Rankin's Per Share Earnings $0.15 Vs. $0.01 in Prior Year
15 October 1999
Rankin's Per Share Earnings $0.15 Vs. $0.01 in Prior Year
HOUSTON, Oct. 15 -- Rankin Automotive Group, Inc. reported its
operating results for the three and six month periods ended August 31, 1999.
Sales for the three months ended August 31, 1999 of $37.7 million reflected an
increase of $27.0 million or 252% over sales of $10.7 million for the same period
in 1998. Net income of $800,000 increased $770,000 over net income of $30,000 for
the same period in 1998. Earnings per share increased to $0.15 per share from $0.01
per share in the prior year.
Sales for the six months ended August 31, 1999 of $66.0 million reflected
an increase of $45.5 million or 222% over sales of $20.5 million for the same
period in 1998. Net income of $1,582,000 increased $1,416,000 over net income
of $166,000 for the same period in 1998. Earnings per share increased to
$0.31 per share from $0.04 per share in the prior year. The acquisitions have
substantially increased the size of the Company.
Rankin acquired the operations of three companies during the first quarter
of current fiscal year, which ends February 29, 2000. The acquisitions have
substantially increased the size of the Company. Randall B. Rankin, Chairman
and Chief Executive Officer stated, "Our strong financial results for the
quarters and year to date are a tribute to our continued commitment to serving
our customers. The next two quarters of our year generally have lower sales
and profitability than the first two quarters. The Company will continue to
focus on our core businesses and the profitable integration of these
acquisitions as we pursue additional strategic opportunities."
Rankin sells automotive parts, products and accessories to commercial and
retail customers in Texas, Louisiana, Mississippi, Alabama, and Arkansas
through its six distribution centers 67 stores and two machine shops. The
Company also serves over three hundred independent jobber stores through its
distribution network.
Certain statements contained in this press release are forward looking
statements. These statements discuss, among other things, expected growth,
domestic development and expansion strategy, business strategies and future
performance. These forward looking statements are subject to risks,
uncertainties and assumptions, including without limitation, competition,
product demand, domestic and international economies, government approvals,
inflation, the ability to hire and retain qualified employees, the ability to
convert acquired stores in a timely and profitable manner, consumer debt
levels and the weather. Actual results may materially differ from anticipated
results. Please refer to the Risk Factors section of the 10-K for the year
ended February 25, 1999 for more details.
RANKIN FISCAL FINANCIAL HIGHLIGHTS
For the Three Months and Six Months Ended August 31, 1999
(In thousands, except per share data)
Three Months Ended Six Months Ended
August 31, August 25, August 31, August 25,
1999 1998 1999 1998
Net sales $37,681 $10,709 $66,031 $20,492
Gross profit 13,319 3,658 24,011 7,115
Income from operations 1,694 93 3,059 289
Net income $ 800 $30 $1,582 $ 166
Earnings per share:
Basic $0.15 $0.01 $0.31 $0.04
Diluted $0.15 $0.01 $0.31 $0.04
Weighted average shares outstanding:
Basic 5,187 4,535 5,142 4,535
Diluted 5,187 4,535 5,143 4,535