Revenues from continuing operations in the first quarter of 2001 were $90.4 million, EBITDA was $5.1 million and earnings per share was $0.01, excluding the previously announced final one-time charges associated with the discontinued PIMMS operation. This operating performance exceeded consensus analysts’ estimates for all three metrics. Earnings per share before goodwill amortization, excluding the final one-time charges associated with the discontinued PIMMS operations, was $0.08.
Ed Mellett, Chairman and Chief Executive Officer of AHL said, We are pleased with the performance of our continuing operations. These operations, including marketing services in the United States and specialized staffing services in the United Kingdom and Germany, had revenue growth of 10% in local currency. We are encouraged by our first quarter revenue performance in 2001 as it exceeded the strong revenue performance in the first quarter of 2000 and reinforces our belief in the growth potential of our two businesses.
As part of its strategic transformation announced previously, in the fourth quarter of 2000 AHL sold its U.S. industrial staffing business, sold its aviation and facility services businesses and discontinued operations of its PIMMS store set-up business. Reported operating results for the first quarter of 2001 include the continuing operations, as well as the final revenues of the discontinued PIMMS store set-up business. Reported operating results for the first quarter of 2000 include the continuing operations, as well as revenues from the divested U.S. industrial staffing business and the discontinued PIMMS store set-up business. Total reported revenues from the first quarter of 2001 were $91.3 million compared to $109.7 million for the first quarter of 2000. Including the previously announced $2.5 million final one-time PIMMS exit costs, the total reported net loss was $1.3 million for the first quarter of 2001 versus net income of $289,000 for the first quarter of 2000. The total reported per share loss for the first quarter of 2001 was $.09, versus earnings per share of $.02 for the first quarter of 2000.
Mellett discussed AHL’s forecast for 2001, saying, We are continuing to implement our plan to accelerate growth and to focus on fewer, more attractive business lines. Based on current market conditions, excluding any future acquisitions and based on a constant exchange rate, we continue to expect double digit revenue growth and mid-teen EBITDA growth for the year 2001.
