Here's the press release - Dave you can interpret, ok?
Company Press Release
Source: Pilgrim America Capital Corporation
Pilgrim America Capital Corporation Reports Quarterly Earnings
PHOENIX, July 15 /PRNewswire/ -- Pilgrim America Capital Corporation (Nasdaq:PACC), formerly known as Express
America Holdings Corporation (Nasdaq:EXAM - news) today reported net earnings of $1.5 million or $.36 per share for its
third quarter of fiscal year 1997 which ended on June 30, 1997, compared with net earnings of $8.0 million or $1.97 per share
for the second quarter, and a net loss of $642,000 or a negative $.13 per share for the comparable quarter a year ago.
Third quarter net earnings consists of pre-tax income from the Company's continuing investment management business of $1.9
million, and net earnings from the company's discontinued mortgage banking operations of $413,000. This compares to a net
loss of $642,000 or negative $.13 per share for the comparable quarter of fiscal 1996.
Revenues, which consist primarily of management and administrative fees, were $5.7 million for the third quarter compared to
$5.1 million for the second fiscal quarter of 1997 which ended on March 31, 1997.
The increase in revenues is primarily attributable to the increase in the Company's assets under management, which averaged
$2.2 billion during the quarter ended June 30, 1997 compared to an average of $2.07 billion for the second quarter. Average
assets under management were $1.43 billion for the comparable quarter a year ago.
Third quarter sales of mutual fund shares were $60.4 million compared to $74 million for the second quarter of fiscal 1997.
Third quarter expenses decreased $437,000 over the comparable quarter of fiscal 1996 as a result of cost-cutting measures
implemented in early fiscal 1997.
Results for Nine Months Ended June 30, 1997
Net earnings for the nine months ended June 30, 1997 were $10.5 million, or $2.56 per share compared with a net loss of
$1.8 million or a negative $.38 per share for the comparable period last year.
Net earnings for the nine months of fiscal 1997 consists of earnings from operations of $4.3 million, a tax benefit of $5.8 million
related to prior operating losses, and net earnings from discontinued mortgage banking operations of $413,000.
Revenues for the first nine months of fiscal 1997 were $15.4 million, compared to $10.4 million for last year.
Mutual fund share sales were $183.4 million for the first nine months of
1997, compared to $83.5 million last year.
Total assets under management were $2.3 billion at June 30, compared with $2.14 billion at March 31, and $1.45 billion a
year ago.
Pilgrim America provides investment management and related services to Pilgrim America Funds, a family of six open-end and
two closed-end mutual funds.
Pilgrim America Capital Corporation
Condensed Consolidated Statement of Operations
(dollars in thousands, except share amounts)
(unaudited)
Three months ended Nine months ended
June 30, June 30,
1997 1996 1997 1996
Revenues:
Management and
administrative fees $4,456 3,084 $ 12,630 $9,077
Distribution fees 656 307 1,675 773
Investment and other income582 214 1,120 567
Total revenues 5,694 3,605 15,425 10,417
Expenses:
General and administrative2,027 1,903 5,818 5,834
Selling 1,212 1,818 3,667 4,941
Amortization and
depreciation 571 526 1,668 1,477
Total expense 3,810 4,247 11,153 12,252
Earnings (loss) from
continuing operations
before tax 1,884 (642) 4,272 (1,835)
Tax expense (benefit) 773 --- (5,815) ---
Net earnings (loss) from
continuing operations 1,111 (642) 10,087 (1,835)
Net earnings from operations
of discontinued mortgage
business, net of tax 413 --- 413 ---
Net earnings (loss) $1,524 $(642) $ 10,500 $(1,835)
Earnings (loss) per Common and
Common Equivalent Share
Primary:
Earnings (loss) from
continuing operations $0.26 $(0.13) $2.46 $(0.38)
Net earnings (loss) $0.36 $(0.13) $2.56 $(0.38)
Shares used in per
share calculation 4,233,411 4,877,860 4,098,060 4,877,860
Fully Diluted:
Earnings (loss) from
continuing operations $0.26 $(0.13) $2.35 $(0.38)
Net earnings (loss) $0.35 $(0.13) $2.45 (0.38)
Shares used in per
share calculation 4,335,799 4,877,860 4,283,279 4,877,860
Shares outstanding at
end of period 3,866,130 4,877,860 3,866,130 4,877,860
SOURCE: Pilgrim America Capital Corporation
Contact: James R. Reis of Pilgrim America Capital Corporation, 602-417-8111
More news for referenced ticker symbols: EXAM, PACC. |
