BELIZE CITY, Belize, May 18 /PRNewswire/ -- Carlisle Holdings Limited
(Nasdaq: CLHL, London: CLH) reported revenue of $314m (2000 -- $297m) and a
net loss of $16.5m (2000 - net income $16.4m) for the quarter ended March 31,
2001, the fourth quarter of fiscal 2001.
Loss per share for the quarter ended March 31, 2001 was $0.28
(2000 -- earnings per share of $0.26).
For the year ended March 31, 2001, revenue amounted to $1,241m
(2000 -- $1,144m) and net income amounted to $22.7m (2000 -- $60.3m). Diluted
earnings per share for the year ended March 31, 2001 was $0.38
(2000 -- $0.93).
Fourth Quarter Operational Review
Facilities Services
The Facilities Services division reported revenue of $243m for the quarter
ended March 31, 2001 (2000 -- $248m). Operating loss for the quarter, after a
one-off charge of $27m, amounted to $22.8m (2000 -- operating income $9.8m).
Revenue for the division for the year ended March 31, 2001 totaled $1,006m
(2000 -- $977m). Operating income for the year ended March 31, 2001 amounted
to $0.2m (2000 -- $34.0m).
The one-off charge included approximately $20m relating to receivable
provisions and billing corrections following a major system conversion which
took place in the second quarter of the fiscal year. The balance of the charge
amounting to $7.0m relates principally to certain long outstanding legal and
tax matters together with other provisions, which materialized following an
intensive internal review of all liability and asset accounts.
Staffing Services
The Staffing Services division reported a successful quarter with revenue
of $58m (2000 -- $49m) for the quarter ended March 31, 2001. Operating income
for the quarter ended March 31, 2001 was $4.2m (2000 -- $2.5m). The increase
in operating income is substantially organic, reflecting increased market
share in our defined segments, together with some complementary effect of
acquisitions.
Total revenue of $221m (2000 -- $167m) and operating income of $12.7m
(2000 -- $8.4m) for the year ended March 31, 2001 reflect both organic growth
and acquisitions, with the benefit of consolidating businesses reflected in
operating income. Our diversified income streams and bias towards temporary
and contract revenues position the division well for continued growth.
Financial Services
Financial Services reported another record result for the year ended March
31, 2001. Operating income of $4.7m for the fourth quarter brought the full
year to $18.8m (2000 -- $17.3m), a 9% increase. The results reflect an 8%
increase in net interest income, driven by a 12% increase in the average loan
portfolio of the Belize Bank.
Belize Telecommunications
Belize Telecommunications Limited ("BTL"), which is included from January
1, 2001 as a subsidiary, reported revenue of $13.4m and operating profit of
$3.8m in the quarter ended March 31, 2001, of which the Company's share is 51%
after minority interests.
Revenue and operating profit of BTL for the year ended March 31, 2001
amounted to $50m and $13.1m, respectively.
Associates
The income from associates in the quarter ended March 31, 2001 arises from
the investment in NUMAR. The decline in the fourth quarter to $0.7m
(2000 -- $1.9m) is due to the exclusion in the current quarter of income from
BTL which is now consolidated as a subsidiary company. NUMAR continues to
suffer the effects of the depressed world market for edible oils, which is
currently showing no sign of immediate improvement.
Forward Looking Statements
Certain statements in this press release constitute "forward looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. In particular, statements contained herein regarding the
consummation and benefits of future acquisitions, as well as expectations with
respect to future revenues, operating efficiencies, net income and business
expansion, are subject to known and unknown risks, uncertainties and
contingencies, many of which are beyond the control of Carlisle, which may
cause actual results, performance or achievements to differ materially from
anticipated results, performance or achievements. Factors that might affect
such forward looking statements include among others, overall economic and
business conditions, the demand for Carlisle's services, competitive factors,
regulatory approvals and the uncertainty of consummation of future
acquisitions. Additional factors which may affect Carlisle's businesses and
performance are set forth in filings by Carlisle Holdings Limited with the
United States Securities and Exchange Commission.
