Interstate National Dealer Services, Inc. Announces Third Quarter Fiscal 2002 Results

Business Wire,  Sept 13, 2002  

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Business Editors / Automotive Writers

MITCHEL FIELD, N.Y.--(BUSINESS WIRE)--Sept. 13, 2002

Interstate National Dealer Services, Inc. (NASDAQ:ISTN) today announced its third quarter results for the period ended July 31, 2002.

Revenues for the three months ended July 31, 2002 increased to $16,988,956 as compared to $16,821,849 for the same period a year earlier. Net income for the three months ended July 31, 2002 was $885,011, or $0.22 per share on 4,084,069 diluted weighted average shares outstanding, compared to net income of $639,861, or $.15 per share on 4,225,785 diluted weighted average shares outstanding, for the comparable period a year earlier.

Revenues for the nine months ended July 31, 2002 increased approximately 3% to $45,655,174, compared to $44,439,460 for the same period a year earlier. Net income for the nine months ended July 31, 2002 was $1,350,482, or $0.33 per share on 4,078,934 diluted weighted average shares outstanding, compared to net income of $1,829,735, or $.42 per share on 4,316,548 diluted weighted average shares outstanding, for the comparable period a year earlier.

Interstate is a leading nationwide provider of service contracts and extended warranties, primarily for new and used cars and recreational vehicles, as well as watercraft, manufactured housing, motorcycles and other power sport vehicles. For additional information please visit our websites: http://www.inds.com and http://www.warrantydirect.com.

This press release contains forward-looking statements, which are subject to risks and uncertainties. Such statements are based on assumptions and expectations which may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ from the results discussed in the forward-looking statements. A number of these risks and other factors that might cause differences, some of which could be material, along with additional discussion of forward-looking statements, are set forth in the Company's Report on Form 8-K filed with the Securities and Exchange Commission on December 23, 1996.

      INTERSTATE NATIONAL DEALER SERVICES, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                               UNAUDITED

                             For the Three             For the Nine
                             Months Ended              Months Ended
                                July 31,                  July 31,
                               --------                  --------

                             2002        2001       2002        2001
                             ----        ----       ----        ----

REVENUES              $16,988,956 $16,821,849 $45,655,174 $44,439,460

NET INCOME                885,011     639,861   1,350,482   1,829,735

NET INCOME PER SHARE:

   Basic                     $.22        $.16        $.34        $.44
   Weighted
    average shares
    outstanding         3,945,916   4,055,877   3,958,767   4,140,494

   Diluted                   $.22        $.15        $.33        $.42
   Weighted average
    shares outstanding  4,084,069   4,225,785   4,078,934   4,316,548


                      CONSOLIDATED BALANCE SHEETS


                                  July 31, 2002     October 31, 2001
                                  -------------     ----------------
                                   Unaudited
                                   ---------


Cash and investments             $ 72,612,232        $ 68,917,084

Total assets                       90,827,795          86,613,542

Total stockholders' equity         20,448,660          19,343,074

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