ATC Group Services Inc. Reports 63% Increase In Year-End Net Income On 153% Increase In Revenues.NEW YORK--(BUSINESS WIRE)--May 28, 1997--Morry F. Rubin, President and Chief Executive Officer of ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered Group Services 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 :ATCS ATCS Air Traffic Control System ATCS Air Traffic Control Specialist ATCS Advanced Train Control System ATCS air traffic control section (US DoD) ATCS Advanced Tactical Communications System ATCS Advanced Technology Crew Station ) announced today that the Company achieved record results for the fiscal year ended February 28, 1997. Year end net income increased 63% on a 153% revenue gain. ATCS reported year end revenues of $113,855,364 and record net income of $6,307,734 for the year ended February 28, 1997 as compared to revenues of $44,964,897 and net income of $3,865,998 for the comparable period of the prior year. Fully 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 was $.74, on a 18% increase in the fully diluted weighted average shares outstanding, versus $.54 in the prior year. Excluding a one-time tax benefit of approximately $.05 per share recorded in the prior year, fully diluted earnings per share would have been $.49 for fiscal 1996. In announcing the results, ATC's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Morry Rubin said, "The acquisition of American Testing and Engineering Corporation and 3D Information Services See Information Systems. , Inc., completed in May 1996, resulted in record growth and earnings and has positioned the Company to benefit from future tuck-in acquisitions, industry outsourcing trends and its unique combination of engineering and information technology expertise." ATCS is a national business services firm providing specialized technical and project management services to Fortune 500 corporations and federal, state and local government agencies. ATCS provides environmental consulting Environmental consulting is often a form of compliance consulting, in which the consultant ensures that the client maintains an appropriate measure of compliance with environmental regulations. and engineering services to its clients through 63 branch offices in 30 states, and information technology consulting Information technology consulting (IT consulting or business and technology services) is a field that focuses on advising businesses on how best to use information technology to meet their business objectives. services to clients through its wholly-owned subsidiary, ATC InSys Technology Inc. -0-
Year Ended February 28 (29)
1997 1996 $Change %Change
TOTAL REVENUES $113,855,364 $ 44,964,897 $68,890,467 153%
NET REVENUES 95,901,469 40,113,691 55,787,778 139%
INCOME BEFORE
INCOME TAXES 10,397,734 5,670,998 4,726,736 83%
NET INCOME 6,307,734 3,865,998 2,441,736 63%
Fully diluted earnings
per share (1) $.74 $.54 $.20 37%
Weighted Average Shares
Outstanding 8,508,061 7,181,416 1,326,645 18%
(1) Fiscal 1996 fully diluted earnings per share includes a one-time
tax benefit of $350,000 or $.05 per share from the utilization of
Aurora Environmental Inc.'s net operating loss carryforward by ATC as
a result of the merger of Aurora into ATC.
CONTACT: Morry F. Rubin President & CEO (212) 353-8280 |
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