Rankin Reports Record Annual Earnings
HOUSTON, May 30 /PRNewswire/ -- Rankin Automotive Group, Inc. (Nasdaq: RAVE - news; ``Company'') sales for the fiscal year ended February 29, 2000 of $123.1 million reflected an increase of $83.0 million, or 207%, over sales of $40.1 million for the same period in 1999. Net income of $1,008,000 increased $1,701,000 from a net loss of $693,000 for the same period in 1999. Earnings per share increased $0.34 to $0.19 per share from a loss of ($0.15) per share in the prior year.
Rankin acquired the operations of three companies during the first quarter of the fiscal year ended February 29, 2000. The acquisitions have substantially increased the size of the Company. Randall B. Rankin, Chairman and Chief Executive Officer stated, ``Our financial results for the fiscal year are a tribute to our continued commitment to serving our customers. The Company will continue to focus on our core businesses and profitable integration of these acquisitions as we pursue additional strategic opportunities with the intent of improving shareholder value.''
Rankin sells automotive parts, products and accessories to commercial and retail customers in Texas, Louisiana, Mississippi, Alabama and Arkansas through its five distribution centers and 66 stores. The Company also serves over three hundred independent jobber stores through its distribution network.
Certain statements contained in this press release are forward looking statements. These statements discuss, among other things, expected growth, domestic development and expansion strategy, business strategies and future performance. These forward looking statements are subject to risks, uncertainties and assumptions, including without limitation, competition, product demand, domestic and international economies, government approvals, inflation, the ability to hire and retain qualified employees, the ability to convert acquired stores in a timely and profitable manner, consumer debt levels and the weather. Actual results may materially differ from anticipated results. Please refer to the Risk Factors section of the 10-K for the year ended February 29, 2000 for more details.
RANKIN FINANCIAL HIGHLIGHTS
For the Fiscal Year Ended February 29, 2000
(In thousands, except per share data)
Fiscal Years Ended
Feb. 29, 2000 Feb. 25, 1999
Net sales $123,077 $40,102
Gross profit 44,950 14,288
Income (loss) from operations 3,874 (314)
Net income (loss) $1,008 $(693)
Earnings per share
Basic $0.19 $(0.15)
Diluted $0.19 $(0.15)
Weighted average shares outstanding
Basic 5,187 4,535
Diluted 5,187 4,535 |
