Interstate National Dealer Services Announces 2nd Quarter Results
Interstate National Dealer Services Inc. on June 12 announced its second quarter fiscal 2001 results for the period ended April 30, 2001.
Revenues for the three months ended April 30, 2001 were $14,739,473, compared to $15,347,002 for the same period a year ago. Net income for the three months ended April 30, 2001 was $870,359, or $0.20 per share on 4,317,446 diluted weighted average shares outstanding, compared to net income of $479,623, or $0.10 per share on 4,897,372 diluted weighted average shares outstanding for the comparable period a year earlier.
Revenues for the six months ended April 30, 2001 were $27,617,611 compared to $28,579,788 for the six months ended April 30, 2000. Net income for the six months ended April 30, 2001 was $1,189,874, or $0.27 per share on 4,362,631 diluted weighted average shares outstanding for the six months ended April 30, 2000.
"We are pleased that the actions that we have implemented have had the desired effect of improving our performance from the comparative quarter," said Chester J. Luby, chairman and CEO of Interstate. "While our operating income is still not at levels that we are satisfied with, the trend is encouraging and we intend to continue to closely monitor our expense levels as we grow revenues.
"Our cash and investments have continued to grow and now total nearly $67 million, or $16.13 per share; we have no debt," Luby said. "Book value stands at $5.19 per share. We continue to repurchase shares in the open market and expended $645,000 since the beginning of our fiscal year for such purchases. We will continue to do so as price and market conditions dictate. We view this action as one that benefits all shareholders and an excellent use of our cash resources. Over the years, Interstate has established itself as a leader in the extended service contract and warranty business and we remain confident our our long term prospects."
About Interstate National Dealer Services
Interstate is a nationwide provider of service contracts and extended warranties, primarily for new and used cars and recreational vehicles, as well as watercraft, manufactured housing, motorcycles and other power sport vehicles.
For more information visit www.inds.com and www.warrantydirect.com.
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