First Priority Group Reports First Quarter
15 May 2000
First Priority Group Reports Profitable First QuarterEarnings Turnaround Reflects Strong Gains in Affinity Business PLAINVIEW, N.Y., May 15 First Priority Group, Inc. reported net income for the quarter ended March 31, 2000 of $83,937, or $.01 per share, as compared to a loss of $207,942, or ($.02) per share for the quarter ended March 31, 1999. The increase was primarily attributable to significant revenue growth in our highly profitable Driver's Shield(R) Auto Services and Discounts Program and the substantial completion of systems upgrades. The strong results for this quarter were the culmination of the turnaround that began in early 1999 and marked FPG's first profitable quarter since 1996. Revenues were 3,241,044 for the three months ended March 31, 2000, as compared to $2,990,419 for the same period in 1999, representing an increase of $250,625 or 8.4%. "I'm very pleased with these results," said Barry Siegel, Chairman and Chief Executive Officer, "because they show that our efforts are being rewarded with profitable results. Our proprietary Drivers Shield(R) Auto Services and Discounts Program, is growing very rapidly." "The fact that we returned to profitability even sooner than we had predicted is highly encouraging and bodes well for the growth of our business going forward," he said.