Your Source for Up-To-Date News and Research on the Collision Repair Industry
click here to subscribe to the FREE INSIGHT Editor's Desk News Alert Email
SUBSCRIBERS-ONLY
Today's News
INSIGHT This Month
INSIGHT Archives
Survey Center
Letter to the Editor
Business Tools
Subscription Information
CSI Reporting
Financial Analysis
IRS Audit Guide
Management/
Technical Info
Market Watch Rates
INSIGHT Inside this month's issue...
Feedback
Letter to the Editor
Thursday April 24
CCC Information Services Group Inc. Reports Net Income Rise in Q1
CCC Information Services Group Inc., a provider of software and information services to the automotive claims and collision-repair industries, has reported net income of $6.0 million, or $0.22 per share, for the first quarter ended March 31, 2003, compared with net income of $5.2 million, or $0.20 per share, in the same quarter of 2002.Revenues were $47.7 million in the first quarter, compared to $47.5 million in the same quarter of 2002. Operating income rose to $9.8 million in the first quarter, compared with $9.2 million as reported in the same quarter of 2002. Operating margins in the first quarter increased to 20.5 percent, compared to 19.4 percent in the same quarter of 2002.
The first quarter included one month of results from CCC's recent acquisition of Comp-Est Estimating Solutions. As previously disclosed, CCC acquired substantially all of the assets of Comp-Est on February 26, 2003, from the Motor Information Systems Division of Hearst Business Publishing, Inc. for approximately $13.0 million in cash. With the acquisition, CCC gains the opportunity to serve over 5,000 additional customers in one of the fastest growing segments of the marketplace, and can offer a broader suite of electronic estimating and other tools to all types of collision repair businesses. The acquisition of Comp-Est is expected to be accretive in the first year and add over $5 million in revenue for the remainder of 2003 to CCC's collision estimating product suite. CCC expects that the addition of this business will likely increase the growth rate within the automotive repair facility channel from 8-10 percent to 10-12 percent for the full year 2003.
CCC's expectations for the second quarter and the remainder of 2003 include:
Revenue for the second quarter will grow in the 1 to 2 percent range. Full year revenue is expected to grow in the mid-single digit range, versus prior guidance of low-to-mid single digits.
Operating income for the second quarter is expected to be in the $10 million range.
Operating income for the full year 2003 is expected to be in the $40 to $43 million range, which is unchanged from prior guidance.
EPS target for the second quarter is expected to be in the $0.22 to $0.24 per share range. EPS for the full year is expected to be in the $0.92 to $0.96 per share range, again unchanged from prior guidance. (Using a fully diluted share base of 27.7 million shares outstanding.)
©2003 Collision Repair Industry INSIGHT
All Rights Reserved
FEATURED
LINKS:
INSIGHT Supports the NABC!
Do You?