ABR Information Services announces record third quarter results.PALM HARBOR, Fla.--(BUSINESS WIRE)--June 11, 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 Tuesday Tuesday: see week. record revenues and net income for the company's third quarter and for the nine months ended April 30, 1996. Revenues increased 97.2% to $8.3 million for the third quarter ended April 30, 1996, compared to revenues of $4.2 million for the same quarter of the prior year. Net income increased 123.1% to $1.5 million for the third quarter compared to $658,000 for the same quarter of the prior year. Net income per share was $.13 compared to $.07 for these periods. For the nine months ended April 30, 1996, revenues increased 62.3% to $19.4 million, compared to $12.0 million for the same period of the prior year. Net income increased 78.6% to $3.3 million for the first nine months of fiscal 1996, compared to $1.9 million for the same period of the prior year. Net income per share was $.32 compared to $.19 for these periods. "We are very pleased with this quarter's record results as all of our service lines continue to grow as customers outsource outsource verb To assign specific work to a 3rd party for a specific length of time at an set price and service level Managed care To use outside labor to perform functions–billing and collections, accounting, janitorial services, ER 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 James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States 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, "Augmenting our internal growth was the completion of our second acquisition, Total 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. Services Inc. in Irvine Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif., a provider of COBRA and retiree administration services." "During the quarter, we significantly strengthened our financial position by completing a public offering. ABR sold 3,419,875 shares, which resulted in 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). of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $151,000,000," said Vincent Addonisio, ABR's chief financial officer. He added, "We have an enviable en·vi·a·ble adj. So desirable as to arouse envy: "the enviable English quality of being able to be mute without unrest" Henry James. Balance Sheet with over $160,000,000 in cash and no debt. The new capital will provide fuel for our internal growth and replenish re·plen·ish v. re·plen·ished, re·plen·ish·ing, re·plen·ish·es v.tr. 1. To fill or make complete again; add a new stock or supply to: replenish the larder. 2. our war chest for future acquisitions." 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 one of the largest benefits outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. firms 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 companies, insurance companies, and other employers in various industries. Summary financial statements for the quarter and the nine months ended April 30, 1996 and April 30, 1995 are attached. -0-
ABR INFORMATION SERVICES INC.
Consolidated Statements of Income
(Unaudited)
Three months ended Nine months ended
April 30, April 30,
1995 1996 1995 1996
Revenues $4,199,073 $8,278,494 $11,943,507 $19,389,195
Cost of services 2,184,910 4,764,970 6,289,572 10,542,081
Selling, general &
administrative 1,024,014 1,697,975 2,872,821 4,148,584
Other operating
expenses 63,856 60,129 184,651 163,307
---------- ---------- ----------- -----------
Operating income 926,293 1,755,420 2,596,463 4,535,223
Interest income, net 133,274 631,308 416,189 895,667
Income taxes 401,405 918,591 1,141,730 2,089,899
---------- ---------- ----------- -----------
Net income $ 658,162 $1,468,137 $ 1,870,922 $ 3,340,991
========== ========== =========== ===========
Net income per share $.07 $.13 $.19 $.32
========== ========== =========== ===========
Weighted average
common shares
outstanding 9,893,372 11,518,754 9,893,372 10,632,659
========== ========== =========== ===========
ABR INFORMATION SERVICES INC.
Consolidated Balance Sheets
April 30, 1996
July 31, 1996 (Unaudited)
Current Assets
Cash & cash equivalents $19,184,372 $ 68,726,343
Investments 4,974,035 94,816,187
Accounts receivable 2,361,545 2,980,751
Prepaid expenses & other 658,200 1,300,359
----------- -----------
Total current assets 27,178,152 167,823,640
Property & equipment, net 2,300,964 8,118,544
Software development, net 2,984,737 4,883,422
Goodwill, intangibles &
other assets 141,853 15,683,031
----------- -----------
Total assets $32,605,706 $196,508,637
=========== ============
Current Liabilities
Accounts payable $ 214,158 $ 772,957
Accrued expenses 762,389 608,890
Customer accounts deposits 11,783,187 16,151,632
Unearned revenue 271,375 650,050
Income taxes payable 53,448 36,702
----------- -----------
Total current liabilities 13,084,557 18,220,231
Deferred income taxes 550,450 1,202,501
Stockholders' equity 18,970,699 177,085,905
----------- -----------
Total liabilities & stockholders'
equity $32,605,706 $196,508,637
=========== ============
CONTACT: ABR Information Services Inc., Palm Harbor Vincent Addonisio, Senior Vice President and Chief Financial Officer, 813/785-2819 |
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