Westminster Capital Reports Year End 2000 Results

Apr 02, 2001, 01:00 ET from Westminster Capital Inc.

    BEVERLY HILLS, Calif., April 2 /PRNewswire/ -- Westminster Capital Inc.,
 (Amex:   WI), a holding company that makes opportunistic value-added investments
 in publicly held and private companies today reported financial results for
 the year ended December 31, 2000.
     Revenues for the year were $28,278,000 compared to $19,066,000 for the
 year ended December 31, 1999.  The increase in revenues was largely
 attributable to the inclusion of equipment rental and sales of Matrix, a
 68% owned subsidiary that rents and sells a wide range of audio-visual
 equipment, which was acquired in November 1999.
     William Belzberg, Westminster's chief executive officer said, "We are very
 pleased with the Company's continued top line growth.  Our point-of-purchase
 display and packaging business operated through One Source, contributing over
 $14,000,000 or 50% to revenues in 2000, represents a key source of business
 for Westminster Capital.  We expect the product display and packaging industry
 to maintain a pace of steady expansion, which One Source is well positioned to
 capitalize on.  Further, One Source demonstrates that Westminster Capital
 remains committed to its mission of investing in or acquiring companies with
 significant growth potential."
     The company reported net income of $6,989,000 or $0.87 per share basic and
 diluted, for the year ended December 31, 2000, compared to net income of
 $2,323,000 or $.30 per share diluted, for the year ended December 31, 1999.
 The significant increase in net income is largely attributable to a
 $6,699,000 reversal of deferred taxes related to a previously established
 liability for deferred taxes on legal settlement revenues.  Net income also
 includes the effects of a permanent impairment write-down of unamortized
 goodwill in Physician Advantage of $1,360,000.  The goodwill write-down was
 due to continuing operating losses and deteriorating industry market
 conditions for Physician Advantage.
 
     About Westminster Capital
     Westminster Capital's operations include, One Source Industries, a
 provider of packaging and point-of-display materials, Matrix Visual Solutions,
 an audiovisual equipment rental and sales company, Westland Associates, Inc.,
 a group purchasing service for new-car dealerships and Physician Advantage
 LLC, a group purchasing service for physicians.  The Company also engages in
 certain lending activities, including origination and purchasing loans, as
 well as investing in securities, which principally consist of U.S. Government
 securities and to a limited extent, equity securities.
 
     "Safe Harbor" Statement under the Private Securities Litigation Reform Act
 of 1995:
     Statements in this press release contain forward looking statements
 regarding various aspects of the Corporation's business affairs including
 statements about the future cash needs of the Corporation.  The words
 "except," "estimate," "believe" and similar expressions and variations are
 intended to identify forward looking statements.  These forward-looking
 statements involve substantial risks and uncertainties.  The actual results
 could differ materially from those discussed in the forward-looking
 statements.  Statements about future earnings and revenues and the adequacy of
 cash resources for future needs are uncertain because of the unpredictability
 of future events affecting such statements.  Readers are cautioned not to put
 undue reliance on such forward-looking statements.  The corporation undertakes
 no obligation to publicly revise these forward-looking statements to reflect
 events or circumstances that arise after the date hereof.
 
     For further information please call Rui Guimarais, Chief Financial Officer
 of Westminster Capital Inc., 310-278-1930; or Joe Bunning of Sitrick and
 Company, 310-788-2850, for Westminster Capital Inc.
 
