Chancellor Announces Tenth Consecutive Profitable Quarter
BOSTON--(BUSINESS WIRE)--May 15, 2000--Chancellor Corporation (OTC BB: CHLR) recorded its tenth consecutive profitable quarter for the period ended March 31, 2000. Since the new ownership under the direction of Vestex Capital Corporation, Chancellor continues to improve its foundation. For the first quarter ended March 31, 2000, the Company had total revenues of approximately $14,432,000, as compared to $10,303,000 for the same period last year, an increase of approximately 40%. In addition to increasing its revenue base, the Chancellor foundation has expanded with an increase in assets to over $30 million, and additional management, inclusive of a new CFO and VP of Sales for its fleet business unit. Chancellor has also begun to roll out and utilize its new platform of retail truck centers.
Chancellor's unique blend of leasing coupled with its retail truck centers allows the company to further focus on the transportation/commerce industries. Chancellor Corporation's President, Franklyn E. Churchill, commented, "We are pleased by the results reported for the first quarter. In the upcoming months, we plan to launch our fleet leasing business, so as to maximize our competitive advantage offered by our retail truck centers."
Consolidated Summary of Operations
(in thousands, except per share data)
Three Months Ended March 31,
2000 1999
Selected Income Statement Data
Revenues $ 14,432 $ 10,303
Operating Income 274 181
Earnings Before Tax 135 115
Net Income 110 93
Basic EPS -- --
Diluted EPS -- --
Weighted Average Shares Outstanding
Basic 58,795,065 43,240,194
Diluted 63,308,838 55,546,453
Selected Balance Sheet Data
Total Assets 30,733 24,638
Total Liabilities 21,076 19,401
Stockholders' Equity 9,657 5,237
Chancellor Corporation is a transportation equipment finance and fleet management solution provider headquartered in Boston. The Company is spearheading an evolution through the introduction of its innovative "Wholesale-Plus"(TM) lease pricing, unique trade-in programs and the roll out of value-added services. 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. 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) 368-2731
information@chancellorcorp.com
chancellorcorp.com |
