Monday April 29
CCC Posts $0.20 EPS, Solid First Quarter Operating Income and EBITDA
CCC Information Services Group Inc. has reported net income from continuing operations of $5.2 million, or $0.20 per share, for the first quarter ended March 31, 2002 compared with a net loss from continuing operations of $2.8 million, or $0.13 per share, in the same quarter of 2001.
Operating income rose to $9.2 million in the first quarter, compared with $1.8 million as reported in the same quarter of 2001 (or $2.2 million excluding results of the exited International segment). Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA), increased to $11.6 million compared with $4.9 million as reported in the first quarter a year ago (or $5.2 million excluding results of the exited International segment).
Revenues from the Company's U.S. business in the first quarter of 2002 increased 2.4 percent from the first quarter a year ago, rising from $46.4 million to $47.5 million.
"These levels of operating income and EBITDA demonstrate our continued progress," said Githesh Ramamurthy, chairman and chief executive officer of CCC Information Services Inc. "We are pleased with our financial performance during the first quarter, and feel the results confirm that CCC is a company capable of generating strong, consistent cash flows and solid operating margins."
CCC's net debt level continued to decline and ended the quarter at $4.7 million.
CCC's expectations for the second quarter and the remainder of 2002 include continued revenue growth and new product launches.
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