(SFE) Sanchez Computer Associates Announces 48% Revenue Increase, Higher Profits, in First Quarter.MALVERN, Pa.--(BUSINESS WIRE)--April 22, 1997--Sanchez Computer Associates, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SCAI (Switch-to-Computer Applications Interface) A standard for integrating computers to a PBX. See switch-to-computer. ) today announced that revenues for the quarter ended March 31, 1997 increased 48% to $5.2 million from $3.5 million posted for the same period in 1996. Net earnings for the quarter totaled $342,000, or $.03 per share, compared to $19,000 in net earnings for the same period in 1996. Due to the Company's initial public offering completed in December, average common shares outstanding increased to 11.6 million, compared to 9.3 million for the same period in 1996. The Company's revenue increase for the first quarter of 1997 was primarily attributable to significant growth in the number of active PROFILE implementations, as compared to the same period in 1996. In particular, the rapid installation and initial conversion during the quarter of ING Direct ING Direct is a branchless direct bank with operations in Austria, Australia, Canada, France, Germany, Italy, Spain, United Kingdom and the United States. ING Direct is part of the ING Group. It offers services over the Internet, phone or by mail. in Canada provided a substantial revenue contribution. This is both Sanchez's first direct bank contract, utilizing the PROFILE(R)/Anyware core processing software, and the Company's first contract performed in partnership with IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) . Additional revenue growth stemmed from the signing of an agreement with Citibank Canada Citibank Canada is a unit of Citigroup of New York City. The Canadian unit has been operating since 1954, with Canadian headquarters in Toronto. There are also offices in Montreal, Calgary, London, Ontario and Vancouver. to implement PROFILE/Anyware, Sanchez's first installation utilizing Hewlett-Packard's HP/UX HP/UX Hewlett-Packard UNIX operating system HP/UX Unexploded Human Particulate Operating System (TM) operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. . Finally, further growth was attributable to implementation-related revenues derived from the Company's first project in the Asia-Pacific Rim, as well as increased activity relative to client projects in Central Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. In addition, Northern, Southern and Southeastern Europe may variously delimit or overlap into Central Europe. . Sanchez also saw increased partnership activity in the first quarter, signing a joint sales, marketing and service agreement with ComputerLand, a Polish software provider well known in the Central European banking community. "This first quarter was very dynamic for us as a company, one in which we started to realize the benefits of investments made in marketing and product development in 1996," said Michael A. Sanchez, Chairman and Chief Executive Officer. "The banking industry is starting to respond to changes in electronic commerce, and we are there to provide them with the core processing software they need to prepare for the 21st century. I expect the momentum of this quarter to carry us closer to meeting our goals for 1997." Based in Malvern, Pennsylvania Malvern is a borough in Chester County, Pennsylvania, United States. The population was 3,059 at the 2000 census. Geography Malvern is located at (40.034557, -75.514396). , with offices in Warsaw, Prague, Lisbon and Jakarta, Sanchez Computer Associates is a market leader in providing integrated software Separate software components or applications that have been combined into one package. See integrated software package. solutions and services for financial institutions worldwide. Its principal product is PROFILE(c)/Anyware, a highly flexible multi-currency, loans, deposits and branch system which also supports emerging delivery channel technologies. This integrated, centralized system In telecommunications, a centralized system is one in which most communications are routed through one or more major central hubs. Such a system allows certain functions to be concentrated in the system's hubs, freeing up resources in the peripheral units. also includes PROFILE/FMS (Financial Management System), a multi-company, multi-currency cost-center based accounting system and PROFILE/ITS (Integrated Treasury System), a system that processes treasury transactions including foreign exchange, money market, securities trading securities trading, financial activity involving transactions of property such as stocks, bonds, commodities, and currency (see securities). Although the trading of stocks and bonds dates back several centuries in many Western nations, the development of the (capital markets), futures, options and trade finance. For more information, visit Sanchez on the web at http://www.sanchez.com or send e-mail to profile@sanchez.com. Sanchez is a Safeguard Scientifics, Inc. (NYSE NYSE See: New York Stock Exchange :SFE See Sydney Futures Exchange. ) partnership company. This news release contains 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. , including statements of the company's sales and marketing expectations for 1997, that involve risks and uncertainties affected by the course of business in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry, intense competition among software companies serving that industry, the timing of new contract closings and significant events of revenue recognition which may impact the Company's quarterly results, the development of the Direct Banking Market, the Company's ability to develop new functionality and other risks detailed in the Company's prospectus, dated November 13, 1996, as amended. -0- Note to Editors: PROFILE is a registered trademark and PROFILE/Anyware, PROFILE/FMS (Financial Management System), and PROFILE/ITS (Integrated Treasury System) are trademarks of Sanchez Computer Associates, Inc. All other company and product names may be trademarks of the respective companies with which they are associated. -0-
SANCHEZ COMPUTER ASSOCIATES, INC.
COMPARATIVE FINANCIAL DATA
(All amounts in thousands except for per share amounts)
Quarter Ended March 31,
1997 1996
Revenues $ 5,151 $ 3,477
Pre-tax earnings $ 511 $ 31
Net earnings $ 342 $ 19
Earnings per share (1) $ 0.03 ---
Average common shares outstanding 11,638 9,273
(1) Earnings per share calculations for each period are based on the
weighted average number of shares outstanding in each period. Share
and per share data have been adjusted to reflect the six-for-five
split of the Company's common shares effective September 11, 1996.
SANCHEZ COMPUTER ASSOCIATES, INC.
SUMMARY BALANCE SHEETS
(All amounts in thousands)
March 31, December 31,
1997 1996
Cash and cash equivalents $17,633 $15,446
Accounts receivable, net 6,852 8,920
Other 1,277 2,203
Total current assets 25,762 26,569
Property and equipment, net 937 924
Capitalized software costs, net 652 675
Total assets $27,351 $28,168
Current liabilities $ 6,229 $ 7,248
Long-term deferred revenues 1,301 1,508
Long-term debt and other 425 502
Stockholders' equity 19,396 18,910
Total liabilities and
stockholders' equity $27,351 $28,168
CONTACT: Sanchez Computer Associates, Inc. Kathy Knaub, 610/296-8877 knaubk@sanchez.com. or Joseph F. Waterman waterman@sanchez.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion