Just released, WOW.
Tuesday August 3, 8:45 am Eastern Time
Company Press Release
Chancellor Projects Seventh Consecutive Profitable Quarter, Forecasts Significant Growth in Revenues and Earnings
BOSTON--(BUSINESS WIRE)--Aug. 3, 1999--Chancellor Corporation (CHLR) announces today that it expects the second quarter ended June 30, 1999 to be the Company's strongest second quarter in a decade and is projecting its seventh consecutive profitable quarter.
For the second quarter ended June 30, 1999, the Company anticipates total revenues of approximately $15,800,000, as compared to $1,418,000 for the same period last year, an increase of approximately $13,582,000, or 957%. The Company also anticipates earnings of over $400,000, versus an income of $34,000 for the same period of last year, an increase of approximately $366,000, or 1,076%.
For the six-months ended June 30, 1999, the Company anticipates total revenues of approximately $29,200,000, as compared to $2,423,000 for the same period last year, an increase of approximately $26,777,000, or 1,105%. The Company also anticipates earnings of over $540,000, versus an income of $60,000 for the same period of last year, an increase of approximately $480,000, or 800%.
Chancellor Chairman and CEO, Brian M. Adley, commented on the forecasted second quarter results: ''We are encouraged by the strong results forecasted for the second quarter. We continue to be optimistic with respect to our growth prospects and while we have been successful in the implementation of our plans, there is much work left to do. We are confident that we will continue to be successful in the near future with continuing to grow the business on a profitable basis in such a manner that creates shareholder value.''
The management believes that the Company's tremendous growth is a result of the implementation of its business and acquisition strategies. This is evidenced by the fact that the first six months of this year have already produced operational results on par with the entire 1998 fiscal year, which itself was a landmark year for the Company. The Company posted total revenues of $29.6 million in 1998 and has to date forecasted approximately $29.2 million through the first six months of 1999 with continued profitability of over half a million dollars. The second quarter results also extend the management's record of profitability to seven consecutive quarters since the Company began the implementation of its aggressive restructuring and revitalization program in March 1997.
The Company anticipates that the final numbers for the quarter will be announced upon the filing of the Company's interim report on Form 10-Q due on or before August 15, 1999.
Chancellor Corporation is spearheading an evolution in transportation equipment finance through innovative financing and fleet management programs. The Company seeks to reduce a customer's total holding cost through its ''Wholesale-Plus'' lease pricing strategy and through other value-added services, including asset management, equipment maintenance, fuel management and data management strategies. Since its founding in 1977, Chancellor has completed a total of approximately $1.5 billion in equipment lease transactions for its Fortune 500 and middle market customers in the U.S. and select international markets. Chancellor is a transportation equipment finance and fleet management solutions provider headquartered in Boston. The Company's Internet address is chancellorcorp.com. The Company is publicly traded under the symbol ''CHLR''.
''Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995:
The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties, including, without limitation, demand and competition for the Company's lease financing services and the products to be leased by the Company, the continued availability to the Company of adequate financing the ability of the Company to recover its investment in equipment through remarketing, and other risks and uncertainties detailed in the Company's Securities and Exchange Commission filings.
Bill McCabe |
