Exhibit 99
The Dwyer Group Reports Second Quarter Results
WACO, Texas--(BUSINESS WIRE)--Aug. 11, 2003--The Dwyer Group, Inc.
(Nasdaq:DWYR) today reported net income of $1,208,000, or $.16 per
share on a diluted basis, for the six months ended June 30, 2003,
compared to $1,298,000, or $.18 per share, for the comparable period
last year. Net income for the second quarter of 2003 was $604,000, or
$.08 per share on a diluted basis, compared to $741,000, or $.10 per
share, for the second quarter of 2002. Both the six month and second
quarter periods in 2003 included expenses of $359,000 associated with
a proposed merger announced by the company in May of this year. Those
expenses reduced diluted earnings per share by $.03 in each period of
2003.
Revenues for the first six months of 2003 increased 5% to $13.2
million from $12.5 million for the comparable 2002 period. Revenues
for the quarter increased 2% to $6.8 million from $6.7 million for the
second quarter of 2002.
The Dwyer Group, Inc. now supports approximately 800 franchises in
the United States and Canada, and through its master licensees,
approximately 275 franchises in 15 other countries. The company
operates the following franchise concepts: Mr. Rooter(R), Rainbow
International(R), Glass Doctor(R), Mr. Electric(R), Mr. Appliance(R)
and Aire Serv(R).
The Dwyer Group, Inc.
Consolidated Operating Results
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
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2003 2002 2003 2002
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Revenues:
Royalties $ 3,733 $ 3,882 $ 7,197 $ 6,839
Franchise fees 1,902 1,468 3,741 3,062
Sales of products and
services 744 970 1,387 1,919
Interest 223 184 446 362
Other 198 172 408 360
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Total revenues 6,800 6,676 13,179 12,542
Costs and expenses:
General, administrative,
and selling 4,412 4,213 8,890 8,058
Costs of product and
service sales 640 795 1,186 1,572
Depreciation and
amortization 372 334 725 651
Interest 62 169 118 221
Merger related expenses 359 - 359 -
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Total costs and
expenses 5,845 5,511 11,278 10,502
Pre-Tax Income $ 955 $ 1,165 $ 1,901 $ 2,040
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Net Income $ 604 $ 741 $ 1,208 $ 1,298
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Basic Earnings Per Share $ .09 $ .11 $ .17 $ .19
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Diluted Earnings Per Share $ .08 $ .10 $ .16 $ .18
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Forward-looking statements in this release are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ from
those projected. Such risks and uncertainties include, but are not
limited to, general business conditions, competition, taxes, inflation
and government regulations.
For more information, contact Tom Buckley, chief financial
officer, at (800) 490-7501. For general information regarding The
Dwyer Group or its franchise concepts, visit the company's website at
http://www.dwyergroup.com.
CONTACT: The Dwyer Group, Inc., Waco
Tom Buckley, 254-745-2482 or 800-490-7501