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FORM 6-K/A
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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Report of Foreign Private Issuer
Pursuant to Rule 12a-16 or 15d 16 of
the Securities Exchange Act of 1934
Amendment No.1 to the Report on Form 6-k Filed
For the Quarters Ending March 31 and June 30, 1997
Commission File Number: 0-2918
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ARAMEX INTERNATIONAL LIMITED
(Exact Name of Registrant as specified in its Charter)
Not Applicable
(Translation of Registrant's Name into English)
2 Badr Shaker Alsayyab Street
Um Uthayna, Amman, Jordan
(Address and principal executive offices)
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Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F____
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes_____ No X
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-______________ .
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FORM 6-K/A
STATEMENT
In conection with the Registrant's Report on Form 6-K for the Quarters
ending March 31 and June 30, 1997 filed on September 12, 1997 (the "Form 6-K"),
gross profit for the Registrant's operations for the three months ending June
30, 1997, as reported in the Comparative Income Statement contained in Exhibit
99.2, should read 5,750 (in thousands of U.S. Dollars), rather than 5,760 (in
thousands of U.S. Dollars). Included in this filing is a restated Exhibit 99.2,
replacing in its entirety the original Exhibit 99.2 filed with the Form 6-K and
correcting the typographical error contained in the original exhibit.
EXHIBITS
99.2 Press release announcing the Company's results for the three months
ending June 30, 1997 (replacing in its entirety Exhibit 99.2 filed on
September 12, 1997).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ARAMEX INTERNATIONAL LIMITED
Date: September 16, 1997 By: /s/ William S. Kingson
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William S. Kingson
Chairman of the Board
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EXHIBIT 99.2
ARAMEX ANNOUNCES SECOND QUARTER RESULTS
OF $0.16 PER SHARE
August 14, 1997, Amman, Jordan -- Aramex International Limited ("Aramex")
(Nasdaq NM symbol: ARMXF), the international express and freight forwarding
company specializing in the Middle East & Indian Sub-Continent regions announced
record results for its second quarter ending June 30, 1997 of net income of
US$0.72 million, or US$0.16 per share, on revenues of US$15.6 million.
"We have met our targets for net earnings and revenue growth. This is the second
quarter in a row that we have posted record results. Our year-to-date
performance positions us for growth opportunities in the markets we serve and
those we plan to enter," commented Mr. William Kingson, Chairman of Aramex.
"Our growth is attributable to two important factors: the strong economic
performance of the Arabian Gulf countries, especially Saudi Arabia and the UAE
and Aramex's aggressive marketing efforts which have increased our market share
in retail express and freight forwarding," added Fadi Ghandour, Aramex's
President & Chief Executive Officer.
Results for the three months ended June 30, 1997 versus the three months ended
June 30,1996.
The Company's revenues increased approximately 30% to US$15.6 million in the
second quarter of 1997 from $12.0 million in the same period of 1996. Net income
increased approximately 67% to $0.72 million in 1997 from $0.43 million in the
same period of 1996. Earnings per share increased by 14% to $0.16 per share in
the second quarter of 1997 from $0.14 per share in same period of 1996.
Aramex's express revenue increased approximately 24% to $8.9 million in the
second quarter of 1997 from $7.2 million in the same period in 1996, primarily
as a result of increased business in the Arabian Gulf particularly Dubai and
Saudi Arabia, as well as from growth in wholesale business from Asia. For the
period in question, retail express revenues increased approximately 28% and
wholesale express revenues increased approximately 19% from the prior comparable
period.
Aramex's freight forwarding revenue increased by approximately 54% to $5.3
million in the second quarter of 1997, from $3.4 million in the same period of
1996. This increase was primarily as a result of the very healthy economic
activity in the Gulf region in general. "In Jordan, where Aramex continues to be
one of the leading freight forwarders, we have won the highest productivity
awards from the major airlines of the region such as Royal Jordanian, Gulf Air
and Emirates Airlines," Mr. Ghandour noted.
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Revenues from the Company's Middle East Direct ("MED") mail order catalog
service were $0.35 million for the second quarter of 1997. Domestic revenues
were $0.84 million in the second quarter of 1997. Other revenues were $0.28
million in the second quarter of 1997.
"We are very pleased with the steady growth of our MED business which we
commenced in January 1996. We have been able to set up our six Shop the World
Catalog Centers at minimal costs and ship orders to our customers through our
pre-existing delivery system," Mr. Kingson commented.
Increases in revenues were partially offset by increases in shipping and
operating expenses. Shipping costs increased by approximately 32% to $8.2
million in the second quarter of 1997 from $6.2 million for the comparable 1996
period. As a percentage of revenues, shipping costs increased to 53% in the
second quarter of 1997 compared to 52% for the comparable 1996 period. Operating
expenses increased approximately 11% in the second quarter of 1997 to
approximately $2.5 million from approximately $2.3 million in the same period
1996, primarily as a result of the hiring of new employees to service the
Company's increased business, particularly in Saudi Arabia. As a percentage of
revenues, operating expenses decreased to 16% in the second quarter of 1997
compared to 19% for the comparable 1996 period. Selling, general and
administrative expenses increased 43% in the second quarter of 1997 to
approximately $4.2 million from approximately $2.9 million in the same period
1996. As a percentage of revenues, selling, general and administrative expenses
increased to 27% in the second quarter of 1997 compared to 24% for the
comparable 1996 period.
Results for the six months ended June 30, 1997 versus the six months ended June
30, 1996.
