APCO is in the business of vehicle service and warranty contracts
(a $5 billion market). They have over 1000 dealerships selling their
product including Honda and Sonic Automotive. They had record
revenues for its fourth quarter (Dec 97) which is an increase of 39%
over 1996 and and increase of 40% for the year. They have no debt.
APCO currently has two analysts covering with strong buy (one upgraded
from moderate buy).
AUTOMOBILE PROTECTION CORPORATION - APCO
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
Three Months Ended Three Months Ended
12/31/97 12/31/96
Revenues $22,954,961 $16,486,521
Cost of Sales:
Premiums and Taxes 14,249,721 10,432,183
Commissions and other
costs 3,301,077 2,254,073
Total cost of sales 17,550,798 12,686,256
Total 5,404,163 3,800,265
Expenses:
Compensation, selling
and administrative 3,722,956 3,257,447
Depreciation and
amortization 123,152 112,966
Interest, dividend and
other income (351,668) (246,509)
Other item --- 875,000
Total 3,494,440 3,998,904
Income before provision
for income taxes 1,909,723 (198,639)
Provision for income taxes 715,311 (77,000)
Net income $1,194,412 $(121,639)
Net income per share:
Basic $0.11 $(0.01)
Diluted $0.10 $(0.01)
Number of shares used in
computing net income
per share:
Basic 10,940,000 10,543,000
Diluted 12,050,000 11,543,000
Year Ended Year Ended
12/31/97 12/31/96
Revenues $93,935,167 $67,208,406
Cost of Sales:
Premiums and Taxes 60,233,162 43,138,395
Commissions and other
costs 13,650,324 9,360,491
Total cost of sales 73,883,486 52,498,886
Total 20,051,681 14,709,520
Expenses:
Compensation, selling
and administrative 14,243,932 11,658,784
Depreciation and
amortization 448,652 440,760
Interest, dividend and
other income (1,171,619) (791,943)
Other item --- 875,000
Total 13,520,965 12,182,601
Income before provision
for income taxes 6,530,716 2,526,919
Provision for income taxes 2,480,000 963,000
Net income $4,050,716 $1,563,919
Net income per share:
Basic $0.38 $ 0.16
Diluted $0.35 $ 0.14
Number of shares used in
computing net income
per share:
Basic 10,760,000 10,078,000
Diluted 11,584,000 10,980,000 |
