[0] Crystal Systems Solutions Ltd. Announces Year 2000 Fourth Quarter and Year End Financial Results.Business Editors/High-Tech Writers HERZLIYA Herzliya or Herzlia (hĕrtslē`ə), town (1994 pop. 83,800), central Israel, near the Mediterranean Sea. It is a resort with fine beaches, as well as an important electronics center. , Israel--(BUSINESS WIRE)--Feb. 14, 2001 Crystal Systems Solutions Ltd. (Nasdaq:CRYS Crys are a Welsh heavy rock/metal band from Resolven, South Wales, United Kingdom. The band was formed in 1976 by brothers Liam (Vocals, Rhythm guitar) and Scott Forde (Bass guitar) while attending boarding school in Hereford, England. ), a leading provider of cross-platform (software, hardware) cross-platform - A term that describes a language, software application or hardware device that works on more than one system platform (e.g. Unix, Microsoft Windows, Macintosh). E.g. Netscape Navigator, Java. software renovation and porting solutions, today announced its financial results for the fourth quarter and year ended December December: see month. 31, 2000. The company's revenues for the year 2000 reached a record of US$49.2 million as compared to US$45.9 million in 1999. The company achieved a sequential One after the other in some consecutive order such as by name or number. growth in its operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. excluding amortization of goodwill, that grew from US$0.4 million representing a margin of 4% in the first quarter, to US$1.3 million representing a margin of 10% in the fourth quarter. The growth in the operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: in the fourth quarter is mainly attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the completion of the company's accelerated Product Development Plan, which was conducted during the fourth quarter of 1999 through the first three quarters of 2000. This accelerated development plan was critical to meet the challenge of the integration of Crystal's generic Generic Describes the characteristics and/or experience of the total universe of a coupon of MBS sector type; that is, in contrast to a specific pool or collateral group, as in a specific CMO issue. , technology based tools in new markets.
Highlights of recent significant events:
-- During this past quarter, Mainsoft successfully launched its new
application porting platform, Visual MainWin. With this release,
for the first time ever, the entire porting process can be
completed from any PC with no direct interaction with a UNIX
machine. By providing seamless integration with Microsoft Visual
Studio, Visual MainWin eliminates the need for UNIX development
expertise. Visual MainWin is the first phase of the e-porting
strategy announced by Mainsoft in the previous quarter.
Through its e-porting initiative, Mainsoft is redefining the way
companies develop applications for multiple platforms by building
the cross-platform foundation for the Internet economy. Visual
MainWin has allowed Mainsoft to target customers whose needs
Mainsoft did not previously address.
-- In the Web enabling of Legacy applications, the company generated
sales from the eMaker product family's current tools: AnalyzeIT
and MineIT. The recently launched tool, WebIT, is gaining interest
in the market. WebIT provides Java/HTML based, Web-to-host access
to legacy applications enabling a fast-track approach for legacy
to Web connectivity and e-business enablement.
-- Crystal's market studies indicated that the company's suite of
tools provides a combination of solutions for an unexploited
market in Europe. These solutions include migrations from Bull
computers to modern platforms such as UNIX, AS/400 or 0S/390, IT
consolidations, euro currency conversion, data migrations and
DataBase conversions. Shared marketing and sales efforts with its
existing European partners, has resulted in several new winnings
of large migration projects in Italy and Portugal, at major
financial customers.
"The year 2000 was a transition year for Crystal," said Gad Goldstein Gold·stein , Joseph Leonard Born 1940. American biochemist. He shared a 1985 Nobel Prize for discoveries related to cholesterol metabolism. , Chairman of the Board. "The company opened the year facing challenges of repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. its technology-based tool portfolio, and increasing its market coverage by expanding relations with current and new business partners. Crystal has successfully met these challenges, without compromising its revenue growth and its profitability targets." "The current economic environment causes companies to change their IT spending model. Nowadays, companies tend to prefer incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. evolution of their IT systems, while preserving their previous investments, rather than replacing and rewriting re·write v. re·wrote , re·writ·ten , re·writ·ing, re·writes v.tr. 1. To write again, especially in a different or improved form; revise. 2. their software systems from scratch scratch v. scratched, scratch·ing, scratch·es v.tr. 1. To make a thin shallow cut or mark on (a surface) with a sharp instrument. 2. To use the nails or claws to dig or scrape at. . I believe that Crystal will benefit from this spending pattern that increases the demand for Crystal's tools. Our suite of tools enables organizations to improve the efficiency, effectiveness and functionality of their software systems to meet technological and business challenges, while leveraging their previous investments in their existing systems. Crystal today is well equipped to meet the market demand, and I believe that we are on track with our strategic long term plan," added Mr. Goldstein. About Crystal Crystal Systems Solutions Ltd. develops and markets software tools and provides end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. transformation projects for e-Business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. enabling of legacy systems, cross-platform migration, and consolidation of information systems. Crystal provides comprehensive enterprise products spanning mainframe mainframe Digital computer designed for high-speed data processing with heavy use of input/output units such as