Chancellor Reports Record Revenue in Company History and Approximately $1,000,000 in Net Income
BOSTON--(BUSINESS WIRE)--March 23, 2000--Chancellor Corporation (OTC BB: CHLR) announced today that it anticipates the final filing of its 10K to be next week, but disclosed expected revenues and earnings numbers. For the fiscal year ended December 31, 1999, Chancellor had total revenues of approximately $61,200,000, as compared to $10,708,000 for the same period last year, an increase of approximately 472%. The company reported net income of approximately $1,000,000, versus a net income of $524,000.
The $61,200,000 in total revenues for 1999 marks the highest revenue number in the 23-year history of the company. The only time in Chancellor's history that revenues were close to this year's results was in 1989, with revenues equal to $60,469,000, but the company had net losses of $12,884,000. The company looks to build upon its second straight profitable year, and tenth straight profitable quarter. This major accomplishment signifies the continuation of the Chancellor turnaround. Chancellor's asset base soared to over $30,000,000, up from $8,000,000, due largely to the Tomahawk acquisition and strategic investments in an international truck manufacturing and assembling company.
Chancellor Chairman and CEO, Brian M. Adley commented on the Company's year-end results "Although the 1999 results were positive, this is just the beginning, we will continue to explore our options and look to continued growth both internally as well as complimentary acquisitions. Chancellor has built a strong platform with our "Wholesale-Plus" strategy, but we most continue to improve. In 2000, e-commerce will play a major role in strengthening our industry. Chancellor wants to be a part of that growth as it reshapes our industry."
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 fleet management and transportation equipment leasing firm 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 involves risks and uncertainties, including, without limitation, demand and competition for the Company's lease financing and asset management services and the products to be leased or remarketed 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.
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Contact:
Chancellor Corporation
(617) 368-2700
information@chancellorcorp.com
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