Acsys, Inc. Posts Record Revenues for First Quarter 1999.ATLANTA--(BUSINESS WIRE)--April 26, 1999-- Acsys, Inc. (Nasdaq/NM:ACSY), a leading provider of specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. professional staffing services, today announced results for the first quarter ended March 31, 1999. Total historical service revenues increased 72% to a quarterly record of $42.1 million from $24.4 million for the same quarter last year. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss for the quarter, reflecting the Company as a taxable entity, was $591,000, or ($0.04) 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 with pro forma net income of $413,000, or $0.03 per diluted share, for the first quarter of 1998. Pro forma net income for the first quarter of 1999, excluding previously announced severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and office closing costs Closing Costs The numerous expenses (over and above the price of the property) that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, of $2.8 million, was $947,000, or $0.07 per share. Chief Executive Officer Timothy Timothy, epistles in the New Testament Timothy, two letters of the New Testament. With Titus they comprise the Pastoral Epistles, in which St. Paul addresses his coworkers as the guardians and transmitters of his teaching. Mann, Jr. said, "We are pleased with the progress we made in growing the Company this quarter. We were able to meet the demands of many challenges including some significant management changes and increasing our debt facility. I am also pleased that our permanent placement staffing revenues returned to record levels in the first quarter and that we had more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. leverage on SG&A in comparison to our fourth quarter 1998 performance. Additionally, the integration process for our acquisitions is proceeding nicely. While, as we have previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). , we experienced some softness in our SAP sap, fluid in plants consisting of water and dissolved substances. Cell sap refers to this fluid present in the large vacuole, or cell cavity, that occupies most of the central portion of mature plant cells. staffing business, we have been able to offset that softness with strong growth in other parts of our IT staffing business. Our results for the quarter reflect strong internal revenue growth, after removing the impact of acquisitions, which once again exceeded our target goal of 30%. "We look forward to continued growth as we strive to reach our vision - to be recognized by our clients, employees and competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. as the leading and most innovative provider of financial and information technology human capital." Acsys, Inc. is one of the leading specialty professional staffing firms in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Acsys currently operates over 40 offices, serving metropolitan markets across the U.S. with a more significant presence in the eastern and midwestern Mid·west or Middle West A region of the north-central United States around the Great Lakes and the upper Mississippi Valley. It is generally considered to include Ohio, Indiana, Illinois, Michigan, Wisconsin, Minnesota, Iowa, Missouri, Kansas, and U.S. Information contained in this press release, other than historical information, should be considered forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. in nature and is subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , or should underlying assumptions prove incorrect Incorrect means to not be correct and may also refer to:
ACSYS, INC.
Condensed Statements of Operations
(dollars in thousands, except per share data)
(Unaudited)
First Quarter Ended
March 31, March 31,
1999 1998
----------------------------------------------------------------------
Service revenues:
Temporary staffing $ 33,514 $ 19,204
Permanent placement 8,552 5,211
----------------------------
Total service revenues 42,066 24,415
Direct cost of services 23,123 13,584
----------------------------
Gross profit 18,943 10,831
Selling, general & administrative
expenses 15,758 9,805
Severance and office closing costs 2,829 --
Depreciation and amortization 701 254
----------------------------
Operating income (loss) (345) 772
Interest expense, net 742 72
----------------------------
Income (loss) before income taxes (1,087) 700
Income tax expense (benefit) (496) 3,174
----------------------------
Net loss $ (591) $ (2,474)
============================
Net loss per share(a) $ (0.04) $ (0.19)
============================
Pro forma:(a)
Pro forma income tax expense (benefit)$ (496) $ 287
============================
Pro forma net income (loss) $ (591) $ 413
============================
Pro forma income (loss)
per diluted share $ (0.04) $ 0.03
============================
Shares to compute diluted earnings 14,457 13,139
============================
(a) Historical net loss per share is not comparable among the periods
presented because the Company was not a taxable entity in the
beginning of 1998. Additionally, the Company recognized income
tax expense of $3.0 million in the first quarter of 1998 in
connection with the Company's conversion to a taxable entity. Pro
forma net income (loss) and pro forma income (loss) per share
reflect the Company as a taxable entity in all periods presented.
Condensed Balance Sheet Data
(dollars in thousands)
March 31, 1999
-------------------------- ------------------
Working capital $17,310
Total assets 89,626
Long-term debt 40,882
Shareholders' equity 33,161
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