Exhibit 99.1
JOULE Inc. Reports Fiscal 2003 Fourth-Quarter and Full-Year Financial Results
EDISON, N.J.--(BUSINESS WIRE)--Dec. 16, 2003--The management of
JOULE Inc. (AMEX:JOL) today announced its financial results for the
fiscal 2003 fourth quarter and full year ended September 30, 2003. In
late November, JAC Acquisition Company, Inc., which is owned by
Emanuel Logothetis, the Chairman of Joule, his family and John G.
Wellman, Jr., the Company's President and Chief Operating Officer,
announced a going private transaction in the form of a cash tender
offer to purchase the outstanding shares of Joule not owned by the
Logothetis family and Mr. Wellman for $1.52 per share.
For the 2003 fiscal fourth quarter, revenues were $17,393,000,
down 6.3 percent compared with last year's fourth-quarter revenues of
$18,565,000. The company reported net income for the final quarter of
fiscal 2003 of $50,000, or $0.01 per basic and diluted share, versus
$107,000, or $0.03 per basic and diluted share, for fiscal 2002's
final quarter. In the 2003 fourth quarter, costs of $50,000 were
incurred related to the going private transaction.
For fiscal year 2003, revenues of $68,717,000 declined 5.6 percent
from the prior year's revenues of $72,796,000. The fiscal 2003 net
loss was $264,000, or $0.07 per basic and diluted share, compared with
a net loss of $162,000, or $0.04 per basic and diluted share, for
fiscal 2002.
John G. Wellman, Jr., JOULE's President and Chief Operating
Officer, stated, "The fourth quarter results reflect our continued
attention to cost controls even as revenue declined slightly from the
previous quarter and was below the prior year fourth quarter. The
generally positive economic news that is being reported has not
translated into overall greater demand for our services at this time."
JOULE Inc. is a staffing company providing a variety of technical,
commercial and industrial services. Established in 1965, JOULE Inc.
operates 15 branch offices, primarily in the greater New Jersey area
as well as Alabama, Illinois and Massachusetts.
This news release includes forward-looking statements within the
meaning of the federal securities laws that are subject to risks and
uncertainties. Factors that could cause the Company's actual results
and financial condition to differ from the Company's expectations
include, but are not limited to, a change in economic conditions that
adversely affects the level of demand for the Company's services,
competitive market and pricing pressures, the availability of
qualified temporary workers, the ability of the Company to manage
growth through improved information systems and the training and
retention of new staff, and government regulation.
JOULE INC.
Financial Highlights
(In thousands, except per-share amounts)
Three Months Fiscal Year
Ended: Ended:
September 30, September 30,
2003 2002 2003 2002
------- ------- ------- -------
Revenues $17,393 $18,565 $68,717 $72,796
Income (loss) before income taxes 99 226 (416) (259)
Income tax provision (benefit) 49 119 (152) (97)
------- ------- ------- -------
Net income (loss) $50 $107 $(264) $(162)
======= ======= ======= =======
Basic earnings (loss) per share $0.01 $0.03 $( 0.07) $(0.04)
======= ======= ======= =======
Diluted earnings (loss) per share $0.01 $0.03 $( 0.07) $(0.04)
======= ======= ======= =======
Common shares outstanding-basic 3,684 3,682 3,684 3,682
Common shares and common equivalents
outstanding 3,686 3,685 3,684 3,682
CONTACT: JOULE Inc.
John G. Wellman, Jr., 732-548-5444