Abacus Direct Reports Record Revenues & Net Income for First Quarter.WESTMINSTER Westminster. 1 Residential city (1990 pop. 78,118), Orange co., S Calif.; founded 1870 as a temperance colony for Presbyterians, inc. 1957. It has several industrial parks. A U.S. naval weapons station and Los Alamitos Naval Air Base are nearby. , Colo.--(BUSINESS WIRE)--April 22, 1998--Abacus Direct Corporation (Nasdaq: ABDR ABDR Aircraft Battle Damage Repair ABDR Army Battle Damage Repair ABDR Airfield Battle Damage Repair ABDR Air Battle Damage Report ABDR Aircraft Battle Damage Report ) today announced record revenues and net income for the first quarter ended March 31, 1998. Revenues for the first quarter were $9.1 million, a 65% increase over revenues of $5.5 million for the same period a year ago. Net income was $1,689,000 or $0.17 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, up 72% from $981,000, or $0.10 per diluted share, reported for the same period a year ago. Commenting on these results, Tony White, Chairman & 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. , said, "We've we've Contraction of we have. we've have started 1998 with the strong momentum of last year and are extremely pleased with the record performance Abacus has reported for yet another quarter. This marks the seventh quarter in a row that we have delivered record results to our shareholders since becoming a public company in 1996. In addition, for the second year in a row, first quarter revenues were higher than revenues reported during the previous year's seasonally stronger fourth quarter." Mr. White continued, "All of our core services The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. performed well during the quarter with Optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. and Prospecting leading the way with growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. of 100% and 66%, respectively. Our principal competitive edge, the Abacus Alliance, continues to grow even larger with 50 new titles added during the quarter bringing the total number in the Alliance to 924." Mr. White added, "As the number of Alliance members continues to increase and we follow our strategy of increasing sales to existing customers, we are continuing to execute our operating plan and are aggressively investing in sales and support staff. During the quarter, we added 30 new employees bringing our total headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. to 185, a 58% increase over last year. As a result of these investments, the number of accounts serviced per sales person in our consumer catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. business has decreased to 32 from 44 last year. This increased level of service is designed to result in additional revenues per client. Staff increases in other areas, most notably production services, technology development and statistical services, are also investments which are expected to enhance performance and service to our clients." "We are also spending more time with our customers. In response to feedback during our recent Customer Summit and daily requests from our customers for more training on Abacus' services, we have doubled the number of client training seminars planned for 1998 from 1997." Referring to the new market initiatives, Mr. White said, "As we have stated before, our goal in 1998 is to generate sufficient revenues in markets outside consumer catalogs to cover operating costs operating costs npl → gastos mpl operacionales associated with those initiatives. Our progress in these areas during the quarter was certainly in line with those expectations. These initiatives are still emerging, and it is still too early to comment further on specific new markets, but the results so far have been encouraging." Mr. White concluded, "We remain focused on expanding the Abacus Alliance in terms of members and depth of transactional data. At the same time, we are finding ways of improving our performance in our consumer catalog business and are more effectively exploiting our rich database as we enter new markets. We have clarity in our objectives, and are executing our plan to meet those goals. " Abacus Direct Corporation is a leading provider of information products and marketing research services to the direct marketing industry. This news release contains 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. that involve risks and uncertainties, including the reception of new products and technologies, the expansion of the Abacus Alliance, the increase in product sales, the success of the Company's new initiatives and the likelihood of incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. revenues offsetting expenses related to those new initiatives. The Company's actual results could differ materially from those discussed in such forward-looking statements based on a variety of factors including, but not limited to, the actions of current and potential new competitors, rapid changes in technology, the seasonality and cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. nature of the industry, changes in postal rates and paper prices, the nature and amount of the Company's revenues and expenses, and overall economic conditions. Other risks are reflected in the Company's filings with the Securities and Exchange Commission. -0-
ABACUS DIRECT CORPORATION
STATEMENT OF OPERATIONS UNAUDITED
Three Months Ended
March 31,
---------------------------
1998 1997
--------------------------
Net revenues $ 9,082,337 $ 5,525,291
Cost of revenues 1,970,728 1,303,654
----------- -----------
Gross profit 7,111,609 4,221,637
Other operating costs
Selling and marketing 3,025,815 1,505,090
General and administrative 1,120,466 869,284
Research and development 442,352 365,560
----------- -----------
Total operating expenses 4,588,633 2,739,934
Income from operations 2,522,976 1,481,703
Interest and other income
(expense), net 137,131 62,771
----------- -----------
Income before income taxes 2,660,107 1,544,474
Provision for income taxes 970,900 563,800
----------- -----------
Net income $ 1,689,207 $ 980,674
=========== ===========
Net income per common
share - basic $ 0.17 $ 0.10
Net income per common
share - diluted $ 0.17 $ 0.10
Weighted average number
of outstanding
common shares basic 9,670,564 9,504,973
Weighted average number
of outstanding
common shares diluted 10,172,967 9,970,028
Note: Certain prior period amounts have been reclassified to comply
with the current year presentation.
CONTACT: Abacus Direct Corp., Westminster Investors/Analysts: Carlos Carlos, prince of the Asturias Carlos, 1545–68, prince of the Asturias, son of Philip II of Spain and Maria of Portugal. Don Carlos, who seems to have been mentally unbalanced and subject to fits of homicidal mania, was imprisoned by his father in Sala SALA Statistical Abstract of Latin America SALA Selective Amyloid Lowering Agent SALA Sierra Area Landsailing Association , 303/657-2800 Media: Cindi Gallucci, 914/345-0441 |
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