large-capacity disks and printers. They have been used for such applications as payroll computations, accounting, business transactions, information retrieval, , midrange midrange Epidemiology The halfway point or midpoint in a set of observations; for most data, MR is calculated as the sum of the smallest observation and the largest observation, divided by 2; for age data, one is added to the numerator; a midrange is usually , and client/server An architecture in which the user's PC (the client) is the requesting machine and the server is the supplying machine, both of which are connected via a local area network (LAN) or wide area network (WAN). computing platforms See platform. . Crystal has enhanced its expertise through the successful completion of projects for Fortune 1000 prestigious organizations, establishing solid credibility Believability. The major legal application of the term credibility relates to the testimony of a witness or party during a trial. Testimony must be both competent and credible if it is to be accepted by the trier of fact as proof of an issue being litigated. , and achieving global recognition and presence. Crystal is totally committed to supporting its customers, both directly and via its partners, offering end-to-end solutions (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. through consultancy, assistance, and service in conjunction with its wide variety of proprietary software tools. For more information, please visit our web site at: http://www.crystal-sys.com. About Formula Crystal is a member of the Formula Group (Nasdaq:FORTY). The Formula Group is an international information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" , developing proprietary software products, and providing computer-based business solutions. Conference Call Details Crystal will host a conference call on Wednesday Wednesday: see week. , February February: see month. 14, 2001 at 11:00 a.m. Eastern Standard Time (18:00 p.m. Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. Time). Interested parties are welcome to call the telephone numbers listed below, five to ten minutes prior to the start of the conference. In the U.S. call 1-800-230-1096. Outside the U.S. call the U.S. at +1-612-332-0632. Callers should reference "Crystal Systems Solutions Fourth Quarter Results" to the AT&T conference call operator. An automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. replay of the conference call will be available from Feb.14, 2:30 P.M. until Feb. 16 at midnight. To access the replay please call (USA) 1-800-475-6701 (International) 1-320-365-3844 and enter Crystal's company code of 570669. Certain statements contained in this release may be deemed forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , with respect to plans, projections, or future performance of the Company, the occurrence of which involves certain risks and uncertainties that could cause actual plans to differ materially from these statements. These risks and uncertainties include but are not limited to: market demand for the Company's tools, successful implementation of the Company's tools, competitive factors, the ability to manage the Company's growth, the ability to recruit RECRUIT. A newly made soldier. and retrain re·train tr. & intr.v. re·trained, re·train·ing, re·trains To train or undergo training again. re·train additional software personnel, and the ability to develop new business lines. Note to Editors: All names and trademarks are their owners' property.
CRYSTAL SYSTEMS SOLUTIONS LTD.
(AN ISRAELI CORPORATION)
CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31
audited
ASSETS 2000 1999
---- ----
CURRENT ASSETS:
Cash and cash equivalents $12,086 $24,232
Marketable securities 5,074 7,513
Accounts receivable:
Trade 21,640 15,098
Other current assets 4,706 3,479
----- -----
Total current assets 43,506 50,322
------ ------
INVESTMENTS 7,898 3,253
----- -----
FIXED ASSETS
Cost 10,175 8,523
Less - accumulated depreciation 5,972 4,440
----- -----
Total fixed assets 4,203 4,083
----- -----
OTHER ASSETS, NET 13,530 10,441
------ ------
Total assets $69,137 $68,099
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit $1,015 $3,309
Accounts payable and accruals:
Trade 3,841 3,598
Other 8,134 8,149
----- -----
Total current liabilities 12,990 15,056
------ ------
LONG-TERM LIABILITIES:
Accrued severance pay, net 818 718
Loans from banks and others 34 171
-- ---
Total long-term liabilities 852 889
--- ---
MINORITY INTEREST 3,886 4,410
----- -----
Share capital 23 21
Capital surplus 40,632 37,513
Retained earnings 23,906 20,792
------ ------
64,561 58,326
Cost of Company shares
held by subsidiaries
(1,560,000 shares) (13,152) (10,582)
-------- --------
51,409 47,744
------ ------
Total liabilities and
shareholders' equity $69,137 $68,099
======= =======
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Three months ended Year ended
December 31 December 31
2000 1999 2000 1999
--------------- ----------------
unaudited audited
Revenues $12,612 $12,230 $49,245 $45,907
Cost of revenues 5,105 5,011 20,065 20,924
----- ----- ------ ------
Gross profit 7,507 7,219 29,180 24,983
----- ----- ------ ------
Software development
costs 2,157 2,238 9,487 6,037
Selling, general and
administrative expenses 4,070 3,493 16,077 9,053
----- ----- ------ -----
1,280 1,488 3,616 9,893
Amortization of goodwill 364 82 1,384 514
--- -- ----- ---
Operating income 916 1,406 2,232 9,379
Financial income
(expenses), net (10) 186 1,370 1,020
Other income (loss), net 346 (7) 2,510 (69)
--- --- ----- ----
Income before taxes 1,252 1,585 6,112 10,330
Taxes on income 97 94 184 646
-- -- --- ---
1,155 1,491 5,928 9,684
Minority interest (229) (237) (1,700) (876)
Equity in losses of
affiliated companies (215) (143) (1,114) (843)
----- ----- ------- -----
Net income $711 $1,111 $3,114 $7,965
==== ====== ====== ======
Basic earnings
per share $0.07 $0.22 $0.31 $0.81
===== ===== ===== =====
Diluted earnings
per share $0.07 $0.22 $0.30 $0.79
====== ===== ====== =====
Common shares outstanding 10,101 9,755 10,149 9,802
====== ===== ====== =====
Common shares
assuming dilution 10,177 9,961 10,363 10,106
====== ===== ====== ======
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