ATEC Group reports record first quarter results.NORTHPORT, N.Y.--(BUSINESS WIRE)--Nov. 5--ATEC Group, 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 : ATEC ATEC Army Test and Evaluation Command (US Army; formerly OPTEC, Operational Test & Evaluation Command) ATEC Australian Tourism Export Council ATEC Advanced Technologies (Hamburg, Germany) ), a leading full-service computer system integrator See systems integrator. , today reported record results for the first quarter ended September 30, 1996. First quarter net income was $400,603 or two cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on 25,541,373 shares outstanding, a 149 percent gain from $160,891 or one cent per share on 15,611,500 shares outstanding for the first quarter of 1995. Net revenues for the first quarter was $25,639,086, up 80 percent from $14,279,684 for the first quarter of 1995. Surinder Rametra, chairman, noted that first quarter net income also surpassed ATEC's record fourth quarter ended June 30, 1996. First quarter net income increased approximately 16 percent from the fourth quarter of fiscal 1996 and net revenues were up approximately nine percent. Commenting further, Surinder Rametra, chairman, said, "We are very pleased with our financial results for the first quarter. ATEC's increased net revenues and net income reflect our dedication to providing leading-edge technology and unparalleled service to our growing customer base, and ATEC is poised for continued growth. Our recent acquisition of VDot.Net, a specialty internet products' provider, and the agreement with Hughes Network Systems Hughes Network Systems, LLC (HNS), is a provider of broadband satellite network products for businesses and consumers. HNS pioneered the development of high-speed satellite Internet access services and IP-based networks with its original DirecPC service but which it now markets for distribution of Direct PC Satellite Communication and Video Conferencing See videoconferencing. (communications) video conferencing - A discussion between two or more groups of people who are in different places but can see and hear each other using electronic communications. Products demonstrates our commitment to future growth." Founded in 1994, ATEC Group, Inc. is a full-service authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: computer dealer and value-added reseller A value-added reseller (VAR) is a company that adds some feature(s) to an existing product(s), then resells it (usually to end-users) as an integrated product or complete "turn-key" solution. of enterprise computer networking
Computer networking is the engineering discipline concerned with communication between computer systems or devices. products. The company services small to mid- sized companies and government agencies and offers a full range of products and services specializing in enterprise-wide technology solutions. ATEC offers leading computer hardware, software, connectivity devices, multimedia products, data communication via satellite and video conferencing. -0-
ATEC Group, Inc.
Financial Highlights (Unaudited)
For the Three Months Ended
9/30/96 9/30/95
Net revenues $25,639,086 $14,279,684 (a)
Net income 400,603 160,891 (a)
Net Income Per Share $.02 $.01
Common and Common
equivalent shares (fully diluted) 25,541,373 15,611,500
(a) Innovative Business Micros, Inc., which ATEC acquired in June
1996, changed its fiscal year end from Sept. 30 to June 30. If
Innovative results were included in the first quarter of the fiscal
1996 year, revenues would have been $18,841,816 with net income of
$207,262 or one cent per share. Shares outstanding include the
shares issued for the acquisition.
CONTACT: David Mandy -- Porter, Le Vay & Rose, Inc. (212) 564-4700 or ATEC Group Inc. Seema Wasil (516) 462-2823 |
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