Chancellor Reports Fourth Consecutive Profitable Quarter, 545% Growth in Revenues
PR Newswire - November 16, 1998 09:51
BOSTON, Nov. 16 /PRNewswire/ -- Chancellor Corporation (OTC Bulletin Board: CHLR) announces today its results for the third quarter ended September 30, 1998, the Company's fourth consecutive profitable quarter on an as adjusted basis. For the third quarter ended September 30, 1998, the Company recorded total revenues of approximately $5,773,000, as compared to $1,059,000 for the same period last year, an increase of $4,714,000, or 545%. The Company also recorded a net income of $141,000 versus a net loss of $58,000 for the same period last year, an improvement of $199,000 or 343%.
For the nine months ended September 30, 1998, the Company recorded total revenues of $8,186,000, as compared to $2,384,000 for the same period last year, an increase of $5,802,000, or 343%. The Company also reported net income of $201,000, or $.00 per share, versus a net loss of $3,041,000, or $.14 per share, before an extraordinary gain on extinguishment of debt of $930,000 in the second quarter of 1997, for an adjusted net loss of $2,111,000, or $.10 per share, for the same period last year. The change in net income represents an improvement of $2,312,000, or 109% over the corresponding prior year period.
Chancellor President, Frank Churchill, commented on the third quarter results: "The progress that Chancellor has made in its financial performance over the course of the past nine months of fiscal 1998 has been impressive. It is more impressive when taking into consideration that much of this time has been spent positioning the Company in new markets and preparing for the implementation of new fleet management programs and other sales strategies designed to invigorate the Company's lease origination operation. The introduction of the Small Business Solutions program and the numerous business development activities currently in process will only provide additional strength to a growing organization. As we prepare the implementation of our sales strategies, we are excited at the prospects for the Company in 1999 and beyond."
Consolidated Summary of Operations (in thousands, except per share data)
Three Months Ending September 30,
1998 1997
(unaudited) (unaudited)
Revenues $5,773 $ 1,059
Net Income (Loss) 141 (58)
Fully Diluted Shares Outstanding 62,412 32,247
Earnings Per Share 0.00 0.00
Nine Months Ending September 30,
1998 1997
(unaudited) (unaudited)
Revenues $8,186 $2,384
Net Income (Loss) Before
Extraordinary Item 201 (3,041)
Extraordinary Item -- 930
Net Income (Loss) 201 (2,111)
Fully Diluted Shares Outstanding 57,561 21,747
Earnings Per Share Before
Extraordinary Item 0.00 (0.14)
Earnings Per Share 0.00 (0.10)
Chancellor Corporation is an international 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, the Commonwealth of Independent States and the Far East. Chancellor Corporation's shares are traded on the Bulletin Board under the symbol CHLR. |
