Lucor, Inc. Reports Third Quarter Results
16 November 2000
Lucor, Inc. Reports Third Quarter Results
RALEIGH, N.C.--Nov. 15, 2000--Lucor, Inc. , the largest Jiffy Lube Franchisee in the United States, today announced net sales of $27,360,563 for the third quarter 2000, up 16.1% from sales reported for the third quarter of 1999.This increase in sales reflects the acquisition of 24 stores at the end of 1999. Revenue for the six months ended June 30, 2000 was $80,401,216 up 34.1% over the same period in 1999. Same store sales were up 2.7% comparing revenues generated in stores open since January 1999 for the nine months ended September 2000 to the nine months ended September 1999.
Income from operations was $728,224 for the quarter compared to a loss from operations of $28,593 for the third quarter of 1999. The Company recorded a net loss available to common shareholders of $602,788 or $0.21 per share for the third quarter of 2000. Lucor reported a net loss available to common shareholders of $1,049,000 or $0.37 per share for the third quarter of 1999.
Income from operations was $3,385,529 for the nine month period ended September 30, 2000 compared to $1,709,061 for the same period in 1999, up 98.1%. The Company reported a net loss available to common shareholders for the nine month period ending September 30, 2000 of $566,935 or $0.20 per share compared to a net loss available to common shareholders of $848,107 or $0.30 per share for the nine month period ending September 30, 1999.
Stephen P. Conway, CEO, stated, "We were pleased with the results of the increased operating income as a percent of sale, which is primarily the result of cost-savings programs in place for reducing expenses. The Company has made significant progress especially in light of the numerous oil price increases from our primary oil supplier. Although we were somewhat disappointed in the revenue generated for the quarter, we are pleased that each quarter's bottom line this year has shown an improvement over the prior year."
Lucor ended the third quarter of 2000 with 212 service centers in operation compared to 199 service centers in operation at the end of the third quarter of 1999.
LUCOR, INC
Consolidated Statements of Income
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2000 1999 2000 1999
--------- --------- --------- --------
Net Sales $27,360,563 $23,562,506 $80,401,216 $59,942,632
Cost of Sales 6,051,138 5,454,625 17,993,405 13,457,200
---------- ---------- ---------- ----------
Gross Profit 21,309,425 18,107,881 62,407,811 46,485,432
---------- ---------- ---------- ----------
Costs and expenses:
Direct 11,107,912 9,718,276 30,873,302 23,272,281
Operating 5,192,392 4,406,981 15,208,268 11,494,460
Depreciation and
amortization 880,299 789,018 2,761,282 2,000,472
Selling, general
and administrative 3,400,598 3,222,199 10,179,430 8,009,158
---------- ---------- ---------- ----------
20,581,201 18,136,474 59,022,282 44,776,371
---------- ---------- ---------- ----------
Income (loss) from
operations 728,224 (28,593) 3,385,529 1,709,061
---------- ---------- ---------- ----------
Other income 166,149 51,691 528,425 217,038
Interest expense (1,450,090) (1,012,098) (4,308,994) (2,644,206)
---------- ---------- ---------- ----------
Loss before provision
of income taxes (555,717) (989,000) (395,040) (718,107)
Provision for
income taxes 12,071 25,000 66,895 25,000
---------- ---------- ---------- ----------
Net Loss (567,788) (1,014,000) (461,935) (743,107)
Preferred dividend (35,000) (35,000) (105,000) (105,000)
---------- ----------- ---------- ----------
Net loss available to
common shareholders ($602,788) ($1,049,000) ($566,935) ($848,107)
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Average number of
common shares
outstanding 2,835,288 2,833,788 2,835,087 2,826,899
========== ========== ========== ==========
Basic and diluted
income per common
share outstanding ($0.21) ($0.37) ($0.20) ($0.30)
========== ========== ========== ==========