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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: SMALL FRY who wrote (32396)	4/9/1999 3:29:00 PM
From: kendall harmon	Respond to of 120523

PAW more on this one. Analyst expected 61 cents so 70 is a big upside surprise. FORT LAUDERDALE, Fla., April 9 /PRNewswire/ -- Florida Panthers Holdings, Inc. (NYSE: PAW - news) today reported operating results for the third quarter ended March 31, 1999. Net income for the three months ended March 31, 1999 climbed to a record $26.0 million, or $0.70 per diluted share, compared to $13.9 million, or $0.39 per diluted share for the three months ended March 31, 1998. Earnings before interest expense, taxes, depreciation, amortization and minority interest (''EBITDA'') rose to $51.7 million for the recently concluded quarter versus $29.2 million for the same period last year. Revenue totaled $142.3 million for the quarter ended March 31, 1999, up from $105.8 million for the same three months last year. Net income per diluted share for the 1999-quarter was $0.08 better than consensus estimates as reported by market service, First Call. The dramatic improvement in operating performance for the three months ended March 31, 1999 compared to 1998 was the result of higher revenue and substantially improved gross margins from core business segments. The increase in revenue from the resorts business during the 1999 period was derived substantially from internal growth programs. The increase in revenue from the entertainment and sports business was derived from arena operations at the recently constructed National Car Rental Center, which serves as home to the Panthers hockey team. These improvements were partially offset by more amortization and depreciation and increased interest expense on a larger resort portfolio during the three months ended March 31, 1999. Net income for the nine months ended March 31, 1999 was $15.0 million, or $0.42 per diluted share, compared to $2.9 million, or $O.08 per diluted share for the nine months ended March 31, 1998. The $36.6 million increase in operating income during the nine months ended March 31, 1999 versus 1998 was partially offset by higher interest expense during the 1999 nine-month period. Florida Panthers Holdings, Inc. owns luxury resort properties in Florida and Arizona. The company's resort portfolio includes the Boca Raton Resort & Club, the Arizona Biltmore Hotel, the Registry Hotel at Pelican Bay, the Edgewater Beach Hotel, the Hyatt Regency Pier 66 Hotel and Marina, the Radisson Bahia Mar Resort and Yachting Center and the Grande Oaks Golf Club. The company also owns the Florida Panthers Hockey Club and has interests in the operations of the National Car Rental Center located in Broward County, Florida, the Miami Arena and two ice skating rinks.