Carey International Announces Record Fourth Quarter and Year-End Results
2 February 2000
Carey International Announces Record Fourth Quarter and Year-End Results
- Company Achieves 25% Internal Growth and 32% EPS Growth for Quarter -
WASHINGTON, D.C., Feb. 2 -- Carey International, Inc.
today reported record results for the fourth quarter and year
ended November 30, 1999.
Fourth quarter net income increased 35% to $4.5 million, or $0.45 per
diluted share, from net income of $3.4 million, or $0.34 per diluted share, in
the 1998 fourth quarter. Revenues for the 1999 fourth quarter were
$60.6 million, a 58% increase from the $38.4 million in the prior-year period.
Fourth quarter operating income increased 47% to $8.2 million from
$5.6 million in 1998.
For the year ended November 30, 1999, net income increased 41% to
$11.8 million, or $1.17 per diluted share, compared to net income of
$8.4 million, or $0.92 per diluted share, in fiscal 1998. Annual revenues
rose 55% to $191.1 million from $123.2 million. Operating income increased
54% to $21.0 million from $13.6 million in 1998.
Vincent A. Wolfington, Chairman and CEO of Carey International, said, "We
concluded 1999 by posting record results for the fourth quarter where the
combination of 25% broad-based internal growth and a 200 basis point decrease
in SG&A expenses contributed to earnings per share growth of 32%. Our strong
internal growth for the year was accompanied by strategic acquisitions in
Europe and continued leveraging of our globally recognized brand name and
successful sales, marketing, and operating programs abroad."
Mr. Wolfington further commented, "We continue to maintain a strong cash
and working capital position which will allow us to continue to capitalize on
the opportunities provided by our large pipeline of acquisition candidates."
Carey International is the world's largest chauffeured vehicle service
company. The company provides chauffeured sedan, limousine, van, and minibus
service through a worldwide network of owned and operated companies,
licensees, and affiliates serving 480 cities in 75 countries.
The information set forth above contains forward-looking statements, which
involves risks and uncertainties. The Company's actual results could differ
materially from the results anticipated in these forward-looking statements.
Readers should refer to discussion under "Risk Factors" contained in the
Company's Registration Statement on Form S-1 (No. 333-59599) filed with the
Securities and Exchange Commission, which is incorporated herein by reference,
concerning certain factors which could cause the Company's actual results to
differ materially from the results anticipated in the forward-looking
statements contained herein.
CAREY INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three months ended Twelve months ended
November 30, November 30,
1999 1998 1999 1998
Revenue, net $ 60,627 $ 8,421 $ 191,058 $ 123,218
Cost of revenue 41,028 24,813 128,345 81,973
Gross profit 19,599 13,608 62,713 41,245
Selling, general and
administrative
expense 11,438 8,050 41,761 27,678
Operating income 8,161 5,558 20,952 13,567
Other income (expense):
Interest expense (467) (238) (1,160) (566)
Interest income 100 409 406 1,040
Gain on sale of
fixed assets 107 32 175 252
Income before provision
for income taxes 7,901 5,761 20,373 14,293
Provision for income
taxes 3,367 2,400 8,606 5,941
Net income $ 4,534 $ 3,361 $ 11,767 $ 8,352
Net income per
weighted average
common share
(diluted) $ 0.45 $ 0.34 $ 1.17 $ 0.92
Weighted average
common shares
outstanding 10,178 9,845 10,057 9,094