Business Editors
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 5, 2001
BCT International, Inc. (Nasdaq:BCTI), which through its paper products division and franchises operates the world's largest wholesale printing chain, today announced operating results for the first quarter of fiscal year 2002.
For the three months ended May 31, 2001, the Company's revenues were $4.8 million, compared with revenues of $5.2 million in the first quarter of the previous fiscal year. Pretax income was $111,000 versus $813,000 in the year-earlier period. Net income was $67,000 ($.01 per diluted share) for the most recent quarter. This compared with prior-year net income of $496,000 ($0.09 per diluted share).
Pretax income decreased due to severance costs recorded by the Company related to the former President and Chief Executive Officer, lower revenues due to the closing of three franchises in the prior fiscal year, and the loss of a national account in Canada.
BCT International, Inc. is a holding company which, through its paper products division and its Business Cards Tomorrow franchises, operates the world's largest wholesale printing chain. The Company is headquartered in Ft. Lauderdale, Florida and its common stock trades on Nasdaq under the symbol "BCTI".
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