Financial Information
Summarized Consolidated Statements of Income (unaudited)
U.S. dollars in millions except per share data
Quarter ended Quarter ended Year ended Year ended
March 31, March 31, March 31, March 31,
2001 2000 2001 2000
Net sales 314.2 297.2 1,240.7 1,144.1
Operating (loss) income (12.0) 15.6 29.1 54.1
Associates 0.7 1.9 7.8 12.4
Net interest expense (1.4) (0.1) (5.9) (0.8)
Income before
income taxes (12.7) 17.4 31.0 65.7
Income taxes (1.4) (0.8) (5.3) (4.5)
Income after
income taxes (14.1) 16.6 25.7 61.2
Minority interests (2.4) (0.2) (3.0) (0.9)
Net income (16.5) 16.4 22.7 60.3
(Loss) earnings per ordinary share:
Basic $(0.28) $0.27 $0.38 $1.01
Diluted $(0.28) $0.26 $0.38 $0.93
Number of shares --
diluted 59.1m 63.0m 59.3m 64.7m
The results for the three months ended March 31, 2001 are stated before
non-recurring net charges of $10.0m which included a $6.8m loss on disposal of
investments and restructuring costs of $3.2m relating principally to
acquisitions. The results for the year ended March 31, 2001 are stated before
non-recurring net charges of $9.2m.
The results for the year ended March 31, 2000 are stated before
non-recurring net charges of $2.8m which include costs relating to the BHI
Corporation / Carlisle U.K. merger and the aborted offer for The Corporate
Services Group, net gains arising on the disposal of certain associates and
investments and other non-core businesses, closure, restructuring and
redundancy costs in the Services Businesses, and a $0.8m charge relating to
the minority interest arising on "as-if" pooling.
Carlisle Holdings Limited
Financial Information
Summarized Consolidated Balance Sheets (unaudited)
U.S. dollars in millions
March 31, March 31,
2001 2000
Assets
Services Businesses
Current assets:
Cash and cash equivalents 36.0 25.3
Other current assets 212.2 181.0
Total current assets 248.2 206.3
Property, plant and equipment 94.4 32.5
Associates and other assets 53.8 98.3
Goodwill and other intangibles 332.5 318.7
Total Services Businesses assets 728.9 655.8
Financial Services net assets 37.3 26.1
Total assets 766.2 681.9
Liabilities and shareholders' equity
Services Businesses
Current liabilities:
Short-term debt 37.5 32.9
Other current liabilities 134.1 126.3
Total current liabilities 171.6 159.2
Long-term debt 79.3 19.0
Minority interests 37.1 2.0
Other long-term liabilities 68.1 79.5
Total Services Businesses liabilities 356.1 259.7
Total shareholders' equity 410.1 422.2
Total liabilities and shareholders' equity 766.2 681.9
Carlisle Holdings Limited
Financial Information
Segmental Analysis (unaudited)
U.S. dollars in millions
Quarter Quarter Year Year
ended ended ended ended
March 31, March 31, March 31, March 31,
2001 2000 2001 2000
Sales
Facilities Services 242.7 248.2 1,006.0 976.9
Staffing Services 58.1 49.0 221.3 167.2
Telecommunications 13.4 -- 13.4 --
Total sales 314.2 297.2 1,240.7 1,144.1
Operating (loss) income
Facilities Services (22.8) 9.8 0.2 34.0
Staffing Services 4.2 2.5 12.7 8.4
Financial Services 4.7 5.0 18.8 17.3
Telecommunications 3.8 -- 3.8 --
Corporate overheads (1.9) (1.7) (6.4) (5.6)
Total operating (loss)
income (12.0) 15.6 29.1 54.1
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SOURCE Carlisle Holdings Limited
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Related links:
http://www.carlisleholdings.com
CONTACT:
Carlisle Group, 561-368-3899, or Makinson
Cowell for Carlisle Group, 212-896-3814
NOTE TO EDITORS: This and other press releases are available at
the company's web site: http://www.carlisleholdings.com
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