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FORT LAUDERDALE, Fla., Feb 14, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Sunair Services Corporation (Amex: SNR) announced its results for its fiscal first quarter ended December 31, 2007 by filing its Quarterly Report on Form 10-Q with the Securities Exchange Commission.
Revenues for the first quarter ended December 31, 2007 were $15.9 million from continuing operations, compared to revenues of $14.9 million for the quarter ended December 31, 2006. The Company reported losses from continuing operations of $2.1 million and $1.0 million for the quarters ended December 31, 2007 and 2006, respectively or losses of $0.16 and $0.05 per basic and diluted shares for the quarters ended December 31, 2007 and 2006, respectively.
Management will conduct a conference call to review the Company's financial and operating results. The conference call is scheduled for 3:30 p.m. ET on Wednesday, February 20, 2008. Parties interested in listening to the conference call should call 800-366-3908 or 303-262-2142. The pass code is 11109148# for those unable to listen at that time, a replay of the call will be available through February, 27, 2008 at 303-590-3000 or 800-405-2236. The pass code is 11109148#.
SNR - E
ABOUT SUNAIR
Sunair Services Corporation, a Florida corporation, through its wholly owned subsidiary, Middleton Pest Control, Inc., with headquarters located in Orlando, Florida, provides lawn and pest control services to both residential and commercial customers. Middleton provides essential pest control services and protection against termites and insects to homes and businesses. In addition, Middleton supplies lawn care services to homes and businesses, which includes fertilization treatments and protection against disease, weeds and insects for lawns and shrubs. Through a subsidiary, Sunair also is involved in the telephone communications business. For more information about Sunair, please visit http://www.sunairservices.com.
Information Regarding Forward Looking Statements
Some of the statements in this press release, including those that contain the words "anticipate," "believe," "plan," "estimate," "expect," "should," "intend" and other similar expressions, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Those forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements or those of our industry to be materially different from any future results, performance or achievements expressed or implied by those forward-looking statements. Among the factors that could cause actual results, performance or achievement to differ materially from those described or implied in the forward-looking statements include the inability to consummate future acquisitions or pursue growth opportunities, the inability to integrate acquisitions, the inability to raise additional capital to finance expansion, the risks inherent in the entry into new geographic markets, changes in regulatory conditions, competition, risks associated with general economic conditions and other factors included in Sunair's filings with the SEC. Copies of Sunair's SEC filings are available from the SEC or may be obtained upon request from Sunair. Sunair does not undertake any obligation to update the information contained herein, which speaks only as of this date.
-Financial Tables Follow-
SUNAIR SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
AS OF DECEMBER 31, 2007 AND SEPTEMBER 30, 2007
(UNAUDITED)
December 31, 2007 September 30, 2007
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,366,757 $ 2,781,838
Accounts receivable, net 5,439,666 3,481,064
Inventories, net 1,601,180 1,826,636
Prepaid and other current assets 1,679,786 2,185,909
Total Current Assets 10,087,389 10,275,447
PROPERTY, PLANT, AND EQUIPMENT, net 2,193,662 2,118,552
OTHER ASSETS:
Note receivable 2,000,000 2,000,000
Software costs, net 306,714 359,375
Customer list, net 10,250,006 10,958,234
Goodwill 62,112,528 60,675,353
Other assets 446,774 390,294
Total Other Assets 75,116,022 74,383,256
TOTAL ASSETS $ 87,397,073 $ 86,777,255
SUNAIR SERVICES CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2007 AND SEPTEMBER 30, 2007
(UNAUDITED)
December 31, 2007 September 30, 2007
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 2,827,660 $ 2,346,395
Accrued expenses 3,202,532 4,263,674
Unearned revenues 789,734 952,417
Customer deposits 2,896,919 3,166,264
Notes payable, current portion 392,540 409,029
Total Current Liabilities 10,109,385 11,137,779
LONG TERM LIABILITIES:
Notes payable, net of current portion 6,129,630 5,545,456
Note payable -related party 5,000,000 5,000,000
Revolving line of credit 9,832,796 6,732,796
Total Long Term Liabilities 20,962,426 17,278,252
TOTAL LIABILITIES 31,071,811 28,416,031
COMMITMENTS & CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, no par value,
8,000,000 shares authorized, none
issued and outstanding - -
Common stock, $.10 par value, 100,000,000
shares authorized, 13,091,088 and
13,007,559 shares issued and outstanding
at September 30, 2007 and 2006,
respectively 1,309,110 1,309,110
Additional paid-in capital 52,520,449 52,378,437
Retained earnings 2,471,194 4,585,007
Accumulated other comprehensive
gain - cumulative translation adjustment 24,509 88,670
Total Stockholders' Equity 56,325,262 58,361,224
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 87,397,073 $ 86,777,255
SUNAIR SERVICES CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2007 AND 2006
(UNAUDITED)
2007 2006
SALES
Lawn and pest control services
sales $ 13,448,897 $ 12,388,515
Telephone communications sales 2,471,204 2,559,088
15,920,101 14,947,603
COST OF SALES
Lawn and pest control services
sales 4,966,956 4,561,766
Telephone communications sales 1,152,144 1,486,264
6,119,100 6,048,030
GROSS PROFIT 9,801,001 8,899,573
SELLING AND ADMINISTRATIVE
EXPENSES 11,593,761 9,637,073
LOSS FROM OPERATIONS (1,792,760) (737,500)
OTHER INCOME (EXPENSES):
Interest income 53,904 67,774
Interest expense (379,627) (288,323)
Gain on disposal of assets 4,670 (21,706)
Total Other Income (Expenses) (321,053) (242,255)
LOSS FROM OPERATIONS BEFORE
INCOME TAXES (2,113,813) (979,755)
INCOME TAX BENEFIT - 317,303
LOSS FROM CONTINUING OPERATIONS (2,113,813) (662,452)
INCOME (LOSS) FROM DISCONTINUED
OPERATIONS, NET OF INCOME TAX
(PROVISION) FOR OR BENEFIT OF $0
AND $769,703 IN 2007 AND 2006,
RESPECTIVELY - 1,262,143
NET LOSS $ (2,113,813) $ 599,691
BASIC AND DILUTED INCOME (LOSS)
PER SHARE:
CONTINUING OPERATIONS $ (0.16) $ (0.05)
DISCONTINUED OPERATIONS $ - $ 0.10
NET LOSS $ (0.16) $ 0.05
WEIGHTED AVERAGE SHARES OUTSTANDING:
BASIC and DILUTED 13,091,088 13,017,233
SOURCE Sunair Services Corporation
http://www.sunairservices.com
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