Kroll Inc. announced financial results from continuing operations for the quarter ended June 30, 2003.
Second Quarter 2003 Results: Net sales for the second quarter of 2003 increased 92.1 percent to$111.4 million from net sales of $58.0 million for the second quarter of 2002. In the second quarter of 2003, income from continuing operations grew by 271 percent to $12.9 million, from $3.5 million for the second quarter of 2002. Earnings per share from continuing operations for the second quarter of 2003 rose to $0.31 per diluted share from $0.13 per diluted share in the second quarter of 2002. Net income in the second quarter of 2003, including the impact of the discontinued operations discussed below, was $5.0 million, or $0.12 per diluted share, compared to net income of $3.6 million, or $0.14 per diluted share, in the second quarter of 2002.
Operating income for the second quarter of 2003 was $21.9 million, or 19.6 percent of net sales, compared to operating income of $5.9 million, or 10.2 percent of net sales, for the second quarter of 2002.
Kroll generated cash from operations in the second quarter of 2003 of approximately $20 million. At June 30, 2003, Kroll had $100.4 million in cash and cash equivalents.
First Half 2003 Results: For the six months ended June 30, 2003, net sales increased 91.3 percent to $214.9 million from net sales of $112.4 million for the first half of 2002. Income from continuing operations for the first six months of 2003 was $24.3 million, or $0.59 per diluted share, compared to income from continuing operations of $5.8 million, or$0.23 per diluted share, for the first six months of 2002. Including the impact of the discontinued operations, net income for the first half of 2003 was $16.2 million, or $0.39 per diluted share, compared to net income of $5.9 million, or $0.24 per diluted share in the first half of 2002. For the first half of 2003, operating income was $41.1 million, or 19.1 percent of net sales, compared to operating income of$10.4 million, or 9.3 percent of net sales for the first half of 2002.
