ASI Reports Record First Quarter Revenue, Net Income & EPS.NEW YORK--(BUSINESS WIRE)--Aug. 5, 1999-- ASI ASI, n See Anxiety Sensitivity Index. Solutions Incorporated (Nasdaq:ASIS 1. ASIS - Application Software Installation Server. 2. (language) ASIS - Ada Semantic Interface Specification. ), a leader in human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. 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. services, today announced record revenue, net income and earnings per share for the first quarter of its fiscal 2000. For the three months ended June June: see month. 30, 1999, ASI reported revenue of $15.9 million, compared with $12.0 million, a 32% gain over the same period of fiscal 1999. Quarterly net income was $1.0 million, up 18% from last year's $854,000. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.15 this year compared with $0.13 in fiscal 1999's June quarter. ASI said that each of the company's three business areas demonstrated continued growth. In the first quarter of fiscal 2000, Performance Improvement Services increased sales to $4.5 million, up 15% from $3.9 million last year. Employment Process Outsourcing had a 26% sales gain to $6.7 million from $5.3 million, reflecting programs for several new clients as well a continuation continuation - continuation passing style of high staffing requirements of existing clients. Compensation & Market Share Studies posted a 69% revenue increase in the first quarter. Revenues from this unit, the wholly owned McLagan Partners subsidiary, totaled $4.7 million this year compared with $2.8 million for the same period a year ago, primarily due to an acceleration acceleration, change in the velocity of a body with respect to time. Since velocity is a vector quantity, involving both magnitude and direction, acceleration is also a vector. In order to produce an acceleration, a force must be applied to the body. of client commitments to annual surveys as well as increased business, particularly in consulting work. Management Commentary Discussing ASI's results, Bernard Ber·nard , Claude 1813-1878. French physiologist noted for his study of the digestive and nervous systems. F. Reynolds, chairman and chief executive officer, said: "Our current fiscal year is off to a good start. We continue to build our capabilities and effectiveness in responding to the growing human resources outsourcing and consulting needs of large enterprises 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. and throughout the world." "To do that well, we are continuing to refine the focus of our sales group," Reynolds pointed out. "These efforts are now organized by industry, and we have provided our people with the support they need to present ASI's capabilities directly to senior executives with broad line management responsibility, as well as to human resources professionals." During the June quarter, ASI added business from existing and new clients in high technology, electronics, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , health care, transportation and 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. . "Major organizations become ASI clients because of the exceptional value we provide through our unique combination of outsourcing and 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" ," Reynolds added. "We maintain these relationships because our specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. capabilities enable clients to shift a wide range of staff activities from fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). to more-manageable variable costs. Through our services, our clients improve workforce skill level and productivity, ultimately leading to increased customer satisfaction and loyalty. ASI's contribution to that successful outcome allows us to build our own base of satisfied and loyal clients." About ASI: ASI Solutions Incorporated is a leading national provider of a unique blend “Blending” redirects here. For alpha blending, see Alpha compositing. In linguistics, a blend is a word formed from parts of two other words. These parts are sometimes, but not always, morphemes. of human resources outsourcing services for organizations seeking to hire, train and develop a higher quality, more effective workforce. The company offers services in three areas: Performance Improvement; Employment Process Outsourcing; and Compensation & Market Share Studies (McLagan Partners). These services are provided to major corporations and other large organizations, primarily in the telecommunications, financial services, information technology and healthcare industries. ASI's Internet address There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. is www.asisolutions.com. This press release includes certain 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. . Any such statements are subject to risks that could cause the actual results to vary materially, including negative developments relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc unforeseen order cancellations or push-outs, ASI's strategic relationships, the impact of intense competition, and changes in our industry. -0-
ASI SOLUTIONS INCORPORATED
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
Three months ended:
June 30, 1999 June 30, 1998
Revenue $15,899,242 $12,012,706
Cost of services 8,312,333 5,863,533
----------- -----------
Gross profit 7,586,909 6,149,173
Operating expenses:
General and administrative 3,639,977 2,559,252
Sales and marketing 1,321,365 1,133,642
Research and development 501,952 459,532
----------- -----------
Income from operations 2,123,615 1,996,747
Interest expense (income), net 399,075 491,884
----------- -----------
Income before provision for
income taxes 1,724,540 1,504,863
Provision for income taxes 716,742 650,419
----------- -----------
Net income $ 1,007,798 $ 854,444
=========== ===========
Basic earnings per share $ 0.15 $ 0.13
=========== ===========
Diluted earnings per share $ 0.15 $ 0.13
=========== ===========
Weighted average common shares outstanding:
Basic shares 6,538,813 6,476,874
Diluted effect of stock options
and warrants 206,526 188,374
----------- -----------
Diluted shares 6,745,339 6,665,248
=========== ===========
ASI SOLUTIONS INCORPORATED
CONSOLIDATED BALANCE SHEETS
June 30, 1999 March 31, 1999
------------- --------------
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 1,225,538 $ 7,595,366
Accounts receivable, net 13,811,681 12,874,967
Prepaid expenses and other current assets 519,741 576,424
Deferred income taxes 256,184 299,478
------------ ------------
Total current assets 15,813,144 21,346,235
Property and equipment, net 5,223,615 5,218,408
Intangible assets, net 23,029,369 23,258,472
Deferred financing costs, net 381,483 391,386
Other assets 323,379 325,518
Deferred income taxes 43,294 --
============ ============
Total assets $ 44,814,284 $ 50,540,019
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current portion, notes payable to bank $ 6,573,173 $ 7,143,658
Current portion, subordinated notes
payable 1,666,667 1,666,666
Other debt 44,557 66,501
Accounts payable and accrued expenses 3,929,098 7,946,658
Accrued income taxes 478,003 326,964
------------ ------------
Total current liabilities 12,691,498 17,150,447
Deferred income taxes 543,593 543,593
Notes payable to bank, less current portion 10,423,631 11,224,900
Subordinated notes payable, less current
portion 1,666,667
Other liabilities 287,604 268,373
------------ ------------
Total liabilities 23,946,326 30,853,980
Stockholders' Equity:
Common stock 65,884 65,432
Additional paid in capital 11,265,369 11,038,250
Accumulated other comprehensive income (61,249) (7,839)
Retained earnings 9,990,725 8,982,927
Treasury stock, 45,534 shares, at cost (392,731) (392,731)
------------ ------------
Total stockholders' equity 20,867,958 19,686,039
------------ ------------
Total liabilities & stockholders' equity $ 44,814,284 $ 50,540,019
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