More earning plays reports: Lennar Corporation beats by 3 cents: National Data Corp by 1 cent. National Data Corporation Announces Seventeenth Straight Quarter with 25% or Greater Operating Income Growth (remember it did hold its own most of the day as I mentioned and had some news besides its earnings report which did not come out till after the close)
LEN had no anticipatory upswing and could very likely be ignored, on the other hand it might lead the sector to some gains?? Will COMS tank or lead the NASDAQ to a reversal???? Will some of the more 'beaten down internets' rally or break down??? Join us tomorrow.. in the continuing story of the earnings plays and their aftermath and the 'nets and their eruption..surge or sink???
NATIONAL DATA CORPORATION
ATLANTA, March 23 /PRNewswire/ -- National Data Corporation (NYSE: NDC - news) today announced that its third quarter results for the period ending February 28 continued a long term trend of significant earnings growth.
Revenue for the quarter grew from $171.5 million to $195.7 million compared to last year.
Cash earnings, as reflected by EBITDA, grew by 23% to $49.6 million. This equates to an annualized rate of $5.22 per share. Operating income increased by 25% from $27.9 million to $34.8 million. Net income also grew by 25% from $14.9 to $18.7 million.
Productivity gains were reflected in both EBITDA and operating income margins. EBITDA grew from 23.5% to 25.4%, while operating margins were up from 16.3% to 17.8%.
Diluted EPS from exercisable securities was $.53 versus a comparable figure of $.43 last year. Potential additional dilution from the company's convertible debt due in November 2003 would adjust the $.53 EPS to $.52.
Cash flow for the quarter was $46.6 million.
Revenue for the first nine months of the fiscal year increased from $463.8 million to $578.9 million. EBITDA increased from $100.8 million to $137.4 million. Operating income grew from $64.6 to $95.4 million; net income increased from $33.5 to $50.7 million. Diluted for exercisable securities, EPS expanded from $1.01 to $1.45. Potential additional dilution from convertible debt would adjust the $1.45 EPS to $1.44.
In comparison to last year, which included non-recurring charges, gains were higher than the figures above as the previous year showed a loss of $2.89 for the third quarter and $2.45 for the year to date.
Robert A. Yellowlees, NDC chairman and chief executive officer said, ''We are proud of our consistent growth quarter after quarter . . . year after year. Our people have built a strong presence in the electronic commerce market and we are now the world's largest multi-segment provider of health information services.
''Our revenue base is capable of sustained cash earnings growth for our shareholders based on high recurring revenues from a broad product line and customer base.
''Our record performance, over the last six years, has been accomplished by being in good markets, with clear strategy and sound execution. We intend to stay that course.''
LENNAR CORPORATION
LEN: Reports 72% Increase In First Quarter 1999 Net Earnings beating by 3 cents..
March 23, 1999 4:21 PM
Financial Highlights
* Net earnings increased 72% to $27.9 million
* Revenues reached $591 million -- up 34%
* Homebuilding gross margins increased 80 basis points to 21.0% from
20.2%
* S,G&A expenses as a percentage of homebuilding revenues decreased 70
basis points to 10.5% from 11.2%
* Financial Services operating earnings rose 31% to $5.7 million
* Backlog dollar value increased 18% to $934 million
MIAMI, March 23 /PRNewswire/ -- Lennar Corporation (NYSE: LEN), one of the nation's leading homebuilders, today reported record earnings for its first quarter ended February 28, 1999. First quarter net earnings increased 72% to $27.9 million, or $0.45 per share diluted ($0.48 per share basic), compared to net earnings of $16.2 million, or $0.30 per share (basic and diluted), in 1998. Revenues in the first quarter increased 34% to $590.6 million, compared to revenues of $440.7 million in the same period last year.
Stuart Miller, President and Chief Executive Officer of Lennar Corporation, said, "We have continued to keep our operations simple while we focus our company on bottom-line returns. Our 'Everything's Included' product strategy has enabled the company to keep production manageable while our sales pace has increased. In addition to growing our earnings by 72%, we grew as a more efficient and more diversified company, better positioned to compete and consolidate as we look ahead."
RESULTS OF OPERATIONS
Homebuilding
Homebuilding revenues increased 30% in the first quarter of 1999 to $531.4 million from $408.5 million in 1998. Revenues were higher primarily due to a 17% increase in the number of home deliveries and a 10% increase in the average sales price. New home deliveries increased to 2,397 homes in the first quarter from 2,044 homes last year. The greatest increase in deliveries occurred in California, primarily as a result of acquisitions made in 1998. Mr. Miller said, "Our results continue to show the benefit of our strategic redeployment of capital to the California market." The average sales price on homes delivered increased to $211,000 in 1999 from $193,000 in 1998. The increase in the average sales price was primarily due to a higher percentage of deliveries coming from the California market, where sales prices are higher, and a combination of price increases and product mix changes in Texas and Florida.
Gross margin percentages on home sales increased in the first quarter of 1999 to 21.0% from 20.2% in 1998. This increase was primarily attributable to a greater percentage of deliveries coming from the California market, where the Company currently generates higher gross margin percentages. Gross margins from land sales totaled $3.7 million, or 18.7%, in the first quarter of 1999 compared to $1.4 million, or 17.1%, in the same period last year. Margins achieved on sales of land may vary significantly from period to period. |
