ABR Information Services announces record second quarter results & public offering.PALM HARBOR, Fla.--(BUSINESS WIRE)--Feb. 21, 1996--ABR Information Services See Information Systems. 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 :ABRX) announced Wednesday Wednesday: see week. record revenues and net income for the company's second quarter and for the six months ended Jan. 31, 1996. Revenues increased 54.0% to $6.1 million for the second quarter ended Jan. 31, 1996, compared to revenues of $4.0 million for the same quarter of the prior year. Net income increased 63.6% to $1.0 million for the second quarter compared to $622,000 for the same quarter of the prior year. Net income per share was $.10 compared to $.06 for these periods. For the six months ended Jan. 31, 1996, revenues increased 43.5% to $11.1 million, compared to $7.7 million for the same period of the prior year. Net income increased 54.4% to $1.9 million for the first six months of fiscal 1996, compared to $1.2 million for the same period of the prior year. Net income per share was $.19 compared to $.12 for these periods. "We are very pleased with this quarter's results as customers continue to outsource to us benefits administration tasks which are too costly and complex to perform in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. ," said James E. MacDougald, president and chief executive officer of ABR (1) (AutoBaud Rate detect) The analysis of the first characters of a message to determine its transmission speed and number of start and stop bits. (2) (Available Bit R . He added, "Adding to our internal growth this quarter was the completion of our first acquisition, which we have now renamed ABR Benefits Services Inc." ABR Information Services Inc. also announced Wednesday that it has filed a Registration Statement with the Securities and Exchange Commission relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a proposed public offering of 3,052,500 shares of common stock. The managing underwriters Managing underwriter The leading firm in an underwriting group, which originates the deal and acts as an agent for the group. managing underwriter See lead underwriter. for the offering are Montgomery Securities, Robert W. Baird Robert Wilson Baird (born April 1, 1883) helped found the financial services firm that bears his name and led it for more than 40 years. Baird’s father was a professor of Greek literature at Northwestern University in Evanston, Illinois, where Baird grew up. & Co. Inc. and Raymond James  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . & Associates Inc. Of the 3,052,500 shares being offered, 2,700,000 shares are being sold by the company and 352,500 shares are being sold by certain shareholders of the company. Vincent Addonisio, ABR's chief financial officer, said the company intends to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering for repayment of bank borrowings, expansion of its facilities and information systems, and general corporate purposes, including possible acquisitions. The public offering is anticipated to commence in late March 1996. The Registration Statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This communication shall not constitute an offer to sell or the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A prospectus relating to the offering may be obtained by contacting either: Montgomery Securities 600 Montgomery Street Montgomery Street is a north-south thoroughfare in San Francisco, California, in the United States. It runs about 16 blocks from the Telegraph Hill neighborhood south through downtown, terminating at Market Street. San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , CA 94111 415/627-2000 Robert W. Baird & Co. Inc. 201 North Franklin Street The following roads are named Franklin Street:
Tampa, FL 33602 813/221-3030 Raymond James & Associates Inc. 880 Carillon carillon, in music: see bell. carillon Musical instrument consisting of at least 23 cast bronze bells tuned in chromatic order. Usually located in a tower, it is played from a keyboard. Most carillons encompass three to four octaves. Parkway St. Petersburg, FL 33716 813/573-3800 ABR Information Services Inc. provides comprehensive benefits administration, compliance and information services to employers seeking to outsource their benefits administration functions. The company believes it is the largest provider of COBRA cobra, name for African and Asian snakes of the family Elapidae that are equipped with inflatable neck hoods. The family also includes the African mambas, the Asian kraits, the New World coral snakes and a large number of Australian snakes. compliance benefits in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , serving more than 20,000 employers with a total employee population exceeding 4.0 million. ABR's customers include Fortune 500 and other companies in various industries. Summary financial statements for the quarter and the six months ended Jan. 31, 1996 and Jan. 31, 1995 are attached. -0-
ABR INFORMATION SERVICES INC.
Consolidated Statements of Income
(Unaudited)
Three months ended Six months ended
Jan. 31, Jan. 31,
1995 1996 1995 1996
Revenues $3,958,244 $6,093,768 $7,744,434 $11,110,701 Cost of services 2,111,688 3,234,462 4,104,662 5,777,111 Selling, general & administrative 930,964 1,239,310 1,848,807 2,450,609 Other operating expenses 62,660 53,308 120,795 103,178 Operating income 852,932 1,566,688 1,670,170 2,779,803 Interest income, net 148,779 106,742 282,915 264,359 Income taxes 379,634 655,726 740,325 1,171,308 Net income $622,077 $1,017,704 $1,212,760 $1,872,854 Net income per share $.06 $.10 $.12 $.19 Weighted average common shares outstanding 9,838,962 10,107,433 9,838,962 10,108,156
ABR INFORMATION SERVICES INC.
Consolidated Balance Sheets
Jan. 31, 1996
July 31, 1995 (Unaudited)
Current Assets
Cash & cash equivalents $19,184,372 $15,675,132
Investments 4,974,035 --
Accounts receivable 2,361,545 2,522,347
Prepaid expenses & other 658,200 1,131,708
Total current assets 27,178,152 19,329,187
Property & equipment, net 2,300,964 6,978,619 Software development, net 2,984,737 3,960,965 Goodwill, intangibles & other assets 141,853 12,777,272 Total assets $32,605,706 $43,046,043 Liabilities Accounts payable $ 214,158 $ 430,447 Accrued expenses 762,389 686,829 Customer accounts deposits 11,783,187 13,019,773 Unearned revenue 271,375 650,050 Income taxes payable 53,448 171,970 Total current liabilities 13,084,557 14,959,069 Long-Term Debt -- 6,000,000 Deferred income taxes 550,450 954,155 Stockholders' equity 18,970,699 21,132,819 Total liabilities & stockholders' equity $32,605,706 $43,046,043 CONTACT: ABR Information Services Inc., Palm Harbor Vincent Addonisio Senior Vice President, Chief Financial Officer 813/785-2819 |
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