ATS Money Systems reports 1996 results; Net income $317,382; Earnings per share $.05.ENGLEWOOD, N.J.--(BUSINESS WIRE)--April 15, 1997--ATS Money Systems Inc. (OTC BULLETIN BOARD OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : ATSM ATSM At The Same Time ATSM Acute Traumatic Stress Management ATSM Area Technical Support Manager ) announced the results for the year ended Dec. 31, 1996:
1996 1995
Total revenues $ 8,059,474 $ 8,413,516
Net income $ 317,382 $ 369,650
Earnings per share $ .05 $ .06
Gerard F. Murphy, president and chief executive officer of ATS Money Systems Inc. commented "Revenues for 1996 decreased $354,042 (4.2%) to $8,059,474 from $8,413,516 for 1995. Product and system sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. decreased $317,106 (5.2%) to $5,752,718 from $6,069,824 in 1995 due to lower sales by IEI IEI Institution of Engineers of Ireland IEI International Electronics Inc IEI Institution of Engineers India IEI International Epidemiology Institute IEI Israel Export Institute IEI Indoor Environmental Institute IEI Interrupt Enable Input only partially offset by higher sales by ATS. Maintenance revenue during 1996 amounted to $2,306,756, a decline of $36,936 (1.6%) from the prior year. This was primarily due to the loss of an equipment hardware maintenance contract from a major customer during 1996. Cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold and service expenses declined from 47.9% of sales in 1995 to 44.4% in 1996. This was primarily due to ATS sales of more profitable systems. Maintenance costs also decreased due to a new contract with a different third party maintenance vendor. Selling, general and administrative expenses were $4,004,115 in 1996 compared to $3,849,891 in 1995, an increase of $154,224 (4.0%), primarily due to non-recurring expense of $307,828 relating to legal and accounting fees incurred in connection with the possible acquisition of a company that did not materialize. As a result of the foregoing, the company had net income of $317,382 for 1996 compared to $369,650 in 1995, a decrease of $52,268 (14.1%)." ATS Money Systems Inc. is engaged in the development, sales and service of coin and currency handling systems and equipment, and retail communications solutions products. The company's major products are PC based systems for currency processing in the banking and retail industries, retail POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale systems and communications systems for linking retail stores' in-store processors with their headquarters' host computer system. It also sells a variety of stand-alone products for cash handling. CONTACT: ATS Money Systems Inc. Gerard F. Murphy, Pres. & 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. 201/894-1700 Fax: 201/894-0958 |
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