 
                   WESTMINSTER CAPITAL, INC. AND SUBSIDIARIES
 
                     CONSOLIDATED STATEMENTS OF OPERATIONS
           FOR THE THREE YEARS IN THE PERIOD ENDED DECEMBER 31, 2000
 
     REVENUES:                          2000            1999          1998
     ---------                          ----            ----          ----
     Sales to packaging
      customers                  $14,043,000     $11,808,000            --
     Equipment rental and sales   10,055,000         601,000            --
     Group purchasing revenues     1,568,000       1,184,000    $1,034,000
     Interest on loans               733,000       1,037,000     1,167,000
     Interest on securities
      available-for-sale
      and money market funds       1,256,000       1,276,000     1,335,000
     Loan fees                       127,000       1,484,000        49,000
     Unrealized (losses)
      gains on limited
      partnerships that
      invest in securities         (195,000)         838,000     (299,000)
     (Loss) gain on sale
      or impairment of
      securities-available-
      for-sale, net                 (73,000)         602,000        66,000
     Gain (loss) from equity
      investments                    299,000       (130,000)     5,887,000
     Lawsuit settlement, net              --         192,000        52,000
     Interest on tax refund               --              --     2,644,000
     Other income (loss)             465,000         174,000     (221,000)
                                 =========================================
     Total Revenues               28,278,000      19,066,000    11,714,000
                                 =========================================
     COSTS AND EXPENSES:
     -------------------
     Cost of sales                14,892,000       7,880,000            --
     Selling, general
      and administrative          10,976,000       6,129,000     4,049,000
     Depreciation and
      amortization                 2,255,000         593,000       (9,000)
     Interest expense                260,000          59,000         9,000
                                 =========================================
     Total costs and expenses     28,383,000      14,661,000     4,049,000
                                 =========================================
 
     (LOSS) INCOME BEFORE
      INCOME TAXES AND
      MINORITY INTERESTS           (105,000)       4,405,000     7,665,000
 
     INCOME TAX BENEFIT
      (PROVISION)                  6,594,000     (1,843,000)   (2,002,000)
 
     MINORITY INTERESTS, NET       (193,000)       (237,000)            --
                                 -----------------------------------------
 
     INCOME FROM CONTINUING
     OPERATIONS                    6,296,000       2,325,000     5,663,000
 
     DISCONTINUED OPERATIONS         693,000         (2,000)       164,000
                                 -----------------------------------------
     NET INCOME                   $6,989,000     $ 2,323,000    $5,827,000
                                 =========================================
 
     Net Income Per Common Share:
       Basic-  Continuing operations    $.78            $.30          $.72
               Discontinued operations   .09             .00           .02
                                 -----------------------------------------
               Net income               $.87            $.30          $.74
                                 -----------------------------------------
               Diluted- Continuing
                         operations     $.78            $.29          $.71
               Discontinued operations   .09             .00           .02
                                  -----------------------------------------
               Net income               $.87            $.29          $.73
                                 -----------------------------------------
 
 
 

SOURCE Westminster Capital Inc.
    BEVERLY HILLS, Calif., April 2 /PRNewswire/ -- Westminster Capital Inc.,
 (Amex:   WI), a holding company that makes opportunistic value-added investments
 in publicly held and private companies today reported financial results for
 the year ended December 31, 2000.
     Revenues for the year were $28,278,000 compared to $19,066,000 for the
 year ended December 31, 1999.  The increase in revenues was largely
 attributable to the inclusion of equipment rental and sales of Matrix, a
 68% owned subsidiary that rents and sells a wide range of audio-visual
 equipment, which was acquired in November 1999.
     William Belzberg, Westminster's chief executive officer said, "We are very
 pleased with the Company's continued top line growth.  Our point-of-purchase
 display and packaging business operated through One Source, contributing over
 $14,000,000 or 50% to revenues in 2000, represents a key source of business
 for Westminster Capital.  We expect the product display and packaging industry
 to maintain a pace of steady expansion, which One Source is well positioned to
 capitalize on.  Further, One Source demonstrates that Westminster Capital
 remains committed to its mission of investing in or acquiring companies with
 significant growth potential."
     The company reported net income of $6,989,000 or $0.87 per share basic and
 diluted, for the year ended December 31, 2000, compared to net income of
 $2,323,000 or $.30 per share diluted, for the year ended December 31, 1999.
 The significant increase in net income is largely attributable to a
 $6,699,000 reversal of deferred taxes related to a previously established
 liability for deferred taxes on legal settlement revenues.  Net income also
 includes the effects of a permanent impairment write-down of unamortized
 goodwill in Physician Advantage of $1,360,000.  The goodwill write-down was
 due to continuing operating losses and deteriorating industry market
 conditions for Physician Advantage.
 
     About Westminster Capital
     Westminster Capital's operations include, One Source Industries, a
 provider of packaging and point-of-display materials, Matrix Visual Solutions,
 an audiovisual equipment rental and sales company, Westland Associates, Inc.,
 a group purchasing service for new-car dealerships and Physician Advantage
 LLC, a group purchasing service for physicians.  The Company also engages in
 certain lending activities, including origination and purchasing loans, as
 well as investing in securities, which principally consist of U.S. Government
 securities and to a limited extent, equity securities.
 
