Lucor, Inc. Reports Results for Fourth Quarter, 1999 and Full-Year
23 March 2000
Lucor, Inc. Reports Results for Fourth Quarter, 1999 and Full-Year
RALEIGH, N.C.--March 22, 2000--Income From Operations (Before Impairment Losses) Jumps 23% For 12
Month Period
Lucor, Inc. , the largest Jiffy Lube franchisee in the United States, today announced that revenue for the 12 months ended December 31, 1999 increased 52% to $84.0 Million over revenue of $55.3 Million reported for the 12 months ended December 31, 1998.
Net loss for the 12 months of 1999 totaled $2,113,000 or $0.75 per share, compared to a net loss of $2,254,000 or $0.80 per share for the 12 months ended December 31, 1998. Income from operations increased 23% for the twelve month period ending December 31, 1999 compared to the same period in 1998 taking into account an impairment loss of $276,007 in 1999 and $1,383,475 in 1998.
For the three months ended December 31, 1999, the Company reported a 61% increase in revenues, or $24,075,000, compared to revenues of $14,962,000 posted for the three months ended December 31, 1998. Net loss during the current reporting quarter totaled $1,265,000, or $0.45 per share, compared to a net loss of $1,620,000, or $0.57 per share, for the comparable quarter in the prior year. The Company attributed $830,000, or $0.29 per share, of the loss for the current quarter to seventy-three service centers acquired in the second quarter of 1999. Management anticipates that it will take at least two more quarters to stabilize the operations and complete the introduction of all products and services provided by the other regions to its customers including the introduction of inspection services in Georgia. It is anticipated that operations will return to profitability in the year 2000.
LUCOR, INC
Consolidated Statements of Income
(Unaudited)
Three months ended Twelve
Dec. 31, 1999 Dec. 31, 1998 Dec. 31, 1999
Net Sales $24,075,463 $14,961,751 $84,018,095
Cost of Sales 5,226,731 3,367,096 18,683,931
Gross Profit 18,848,732 11,594,655 65,334,164
Costs and expenses:
Direct 9,633,021 5,458,036 32,905,302
Operating 4,769,556 2,915,994 16,264,016
Depreciation 752,436 580,471 2,752,908
Selling, general
and administrative 3,486,900 2,066,121 11,496,058
Impairment loss 276,007 1,383,475 276,007
18,917,920 12,404,097 63,694,291
Income (loss) from
operations (69,188) (809,442) 1,639,873
Other income 62,646 30,480 279,684
Interest expense (1,120,320) (729,380) (3,764,526)
Income (loss) before
provision of income
taxes (1,126,862) (1,508,342) (1,844,969)
Provision for income
taxes 102,657 76,405 127,657
Net income (loss) (1,229,519) (1,584,747) (1,972,626)
Preferred dividend (35,000) (35,000) (140,000)
Net income (loss) available
to common shareholders ($1,264,519) ($1,619,747) ($2,112,626)
Average number of common
shares outstanding 2,833,788 2,823,788 2,828,480
Basic income (loss) per
common share outstanding ($0.45) ($0.57) ($0.75)