Brad Ragan, Inc. Announces Third Quarter Results
23 October 1998
Brad Ragan, Inc. Announces Third Quarter Results
CHARLOTTE, N.C.--Oct. 22, 1998--Brad Ragan, Inc. (ASE:BRD) announced today that it earned net income of $301,000 or $.14 per share for the quarter ended September 30, 1998 on revenues of $69,461,000. Compared to 1997, third quarter earnings were lower by $344,000 or $.15 per share, while revenues increased $2,034,000. The Company noted that increased selling, administrative and general expense and lower revenue from retail installment credit sales offset the gross profit from higher commercial tire, service and retreading sales. For the quarter, same-store sales increased 6.9% in the Company’s Commercial segment and were lower by 1.9% in the Retail segment.
For the nine-month period, revenues were $200,496,000 or 4.2% above the same prior year period. Net income of $1,258,000 or $.57 per share was $332,000 or $.15 per share higher than the comparable nine month period in 1997.
“We are pleased with the continued growth of our Commercial Business segment and remain focused on expense control and effective asset utilization,” said William P. Brophey, President and CEO.
Brad Ragan, Inc. is the largest United States producer of retreaded tires for off-highway vehicles. BRI distributes new and retreaded off-the-road and truck tires through a network of 53 commercial outlets in 19 states. The Company also operates a chain of 118 retail stores in the Southeast, featuring products and services for the auto and home.
BRAD RAGAN
Comparative Results
(000's omitted-except share and per share data)
Three Month Ended Nine Months Ended
Sept. 30, Sept. 30, September 30,
1998 1997 1998 1997
Revenues $69,461 $67,427 $200,496 $192,389
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Income before taxes 437 1,067 2,049 1,400
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Provision for income taxes 136 422 791 474
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Net Income 301 645 1,258 926
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Net Income per common share $.14 $.29 $.57 $.42
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Weighted average number of
common shares outstanding 2,190,619 2,190,619 2,190,619 2,190,619
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