Warrantech Stays On Track In Q2
Staff -- TWICE, 11/13/2000
EULESS, TEXAS -Announcing its fifth consecutive quarterly improvement in its return to profitability, and its second consecutive quarter in the black, Warrantech Corp. said its net earned administrative fees (sales) jumped 27 percent to $12.8 million for the fiscal second quarter ended Sept. 30. This compares with $10.1 million in the second quarter of last year.
The company announced a $692,383 profit for the second quarter, compared with a $2.6 million loss in the same period last year.
For the six months, its net earned administrative fee climbed nearly 30 percent to $25.3 million, compared with $19.6 million in the same quarter in 1999. The company said its profit for the six months was $932,983, compared with a $6 million loss for the same six months last year.
Warrantech said its Consumer Products business segment increased its pretax profit to $500,000 in the second quarter, compared with a loss of $1.2 million in the same quarter last year.
The company said its service, selling, general and administrative expenses for the second quarter decreased 22.5 percent to $9.7 million, down from the $12.6 million reported in second-quarter 1999. For the six months, SG & A dropped 22.4 percent to $19.9 million, compared to $25.6 million for the first six months of last year.
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