Chancellor Forecasts Over 500% Growth in Q3 Revenues
PR Newswire - October 13, 1998 11:02
BOSTON, Oct. 13 /PRNewswire/ -- Chancellor Corporation (OTC Bulletin Board: CHLR) announces today that it expects the third quarter ended September 30, 1998 to be the Company's fifth consecutive profitable quarter. For the third quarter ended September 30, 1998, the Company anticipates total revenues of approximately $6,000,000, as compared to $1,119,000 for the same period last year, an increase of $4,881,000, or 536%. The Company also anticipates a net income of $100,000, or $.00 per share, versus a net income of $2,000, or $.00 per share for the same period of last year, as adjusted. The anticipated change in operating results represents an improvement of $98,000, over the corresponding prior year period.
For the nine months ended September 30, 1998, the Company anticipates total revenues of $8,423,000, as compared to $2,444,000 for the same period last year, an increase of $5,979,000, or 344%. The Company also anticipates net income of $160,000, or $.00 per share, versus a net loss of $2,052,000, or $.16 per share for the same period of last year. The anticipated change in operating results represents an improvement of $2,212,000, or 107%, over the corresponding prior year period.
Chancellor President, Frank Churchill, commented on the forecasted third quarter results: "The Company's anticipated results for the third quarter represent the significant strides that this management has made in promoting internal growth. We have made great strides in propelling the Company forward. Additionally, the closure of the pending acquisition of the Riviera portfolio and of Tomahawk Truck and Trailer Sales will further solidify the Company's financial picture and make us a leader in the leasing and asset management markets."
Brian M. Adley, Chairman and CEO of Chancellor, commented on the Company's progress: "The forecasted results clearly demonstrate the Company is finally heading in the right direction. With the international initiatives beginning to take shape and the two pending acquisitions nearly complete, the Company is preparing to post the first profitable fiscal year in ten years. The progress that Chancellor has made since the management transition took place is the result of the dedication and quality of its management."
Adley further commented: "Frank Churchill's leadership over the past four months since joining Chancellor has had a dramatic impact on the energy and drive of the Company. He has brought additional experience and focus benefiting the Company's overall growth. Additionally, the acquired management talent joining as a result of the previously announced acquisitions will provide an even greater pool of resources that the Company may utilize to further refine its business plan."
The Company anticipates that the final numbers for the quarter will be announced upon the filing of the Company's interim report on Form 10QSB due on or before November 14, 1998.
Chancellor Corporation is a financial services firm that specializes in equipment lease financing for Fortune 500 and "middle market" companies' in the United States and international markets including South Africa, Russia and the Far East. Chancellor Corporation's shares are traded on the Bulletin Board under the symbol CHLR. |
