Chancellor Records Another Successful Year
BOSTON--(BUSINESS WIRE)--March 31, 2000--Chancellor Corporation (OTC BB: CHLR) announced today its results for the 1999 fiscal year. For the fiscal year ended December 31, 1999, Chancellor had total revenues of $62,321,000, as compared to $10,708,000 for the same period last year, an increase of approximately 482%. The Company reported net income of $1,074,000, or $.02 per share, versus a net income of $524,000 in 1998.
Chancellor Corporation's President, Franklyn E. Churchill, stated, "We are very excited about our accomplishments in 1999, but it is only the beginning. The platform that we have created by combining the Fleet Leasing capabilities of Chancellor with our Tomahawk retail operations provides Chancellor with a unique opportunity to retain our investment grade lessee's and further penetrate this market. We now have one of the most seasoned management teams in the industry. Given our current team, and our unique platform, we are very confident we will achieve our potential."
He continued: "As Chancellor continues to expand its customer base, we must and will continue to innovate our methods and spearhead the evolution we have started in transportation equipment finance. As Chancellor moves into the new millennium, we believe the Company has positioned itself to be an industry leader."
Consolidated Summary of Operations
(in thousands except per share data)
Fiscal Year Ending December 31, 1999 1998
Revenues 62,321 10,708
Net Income 1,074 524
Basic .02 .02
Diluted .02 .01
Weighted Average Shares Outstanding
Basic 50,804,176 32,195,162
Diluted 56,607,127 51,883,172
Selected Balance Sheet Items (in thousands)
Fiscal Year Ending December 31, 1999 1998
Total Assets 31,548 8,186
Current Liabilities 7,955 4,640
Total Liabilities 22,010 5,824
Stockholder's Equity 9,538 2,362
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.
--------------------------------------------------------------------------------
Contact:
Chancellor Corporation
(617) 368-2731
information@chancellorcorp.com
chancellorcorp.com |
