Ablest Reports Record Revenue, Improved Profits For Fiscal 2003, Strong Fourth Quarter Revenue And Earnings Increases
2004年2月13日 - 10:51PM
PRニュース・ワイアー (英語)
Ablest Reports Record Revenue, Improved Profits For Fiscal 2003,
Strong Fourth Quarter Revenue And Earnings Increases CLEARWATER,
Fla., Feb. 13 /PRNewswire/ -- Ablest Inc. today announced record
revenue for the fiscal year ended December 28, 2003, of $104.0
million, a 2.8 percent increase compared to revenue of $101.2
million in fiscal 2002. Operating income was $1.1 million, an 87.5
percent increase over 2002 operating income of $566,000. Net income
amounted to $2.9 million or $1.03 per basic share ($1.01 diluted)
compared to $677,000 or $0.23 per basic and diluted share earned in
2002. The company expects to utilize certain past operating losses
as an offset against future income, and the 2003 tax benefit
reflects the reversal of $2.4 millionin valuation allowances
related to deferred taxes. Fourth quarter revenue increased 13.0
percent to a record $29.9 million from $26.4 million in the fourth
quarter of the prior year and increased 12.0 percent over the
previous quarter. Fourth quarter revenue continued the 2003 trend
of revenue increasing sequentially each quarter. Fourth quarter
operating income was $741,000 compared to an operating loss of
$73,000 for the similar 2002 period. "We saw positive signs during
the fourth quarter," KurtR. Moore, president and chief executive
officer, said, "with the revenue increase coming from the continued
improvement in both light industrial and clerical areas. Fourth
quarter workers' compensation expenditures were favorably impacted
by programs implemented earlier in the year. Our record revenue for
both the quarter and the year are evidence of the value our clients
place on the service innovations and level of commitment that we
provide." Mr. Moore added, "We are encouraged with these results.
Execution of our revenue-generating strategies, tactical
investments in technology and a focus on our core profitable
businesses all contributed to our improved performance. We continue
to closely manage expense levels after closing several locations in
early 2003 that did not meet our long-range performance metrics.
Our improved operating margins, strong financial position and
ability to execute our model allow us to explore growth
opportunities." Ablest Inc. provides its clients with staffing
solutions, managed services and vendor-on-premise (VOP) programs.
Staffing solutions include clerical, industrial and information
technology personnel provided through Ablest Staffing Services and
Ablest Technology Services. Ablest supplies more than 30,000 field
employees and consultants to more than 3,500 businesses annually
through 45 locations in the Eastern and Southwestern United States.
Statements made in this news release, other than those concerning
historical information, should be considered forward-looking and
subject to certain risks and uncertainties, which could cause
actual results to differ materially from those projected. Readers
should carefully review and consider disclosures, including
periodic reports on Forms 10-K and 10-Q filedwith the Securities
and Exchange Commission, which attempt to advise interested parties
of the factors which affect the Company's business. ABLEST INC.
Condensed Statements of Operations (Amounts in thousands except
share and per share amounts) Thirteen Thirteen Fifty-two Fifty-two
Week Week Week Week Period Ended Period Ended PeriodEnded Period
Ended Dec. 28, 2003Dec. 29, 2002 Dec. 28, 2003 Dec. 29, 2002 Net
service revenues $29,877 $26,445 $ 104,048 $ 101,193 Cost of
services 24,558 21,772 86,335 82,806 Gross profit 5,319 4,673
17,713 18,387 Selling, general and administrative expenses 4,578
4,746 16,652 17,821 Operating income (loss) 741 (73) 1,061 566
Other: Interest income (expense), net 1 (9) (30) 15 Miscellaneous,
net 36 225 83 245 Other income 37 216 53 260 Income from continuing
operations before income taxes 778 143 1,114 826 Income tax expense
(benefit) (1,896) 139 (1,769) 218 Net income from continuing
operations 2,674 4 2,883 608 Discontinued operations: Adjustment to
loss on sale of discontinued operations, net of income taxes 45 69
45 69 Net income $2,719 $73 $2,928 $677 Basic net income per common
share: Continuing operations $0.94 $-- $1.01 $0.21 Adj. to loss on
sale of discontinued operations 0.02 0.03 0.02 0.02 Basic net
income per common share $0.96 $0.03 $1.03 $0.23 Diluted net income
per common share: Continuing operations $0.92 $-- $0.99 $0.21 Adj.
to loss on sale of discontinued operations 0.02 0.03 0.02 0.02
Diluted net income per common share $0.94 $0.03 $1.01 $0.23
Weighted average number of common shares used in computing net
income per common share: Basic 2,838,048 2,870,576 2,848,821
2,887,191 Diluted 2,908,492 2,870,729 2,902,470 2,887,230 ABLEST
INC. Condensed Balance Sheets (Amounts in thousands except share
and per share amounts) December 28, 2003 December 29, 2002 ASSETS
Current assets: Cash and cash equivalents $1,614 $1,858 Accounts
receivable, net 13,778 11,639 Prepaid expenses and other current
assets 213 296 Current deferred tax asset 1,085 988 Total current
assets 16,690 14,781 Property, plant and equipment, net 647 872
Deferred tax asset, net 3,920 2,234 Goodwill, net 1,283 1,283 Other
assets 39 46 Total assets $22,579 $19,216 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $326
$256 Accrued expenses and other current liabilities 4,438 4,008
Total current liabilities 4,764 4,264 Otherliabilities 89 81 Total
liabilities 4,853 4,345 COMMITMENTS AND CONTINGENCIES Stockholders'
equity: Preferred stock of $.05 par value; 500,000 shares
authorized, none issued or outstanding at December 28, 2003 and
December 29, 2002 -- -- Common stock of $.05 par value; 7,500,000
shares authorized, 3,308,929 and 3,293,395 shares issued and
outstanding including shares held in treasury at December 28, 2003
and December 29, 2002, respectively 165 165 Additional paid-in
capital 5,018 4,936 Retained earnings 4,653 11,725 Treasury stock
at cost; 457,729 and 428,341 shares held at December 28, 2003 and
December 29, 2002, respectively (2,110) (1,955) Total stockholders'
equity 17,726 14,871 Total liabilities and stockholders' equity
$22,579 $19,216 DATASOURCE: Ablest Inc. CONTACT: Vincent J.
Lombardo, Vice President and Chief Financial Officer of Ablest,
Inc., +1-727-299-1200, or
Copyright
Ablest (AMEX:AIH)
過去 株価チャート
から 5 2024 まで 6 2024
Ablest (AMEX:AIH)
過去 株価チャート
から 6 2023 まで 6 2024