Revenues increased by approximately 33% for the six months ending June 30, 1997
to approximately $30.2 million from $22.8 million in the same period of 1996.
Net income also increased by approximately 72% for the first six months of 1997
to approximately $1.4 million from $0.8 million for the same period in 1996.
Earnings per share increased in the first six months of 1997 by approximately
24% to $0.31 per share from $0.25 for the same period in 1996.
Aramex's express revenue increased approximately 22% to $16.9 million in the
first six months of 1997 from $13.9 million in the same period in 1996. For the
period in question, retail express revenues increased approximately 26% and
wholesale express revenues increased 18% from the comparable prior period.
Freight forwarding revenue increased by approximately 51% to $9.9 million in the
first six months of 1997, from $6.6 million in the same period of 1996.
Revenues from the Company's Middle East Direct ("MED") mail order catalog
service were $0.70 million for the first six months of 1997. Domestic revenues
were US$1.6 million in the first six months of 1997. Other revenues were US$1.0
million in the first six months of 1997.
Shipping costs increased by 39% to approximately $16.2 million in the first six
months of 1997 from $11.7 million for the comparable 1996 period. As a
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percentage of revenues, shipping costs increased to 54% in the first six months
of 1997 compared to 51% for the comparable 1996 period. Operating expenses
increased 23% in the first six months of 1997 to approximately $5.2 million from
approximately $4.2 million in the same period 1996. As a percentage of revenues,
operating expenses decreased to 17% in the first six months of 1997 compared to
19% for the comparable 1996 period. Selling, general and administrative expenses
increased 27% in the first six months of 1997 to approximately $7.4 million from
approximately $5.9 million in the same period 1996. As a percentage of revenues,
selling, general and administrative expenses decreased to 25% in the first six
months of 1997 compared to 26% for the comparable 1996 period.
"I am especially pleased by the excellent growth in the first six months of
1997. This growth demonstrates that our multi-modal one-stop-shop strategy is
accepted by our clients and the market." Mr. Ghandour noted.
ARAMEX currently operates 57 offices and facilities in 31 countries, providing
express delivery and freight forwarding services from its main hubs in Dubai,
London, New York and Amman primarily to, from and within destinations in the
Middle East and the Indian Sub-Continent. Aramex also holds a majority interest
in a direct marketing and mail order catalog service located in the Middle East.
Certain of statements contained in this press release may be deemed forward
looking statements. Such statements, and other matters addressed in this press
release, involve a number of risks and uncertainties. Among the factors that
could cause actual plans to differ materially from these statements and other
matters are the risks and other factors detailed, from time to time, in the
Company's reports with the U.S. Securities and Exchange Commission.
For further information please contact: Fadi Ghandour, 011-962-6-5538761, or
fax, 011-962-6-5537451; or William Kingson, (212) 752-5660, or fax, (212)
308-3938, both of Aramex International Limited.
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ARAMEX INTERNATIONAL LIMITED
Consolidated Comparative Income Statements
for the Six Months Ended June 30, 1997 and 1996
(In Thousands of U.S. Dollars)
Un-Audited Un-Audited
Six months ended Six months ended
June 30, 1997 June 30, 1996
Retail Express 9,535 7,578
Wholesale Express 7,447 6,307
Total Courier Revenue 16,982 13,885
Freight Forwarding 9,871 6,558
MED 694 -
Domestic 1,638 1,357
Other 1,042 961
Total Revenue 30,227 22,761
Outbound Cost of Services 6,779 5,194
Inbound Cost of Services 699 780
Freight Forwarding 7,592 4,999
MED 440 -
Domestic 250 228
Other 470 489
Total Cost of Services 16,230 11,690
Gross Profit 13,997 11,071
Operating Expenses 5,191 4,220
Selling Expenses 2,027 1,712
General & Administration 5,418 4,147
Total Overheads 12,636 10,079
Operating Net Profit 1,361 992
Other Income (Expenses) 89 (18)
Net Profit Before Tax 1,450 974
Provision of Income Tax 78 81
Minority Interest 15 106
Net Income 1,357 787
Earnings per share 0.31 0.25
Weighted average number of shares
outstanding 4,363,390 3,125,000
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ARAMEX INTERNATIONAL LIMITED
Consolidated Comparative Income Statements
for the Three Months Ended June 30, 1997 and 1996
(In Thousands of U.S. Dollars)
Un-Audited Un-Audited
3 months ended 3 months ended
June 30, 1997 June 30, 1996
Retail Express 5,084 3,972
Wholesale Express 3,780 3,184
Total Courier Revenue 8,864 7,156
Freight Forwarding 5,295 3,437
MED 352 -
Domestic 844 778
Other 275 620
Total Revenue 15,630 11,991
Outbound Cost of Services 3,493 2,741
Inbound Cost of Services 374 465
Freight Forwarding 4,082 2,597
MED 211 -
Domestic 103 157
Other (33) 281
Total Cost of Services 8,230 6,241
Gross Profit 7,400 5,750
Operating Expenses 2,509 2,258
Selling Expenses 1,250 875
General & Administration 2,922 2,050
Total Overheads 6,681 5,183
Operating Net Profit 719 567
Other Income (Expenses) 29 (4)
Net Profit Before Tax 748 562
Provision of Income Tax 34 56
Minority Interest (8) 74
Net Income 722 432
Earnings per share $0.16 $0.14
Weighted average number of shares
outstanding 4,429,688 3,125,000
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