JOULE, Inc. reports improved fiscal 1997 second-quarter financial results

Business Wire, April 30, 1997

EDISON, N.J.--(BUSINESS WIRE)--April 30, 1997--JOULE, Inc. (AMEX:JOL) today announced financial results for the fiscal 1997 second quarter which ended March 31, 1997.

Revenues for the quarter improved to $12,471,000, compared with $12,088,000 for the second quarter of fiscal 1996. Fiscal 1997 second-quarter net income rose 12 percent, to $318,000, or $0.09 per share, from $284,000, or $0.08 per share, for the corresponding period a year ago.

For the first six months of fiscal 1997, revenues were $23,414,000, compared with $25,488,000 for the corresponding period in fiscal 1996. Net income for the six-month period was $412,000, or $0.11 per share, compared with $640,000, or $0.18 per share, for the first half of fiscal 1996.

Emanuel N. Logothetis, Chairman and Chief Executive Officer, commented, "JOULE's second-quarter revenue and earnings improvement demonstrates our aggressive efforts to capture new contracts in the Industrial Services area of our business while preserving the steady growth of our Staffing Services business. We anticipate revenue and earnings growth in the second half of fiscal 1997 compared to the second half of 1996 and are optimistic that year-to-year annual results will be comparable."

JOULE, Inc. is a staffing company providing a variety of technical, office, and industrial services. Established in 1965, JOULE, Inc. operates 13 branch offices, primarily in the greater New Jersey area. -0-

                            JOULE, INC.
                       Financial Highlights
             (In thousands, except per-share amounts)

                                  Three                   Six
                               Months Ended:          Months Ended:
                                 March 31,              March 31,
                               1997       1996       1997       1996

Revenues                    $12,471    $12,088    $23,414    $25,488
Income before taxes             529        472        686      1,066
Income taxes                    211        188        274        426
Net income                  $   318    $   284    $   412    $   640

Earnings per share          $  0.09    $  0.08    $  0.11    $  0.18

Weighted average number
 of shares outstanding        3,663      3,646      3,663      3,645