     "Safe Harbor" Statement under the Private Securities Litigation Reform Act
 of 1995:
     Statements in this press release contain forward looking statements
 regarding various aspects of the Corporation's business affairs including
 statements about the future cash needs of the Corporation.  The words
 "except," "estimate," "believe" and similar expressions and variations are
 intended to identify forward looking statements.  These forward-looking
 statements involve substantial risks and uncertainties.  The actual results
 could differ materially from those discussed in the forward-looking
 statements.  Statements about future earnings and revenues and the adequacy of
 cash resources for future needs are uncertain because of the unpredictability
 of future events affecting such statements.  Readers are cautioned not to put
 undue reliance on such forward-looking statements.  The corporation undertakes
 no obligation to publicly revise these forward-looking statements to reflect
 events or circumstances that arise after the date hereof.
 
     For further information please call Rui Guimarais, Chief Financial Officer
 of Westminster Capital Inc., 310-278-1930; or Joe Bunning of Sitrick and
 Company, 310-788-2850, for Westminster Capital Inc.
 
 
                   WESTMINSTER CAPITAL, INC. AND SUBSIDIARIES
 
                     CONSOLIDATED STATEMENTS OF OPERATIONS
           FOR THE THREE YEARS IN THE PERIOD ENDED DECEMBER 31, 2000
 
     REVENUES:                          2000            1999          1998
     ---------                          ----            ----          ----
     Sales to packaging
      customers                  $14,043,000     $11,808,000            --
     Equipment rental and sales   10,055,000         601,000            --
     Group purchasing revenues     1,568,000       1,184,000    $1,034,000
     Interest on loans               733,000       1,037,000     1,167,000
     Interest on securities
      available-for-sale
      and money market funds       1,256,000       1,276,000     1,335,000
     Loan fees                       127,000       1,484,000        49,000
     Unrealized (losses)
      gains on limited
      partnerships that
      invest in securities         (195,000)         838,000     (299,000)
     (Loss) gain on sale
      or impairment of
      securities-available-
      for-sale, net                 (73,000)         602,000        66,000
     Gain (loss) from equity
      investments                    299,000       (130,000)     5,887,000
     Lawsuit settlement, net              --         192,000        52,000
     Interest on tax refund               --              --     2,644,000
     Other income (loss)             465,000         174,000     (221,000)
                                 =========================================
     Total Revenues               28,278,000      19,066,000    11,714,000
                                 =========================================
     COSTS AND EXPENSES:
     -------------------
     Cost of sales                14,892,000       7,880,000            --
     Selling, general
      and administrative          10,976,000       6,129,000     4,049,000
     Depreciation and
      amortization                 2,255,000         593,000       (9,000)
     Interest expense                260,000          59,000         9,000
                                 =========================================
     Total costs and expenses     28,383,000      14,661,000     4,049,000
                                 =========================================
 
     (LOSS) INCOME BEFORE
      INCOME TAXES AND
      MINORITY INTERESTS           (105,000)       4,405,000     7,665,000
 
     INCOME TAX BENEFIT
      (PROVISION)                  6,594,000     (1,843,000)   (2,002,000)
 
     MINORITY INTERESTS, NET       (193,000)       (237,000)            --
                                 -----------------------------------------
 
     INCOME FROM CONTINUING
     OPERATIONS                    6,296,000       2,325,000     5,663,000
 
     DISCONTINUED OPERATIONS         693,000         (2,000)       164,000
                                 -----------------------------------------
     NET INCOME                   $6,989,000     $ 2,323,000    $5,827,000
                                 =========================================
 
     Net Income Per Common Share:
       Basic-  Continuing operations    $.78            $.30          $.72
               Discontinued operations   .09             .00           .02
                                 -----------------------------------------
               Net income               $.87            $.30          $.74
                                 -----------------------------------------
               Diluted- Continuing
                         operations     $.78            $.29          $.71
               Discontinued operations   .09             .00           .02
                                  -----------------------------------------
               Net income               $.87            $.29          $.73
                                 -----------------------------------------
 
 
 SOURCE  Westminster Capital Inc.