COVD, ZBRA, PEGS... nice beat so far PRGN in line, CTIX #1 today's watch list: Cheap Tickets Reports Highest Quarterly Earnings in Company History (UBID was #1 on Friday)CEC Entertainment Announces Record First Quarter Results,
HONOLULU, April 26 /PRNewswire/ -- Cheap Tickets, Inc.(Nasdaq: CTIX), a leading seller of discount tickets for domestic leisure travel, today reported net earnings of $970,000, or $.05 per share (diluted), for its fiscal 1999 first quarter, which ended March 31, 1999. These results compare to net earnings of $25,000 or ($.01) per share (diluted) for the same period in 1998. Net earnings of $.05 per share are calculated before a reduction of $.04 for a one-time, non-operating charge to retained earnings arising from early retirement of preferred stock on March 24, 1999.
First-quarter revenues were the highest recorded for any quarter in the Company's history. Net revenues for the quarter increased $28.1 million, or 87 percent to $60.5 million from the first quarter of 1998. Net revenues report non-published fares at retail value and commissions on published fare sales. Non-published fare revenues increased $25.5 million, or 84 percent, and commissions on published fares increased from $1.9 million to $4.6 million.
Increased Internet sales were a major factor in revenue growth. Gross bookings from the Internet increased $18 million to $20.3 million in the first quarter 1999 from $2.2 million in the same quarter in 1998, an approximate ninefold increase.
The Company's fourth call center, which opened subsequent to the first quarter of last year, also contributed significantly to revenue growth. Overall call center growth increased 42 percent from the year-ago quarter. The Company believes that an increasing awareness of the Cheap Tickets brand also contributed to growth.
Gross profits were 20.9 percent of net revenues in the first quarter of 1999, versus 19.9 percent in the same quarter last year.
"We are exceptionally pleased that these record results were achieved in the first quarter, which is seasonally the Company's slowest quarter of the year," said Michael J. Hartley, chairman and CEO, Cheap Tickets, Inc. "Cheap Tickets benefited from better than expected demand for leisure travel during this quarter. We also benefited from strong performance in our Internet business, which accounted for 22 percent of the first quarter's gross bookings, compared with just 4 percent in the same period last year."
During the first quarter of 1999, the Company's Internet business added approximately 332,000 new registered users, bringing the total number of regular users to more than 750,000. This compared with approximately 400,000 registered users added for the entire year in 1998.
The Company had cash and marketable securities of $56.6 million on March 31, 1999, as a result of an initial public offering of 3.5 million shares of common stock, which was completed on March 19, 1999. Approximately $5 million of the proceeds were used in the quarter to retire outstanding preferred stock plus accrued dividends. Subsequent to this quarter end, on April 16, 1999, the underwriters elected to exercise their overallotment option, and an additional 525,000 shares were sold at $15, which will increase IPO proceeds by approximately $7.3 million net of underwriting fees. This additional sale will bring the total of issued and outstanding shares of common stock to 21,468,051.
Cheap Tickets is a leading retail seller of discount tickets for domestic leisure air travel. The company sells tickets through a toll-free number, 1-800-OKCHEAP; at its 12 retail stores; and on its Internet site, www.cheaptickets.com. In addition, the company sells cruise tickets, auto rentals and hotel reservations.
Statements in this press release that are not historical facts are "forward-looking" statements that involve risks and uncertainties. Actual results may differ due to the risks stated in the company's registration statement on Form S-1.
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COVD...
April 26, 1999 16:41
Covad Communications Announces First Quarter Results; Homes and Businesses Passed Increases 87% in First Quarter to 11.2 Million
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SANTA CLARA, Calif.--(BUSINESS WIRE)--April 26, 1999--Today Covad Communications Group, Inc. (Nasdaq: COVD) announced first quarter 1999 results.
Revenues for the first quarter ended March 31, 1999 were $5.6 million, representing a 102% increase over quarter ended December 31, 1998 revenues of $2.8 million. The net loss for the first quarter 1999 increased to $28.9 million, from a loss of $19.9 million in the fourth quarter of 1998. EBITDA for the first quarter ended March 31, 1999 was negative $17.5 million versus negative $13.2 million for the quarter ended December 31, 1998.
During the first quarter, homes and businesses passed increased 87% to 11.2 million from 6.0 million at December 31, 1998. Service ready central offices increased during the quarter by 122% to 373 from 168 at December 31, 1998. Subscriber lines increased 121% during the first quarter to approximately 8,600, from approximately 3,900 lines at December 31, 1998.
"As the business statistics illustrate, we once again doubled our business in the last 90 days. We are aggressively expanding our nationwide footprint, signing additional customer agreements and, most importantly, adding subscriber lines," stated Robert E. Knowling, Jr., president and chief executive officer of Covad. "The demand for broadband service is very real, and we offer a high-speed alternative to traditional dial-up and ISDN services to the over 11 million homes and businesses we reach today. The opportunity is to speed up the over 50 million Internet and corporate network connections in the US that are now crawling at very slow speeds."
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Zebra Technologies Announces Record Sales for 1999 First Quarter
VERNON HILLS, Ill., April 26 /PRNewswire/ -- Zebra Technologies Corporation (Nasdaq: ZBRA - news), the world's leader in bar-code labeling solutions, today announced that the company achieved record net sales and sharply improved profitability from the fourth quarter of 1998 (net of merger-related charges), during the first quarter of 1999.
For the quarter that ended April 3, 1999, net sales increased 11.2% to $89,822,000 from $80,798,000 for the first quarter of 1998. Quarterly net income excluding $1,869,000 in merger costs was $13,818,000, or $0.44 per diluted share, compared with $13,163,000, or $0.42 per diluted share, for the first quarter of 1998. Including merger costs, 1999 first quarter net income was $12,650,000, or $0.41 per diluted share. Free cash flow for the first quarter of 1999 was $16,898,000, or $0.54 per share. All figures have been adjusted to reflect the October 28, 1998, merger with Eltron International, Inc., which was accounted for as a pooling of interests.
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