Swisher International Reports Fiscal 1996 Financial Results
PR Newswire, Friday, February 21, 1997 at 15:46
CHARLOTTE, N.C., Feb. 21 /PRNewswire/ -- Swisher International Inc.
(Nasdaq-NNM: SWSH SWSHW), the nation's leading franchisor of commercial hygiene services and products, today reported fiscal 1996 (ended October 31, 1996) Earnings Per Share of $.20, which is the same as fiscal 1995 results.
Although EPS did not increase, the company's total revenues increased by 34%. Furthermore, the company's cash per share increased from $.49 in 1995 to $.95 in 1996, a 94% increase. There are several reasons why EPS did not increase. The company took a more aggressive position in expensing items which previously could have been deferred. Income before income taxes did increase 12 1/2% in fiscal 1996, however the company increased its deferred tax liability which resulted in an
increase in tax expense of $41,000 to more properly reflect the deferred income taxes to be paid in the future. These aggressive positions had little or no impact on cash flow from operations.
"We are satisfied with our results in 1996," said Patrick L. Swisher, CEO. "The decisions that were made in 1996 will positively affect our future earnings. Our revenue growth trend continues to be very strong not only with Swisher Hygiene, but also with our new Surface Doctor division."
Swisher Hygiene also is pleased to announce it recently entered into an agreement for its Franchisees to service all of the Exxon corporate locations. This agreement should lead to an endorsement by Exxon of Swisher to all of its dealers nationwide.
Swisher International, the only publicly held national franchisor of hygiene services and products, services 40,000 locations in the U.S. and Canada. Swisher also has master licenses in the U.K., Ireland and the Caribbean. The company markets its hygiene services and products and maids services through 120 franchises and 3 company-owned subsidiaries servicing a wide range of businesses and households. The Surface Doctor division markets its remodeling and resurfacing through a network of 128 franchises in the U.S. and Canada. Surface Doctor also has master licenses in Saudi Arabia, Oman, U.A.E., Singapore, Indonesia, Malaysia and Brazil.
Swisher International, Inc.
(in thousands, except per share amounts)
1995 1996 % of Growth
Revenues $7,960 $10,661 34%
Income before Tax $ 621 $ 699 12.5%
Net Income $ 375 $ 381 2%
Weighted Avg. # Shares Outstanding 1,904 1,913
Earnings Per Share $ .20 $ .20
SOURCE Swisher International Inc.
-0- 2/21/97
/CONTACT: Amy King, Investor Relations, Swisher International Inc.,
704-364-7707/
Companies or Securities discussed in this article:
Symbol
Name
NASDAQ:SWSH
Swisher Intl Inc
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