Rankin Reports Record Earnings for Third Quarter and Year to Date
17 January 2000
Rankin Reports Record Earnings for Third Quarter and Year to Date
HOUSTON, Jan. 14 --
Rankin Automotive Group, Inc. ("Company"), operating results
for the three and nine month periods ended November 30, 1999 were at record
levels. Sales for the three months ended November 30, 1999 of $29.2 million
reflected an increase of $19.4 million, or 198%, over sales of $9.8 million
for the same period in 1998. Net income of $235,000 increased $119,000, or
103%, over net income of $116,000 for the same period in 1998. Earnings per
share increased 67% to $0.05 per share from $0.03 per share in the prior year.
Sales for the nine months ended November 30, 1999 of $95.3 million
reflected an increase of $65.0 million, or 215%, over sales of $30.3 million
for the same period in 1998. Net income of $1,817,000 increased $1,535,000,
or 544%, over net income of $282,000 for the same period in 1998. Earnings
per share increased 483% to $0.35 per share from $0.06 per share in the prior
year.
Rankin acquired the operations of three companies during the first quarter
of the 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 final quarter of our fiscal year should continue
to have significant sales increases as a result of the acquisitions. The
Company will continue to focus on our core businesses and profitable
integration of these acquisitions as we pursue additional strategic
opportunities with the intent of improving shareholder value."
Rankin sells automotive parts, products and accessories to commercial and
retail customers in Texas, Louisiana, Mississippi, Alabama and Arkansas
through its six distribution centers and 70 stores. 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 Nine Months Ended November 30, 1999
(In thousands, except per share data)
Three Months Ended Nine Months Ended
November 30, November 25, November 30, November 25,
1999 1998 1999 1998
Net Sales $29,225 $9,779 $95,255 $30,270
Gross profit 10,989 3,828 35,000 10,943
Income from operations 1,074 283 4,133 527
Net Income $235 $116 $1,817 $282
Earnings per share:
Basic $.05 $0.03 $0.35 $0.06
Diluted $.05 $0.03 $0.35 $0.06
Weighted average shares
outstanding
Basic 5,187 4,535 5,157 4,535
Diluted 5,187 4,535 5 ,158 4,535