ASI Reports Record Second Quarter Revenue and EPS of $0.15 for Q2 FY 2001.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 1, 2000 ASI ASI, n See Anxiety Sensitivity Index. Solutions Incorporated (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 : ASIS 1. ASIS - Application Software Installation Server. 2. (language) ASIS - Ada Semantic Interface Specification. ) reported record second quarter revenue and net income for its FY 2001 second quarter, ended September September: see month. 30, 2000. Revenue increased 17.5% to $17.9 million from $15.2 million in the second quarter of last year. Net income was $1.09 million, or $0.15 per 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. share, compared to last year's second quarter net income of $175 thousand or $0.03 per diluted share. For the first six months of fiscal 2001, revenue was $41 million, an increase of 31.6% over the first six months of fiscal 2000. Net income for fiscal 2001's first six months was $3.3 million, an increase of 176.8%, or $0.46 per diluted share, compared to net income of $1.2 million, or $0.18 per diluted share, in the first six months of fiscal 2000. Reporting on its three business segments for the period, ASI's Performance Improvement Services revenue increased to $5 million, in fiscal 2001's second quarter, up 6.4% from $4.7 million in last year's second quarter. Employment Process 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. revenue came in at $7.1 million in fiscal 2001's second quarter, an increase of 25.5% up from $5.6 million in last year's second quarter. Compensation Surveys and Market Share Studies revenue increased to $5.8 million in fiscal 2001's second quarter, up 18.9% over $4.9 million in last year's second quarter. Management Commentary Discussing the second quarter, 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; "We are pleased to have achieved record second quarter results in both revenue and net income. Each of our business segments contributed positively to that growth. We continue to successfully execute our strategy of broadening our service offerings to new and existing clients in defined industries and markets. At the same time we are developing alliances which offer additional new and potentially significant distribution channels for our services." The company recently announced alliances with Spherion Spherion -- headquartered in Ft. Lauderdale, Florida -- provides services in the human resources industry, specializing in temporary and direct-hire placement of a wide range of professions e.g. clerical, administration, technology, accounting and finance. Corporation (NYSE NYSE See: New York Stock Exchange :SFN SFN Society For Neuroscience SFN Single Frequency Network SFN Stratifin SFN Soccer Fans Network (website) SFN Short File Name (eight legal characters and a period) SFN Stern Fan Network ), a leader in human capital management; Brightware, a state of the art e-mail management company; and an equity based alliance with CyberU, a comprehensive source of on-line education and corporate training. Mr. Reynolds went on to say, "Over the coming months we will focus our efforts on realizing the potential of those alliances as we continue to provide value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. services to our new and existing clients." About ASI: ASI Solutions Incorporated is a leading national provider of a unique blend of 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 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 Services and Market Share Studies (McLagan Partners). These services are provided to major corporations and other large organizations, primarily in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , 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. , 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. within the meaning 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. Any such statements are subject to risks that could cause the actual results to vary materially, including those discussed in our quarterly and annual filings with the Securities and Exchange Commission, 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 on our ability to maintain existing business and generate new business, and changes in our industry. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We will not undertake and we specifically disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any obligation to announce revisions to any such forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or occurring after such statements were made. Management Will be Holding a Conference Call On Thursday Thursday: see week. , November November: see month. 2, 2000 At 11:00 A.m. Eastern Time. to Access the Call Via Web Simulcast Simulcast is a portmanteau of "simultaneous broadcast", and refers to programs or events broadcast across more than one medium, or more than one service on the same medium, at the same time. , Please Visit: Www.asisolutions.com or Www.streetevents.com or Www.vcall.com. A replay of the conference call will be available one hour after the call for two weeks. Conference Replay: 800-858-5309 International: 334-260-0890 Access Code: 40062 Pass Code: 78432
ASI Solutions Incorporated
Unaudited Consolidated Statements of Income
For the Three and Six Months Ended September 30, 2000 and 1999
Three Months Ended Six Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2000 1999 2000 1999
----------- ----------- ----------- -----------
Revenue $17,901,439 $15,239,394 $40,988,053 $31,138,636
Cost of services 9,737,633 8,376,543 21,639,228 16,688,876
----------- ----------- ----------- -----------
Gross profit 8,163,806 6,862,851 19,348,825 14,449,760
Operating expenses:
General and
administrative 4,105,451 4,143,654 8,700,038 7,783,631
Sales and marketing 1,369,328 1,474,545 3,277,556 2,795,910
Research and
development 556,650 558,953 1,158,584 1,060,905
----------- ----------- ----------- -----------
Income from
operations 2,132,377 685,699 6,212,647 2,809,314
Interest expense, net 180,353 382,193 470,653 781,268
----------- ----------- ----------- -----------
Income before
provision for income
taxes 1,952,024 303,506 5,741,994 2,028,046
Provision for income
taxes 860,287 128,520 2,468,018 845,262
----------- ----------- ----------- -----------
Net income $ 1,091,737 $ 174,986 $ 3,273,976 $ 1,182,784
=========== =========== =========== ===========
Basic earnings
per share $ 0.16 $ 0.03 $ 0.48 $ 0.18
=========== =========== =========== ===========
Diluted earnings
per share $ 0.15 $ 0.03 $ 0.46 $ 0.18
=========== =========== =========== ===========
Weighted average
common shares
outstanding:
Basic shares 6,772,498 6,538,813 6,755,402 6,538,813
Diluted effect of
stock options and
warrants 591,943 205,521 319,273 194,611
----------- ----------- ----------- -----------
Diluted shares 7,364,441 6,744,334 7,074,675 6,733,424
=========== =========== =========== ===========
ASI Solutions Incorporated
Consolidated Balance Sheets
September 30, 2000 and March 31, 2000
Sept. 30, March 31,
2000 2000
(Unaudited)
----------- -----------
ASSETS:
Current Assets:
Cash and cash equivalents $ 9,571,451 $12,155,795
Accounts receivable, net 9,837,341 14,479,377
Prepaid expenses and other current assets 758,387 765,721
Deferred income taxes 75,918 75,918
----------- -----------
Total current assets 20,243,097 27,476,811
Property and equipment, net 5,143,199 5,042,982
Intangible assets, net 22,068,603 22,401,403
Deferred financing costs 304,818 375,160
Other assets 398,790 453,875
----------- -----------
Total assets $48,158,507 $55,750,231
============ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current Liabilities:
Current portion, notes payable to bank $ 3,972,383 $ 3,462,363
Current portion, subordinated notes payable 1,666,667
Other debt 17,110 87,785
Accounts payable and accrued expenses 9,040,085 17,558,809
Income taxes payable 368,062 278,287
----------- -----------
Total current liabilities 13,397,640 23,053,911
Deferred income taxes 690,765 690,765
Notes payable to bank, less current portion 5,648,783 7,762,537
Other liabilities 323,308 313,528
----------- -----------
Total liabilities 20,060,496 31,820,741
Stockholders' Equity:
Common stock 69,113 67,078
Additional paid in capital 12,694,188 11,477,820
Accumulated other comprehensive (loss) (327,647) (3,789)
Retained earnings 15,662,357 12,388,381
----------- -----------
Total stockholders' equity 28,098,011 23,929,490
----------- -----------
Total liabilities & stockholders' equity $48,158,507 $55,750,231
=========== ===========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion