Good news for AMEX: JOL
JOULE Inc. Reports Financial Results for Fiscal 2000 Fourth Quarter and Full Year; Fiscal 2000 Earnings Advance 17 Percent on Record Revenues
EDISON, N.J., Nov 20, 2000 (BUSINESS WIRE) -- The management of JOULE Inc.
(AMEX:JOL) today reported financial results for the fiscal 2000 fourth quarter
and full year ended September 30, 2000.
For the fourth quarter, revenues were $17,781,000 compared with the $20,253,000
reported for the comparable period one year ago. The decrease in revenue was
expected as the Company's focus centered on improving the profitability mix
during the quarter. Consequently, gross margins increased and net income
improved substantially to $224,000, or $0.06 per basic and diluted share, from
fiscal 1999's fourth-quarter loss of $171,000, or $0.05 per basic and diluted
share. For fiscal 1999, the fourth quarter was affected by a pretax charge of
$500,000 to establish a reserve related to the bankruptcy of a customer.
For the full-year fiscal 2000, revenues increased more than 12 percent to
$76,504,000, eclipsing fiscal 1999's record revenues of $68,153,000. Gross
margins improved more in 2000 than pretax margins, which were negatively
impacted by nonrecurring employee benefits and higher interest expense during
the year. The prior year was affected by the previously mentioned charge related
to a bankruptcy. Net income was up 17 percent to $845,000 from the $720,000
reported for fiscal 1999. Basic and diluted earnings per share advanced to $0.23
from $0.20 for the prior-year period.
Commenting on the results, John G. Wellman, Jr., JOULE's President and Chief
Operating Officer, stated, "During fiscal 2000, we concentrated our efforts on
improving the profitability of our businesses. These results demonstrate our
success and serve to reinforce our strategy. All of our business segments
contributed to the improvements, with our Technical Staffing division making the
most significant strides during the year."
He continued, "We are supporting our larger and more profitable sales and
staffing organization with an exceptional management team. Our most recent
personnel addition is Ms. Judith Bryant, who joined the Company in October as
JOULE's new Vice President of Commercial Staffing. Judy has extensive staffing
industry and general selling and business experience, and we are pleased to
welcome her aboard.
"We are optimistic regarding our outlook for the current fiscal year. At this
time, we anticipate reporting continued improvements in both revenues and
earnings for fiscal 2001," Wellman concluded.
JOULE Inc. is a staffing company providing a variety of technical, commercial
and industrial services. Established in 1965, JOULE Inc. operates 25 branch
offices, primarily in New Jersey as well as in nine other states.
This news release includes forward-looking statements within the meaning of the
federal securities laws that are subject to risks and uncertainties. Factors
that could cause the Company's actual results and financial condition to differ
from the Company's expectations include, but are not limited to, a change in
economic conditions that adversely affects the level of demand for the Company's
services, competitive market and pricing pressures, the availability of
qualified temporary workers, the ability of the Company to manage growth through
improved information systems and the training and retention of new staff, and
government regulation.
JOULE INC.
Financial Highlights
(In thousands, except per-share amounts)
Three Months Ended: Twelve Months Ended:
September 30, September 30,
2000 1999 2000 1999
-------- -------- -------- --------
Revenues $ 17,781 $ 20,253 $ 76,504 $ 68,153
Income before income taxes 364 (299) 1,376 1,127
Income taxes 140 (128) 531 407
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Net income $ 224 $ (171) $ 845 $ 720
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Basic earnings per share $ 0.06 $ (0.05) $ 0.23 $ 0.20
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Diluted earnings per share $ 0.06 $ (0.05) $ 0.23 $ 0.20
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Common shares and common
equivalents outstanding 3,676 3,674 3,676 3,673
CONTACT: JOULE Inc.
John G. Wellman, Jr., 732/548-5444 |
