A D S Financial Services Solutions Announces First Quarter Fiscal Year 2001 Results.Business/Technology Editors QUINCY Quincy. 1 (kwĭnt`sē) City (1990 pop. 39,681), seat of Adams co., W Ill., on a bluff above the Mississippi; inc. 1839. It is a trade, industrial (steel parts), and distribution center in a grain and livestock area. , Mass.--(Business Wire)--July 24, 2000 A D S 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. Solutions(tm)(ADS)(Nasdaq: ADSC ADSC Adobe Document Structuring Conventions ADSC Active Duty Service Commitment ADSC Address Status Changed ADSC Army Development and Selection Centre (UK MoD) ADSC Automatic Data Service Center ) today announced revenues and net income for its first fiscal year 2001 quarter ended June June: see month. 30, 2000. For the quarter ended June 30, 2000, ADS posted revenues of $9.5 million, down 7% from revenues of $10.2 million for the same period in fiscal 2000. Net income for the three months ended June 30, 2000 was $.3 million, or $.02 per share (diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) on 13,234,000 shares compared to $.2 million, or $.02 per share (diluted) on 13,096,000 shares for the same period in fiscal year 2000. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. W. Howe, Chairman and Chief Executive Officer, commented on ADS' performance, "While the past fiscal year presented many challenges for ADS, we are encouraged by the investments we are making in our practice areas. We are also beginning to see an increase in interest in our customers toward spending on 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. and Customer Relationship Management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ) projects. We are hopeful that the interest we see in these practice areas will continue to grow." At June 30, 2000, the Company reported cash of $36.6 million, days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). of 60, no debt, and a current ratio of 11.8 to 1. "We continue to have a strong balance sheet and we have seen an increase in revenues in our e-Business practice area. As part of our recent branding campaign, we are now marketing ourselves as A D S Financial Services Solutions, which we believe should better position the company and our service offerings in the marketplace," Howe concluded. About A D S Financial Services Solutions A D S Financial Services Solutions is a trademark of Atlantic Data Services, Inc., a Quincy, Mass.-based information technology strategy consulting and systems integration firm exclusively serving the needs of the financial services industry. ADS offers rapid, cost effective IT solutions to the business challenges faced by financial services companies through its in-depth in-depth adj. Detailed; thorough: an in-depth study. in-depth Adjective detailed or thorough: an in-depth analysis financial services experience, technological expertise and project management skills. The Company's service offerings are organized around four areas: e-Business, Customer Relationship Management (CRM), IT Strategy and Consulting, and Conversions and Consolidations. For additional information about ADS please visit our website at www.adsfs.com. This press 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. which are made pursuant to the safe-harbor of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. You can identify these forward-looking statements when you see us using words such as "expect," "anticipate," "believe," "intend," "may," "predict," and other similar expressions. These forward-looking statements cover, among other items: events, conditions and financial trends that may affect our future plans of operation, business strategy, growth of operations and financial position, including statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc any expected growth or increase in revenues from any of our practice areas. Any forward-looking statements are not guarantees of future performance and are necessarily subject to a number of risks and uncertainties, some of which are beyond our control. Actual results could differ materially from those anticipated as a result of certain risks and uncertainties, which include: variability of our quarterly operating results due to, among other things, the number, size and scope of customer projects commenced and completed during a quarter, changes in employee utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be rates and changes in average billing rates; our dependence on the financial services industry; concentration of revenues and our dependence on major customers; risks associated with fixed price contracts; our dependence on key personnel; lack of availability of professional staff; intense competition in the IT consulting industry; potential for contractual liability and project risks; and risks associated with potential acquisitions. Because of these risks and uncertainties, the forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. events discussed in this press release might not transpire.
Atlantic Data Services, Inc.
Consolidated Statements of Income
(in thousands)
Three Months Ended
June 30,
2000 1999
(unaudited)
Revenues $ 9,527 $ 10,251
Cost of Revenues 6,692 7,580
Gross Profit 2,835 2,671
Operating Expenses:
Sales and Marketing 1,005 679
General and Administrative 1,826 2,038
Total Operating Expenses 2,831 2,717
Income (Loss) from Operations 4 (46)
Interest Income, Net 536 406
Income before Provision
for Income Taxes 540 360
Provision for Income Taxes 250 156
Net Income $ 290 $ 204
Basic Earnings per Share $ 0.02 $ 0.02
Diluted Earnings per Share $ 0.02 $ 0.02
Weighted Average Number of
Shares Outstanding - Basic 12,985 12,906
Weighted Average Number of
Shares Outstanding - Diluted 13,234 13,096
Atlantic Data Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
June 30, March 31,
2000 2000
(unaudited)
Cash and Cash Equivalents $36,572 $38,347
Accounts Receivable, Net 6,322 5,514
Prepaid Expenses 212 103
Deferred Taxes 732 845
Total Current Assets 43,838 44,809
Property and Equipment, Net 846 919
Other Assets 357 387
Total Assets $45,041 $46,115
Current Liabilities $ 3,724 $ 5,139
Total Stockholders' Equity 41,317 40,976
Total Liabilities and Stockholders' Equity $45,041 $46,115
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