ECHO earnings
Monday April 26, 8:22 am Eastern Time
Company Press Release
Electronic Clearing House Announces Record
Revenue for Second Quarter
AGOURA HILLS, Calif.--(BUSINESS WIRE)--April 26, 1999--Electronic
Clearing House Inc. (NASDAQ:ECHO - news) Monday announced fiscal 1999 second quarter net
income of $444,000, compared with a net income of $251,000 for the same period last year, a 77%
increase.
Basic earnings per share were $.025 vs. a comparable figure of $.017 last year. Diluted earnings per share
were $.019 vs. a comparable figure of $.012 last year.
Revenue for the quarter grew from $5,188,000 to $6,356,000 compared with last year, an increase of
23%.
Revenue for the first six months of the fiscal year increased from $9,400,000 to $11,825,000, a 26%
increase. Net income also increased from $313,000 to $702,000, an increase of 124% compared with the
same period last year.
Basic earnings per share for the first six months were $.042 and diluted earnings per share were $.031,
compared with $.021 and $.015 per share, respectively, for the same period last year.
''In this quarter, ECHO completed the delivery of the U-Haul systems that were ordered in November of
1998. This brings the total U-Haul systems deployed to over 11,000. We expect that this new deployment
will result in higher U-Haul transaction revenue as we enter the high volume summer months,'' stated Joel
Barry, chief executive officer of ECHO.
Electronic Clearing House provides credit card processing, check guarantee, inventory tracking services
and various Internet services to more than 19,000 retail merchants and U-Haul dealers across the nation.
ECHO also designs, develops and manufactures software and point-of-sale hardware that is utilized as
credit card processing terminals, automated money order dispensers, inventory tracking devices and
casino cash advance systems.
To take advantage of the new ''safe harbor'' provisions of the Private Securities Litigation Reform Act of
1995, media are hereby cautioned that this release contains forward-looking statements that are based
upon current expectations and involve a number of risks and uncertainties. Actual operations and results
may differ materially from those expressed in the forward-looking statements made by the company. |
