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Vestcom Reports Q3 2001 Operating Results.
Business Editors
WEST CALDWELL, N.J.--(BUSINESS WIRE)--Nov. 12, 2001
Vestcom International, Inc. (NASDAQ:VESC), a leading provider of business communications solutions and marketing services, today reported operating results for the three and nine month periods ended September 30, 2001.
During the 2001 third quarter, Vestcom's revenues were $37.2 million, compared to $37.1 million in the same period in the prior year. The Company achieved EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) of $3.7 million during the quarter, versus $4.0 million in the third quarter of 2000.
Vestcom reported net income of $0.1 million for the 2001 third quarter, or $0.01 per diluted share, compared to $0.4 million, or $0.05 per diluted share in the third quarter of 2000. Per share results are based on 9,088,000 and 9,062,000 weighted average diluted shares outstanding during the third quarters of 2001 and 2000, respectively. During the third quarter, the Company increased its estimated tax provision. The substantially higher effective tax rate for the quarter, which negatively impacted the after-tax net income and earnings per share for the three-month period, results from the significant amount of non-tax-deductible goodwill on Vestcom's balance sheet and the Company's lower pretax earnings.
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