AND 2001 UNAUDITED 2002 2001 REVENUES $ 13,960,699 $ 12,878,138 NET INCOME 345,383 319,515 NET INCOME PER SHARE: Basic $ .09 $ .08 Weighted average shares outstanding 3,967,449 4,195,325 Diluted $ .08 $ .07 Weighted average shares outstanding 4,087,131 4,407,417 CONSOLIDATED BALANCE SHEETS January 31, 2002 October 31, 2001 Unaudited Cash and investments $ 69,950,737 $ 68,917,084 Total assets 87,596,316 86,613,542 Total stockholders' equity 19,506,558 19,343,074