Affiliated Computer Services Announces Record First-Quarter Earnings.DALLAS--(BUSINESS WIRE)--Oct. 16, 1996-- ACS' Eleventh In music or music theory an eleventh is the note eleven scale degrees from the root of a chord and also the interval between the root and the eleventh. Since there are only seven degrees in a diatonic scale the eleventh degree is the same as the subdominant and the interval Consecutive Quarter of Increased Record Earnings Affiliated Computer Services Affiliated Computer Services (ACS) (NYSE: ACS) is a Fortune 500 company that provides information technology outsourcing as well as business process outsourcing solutions to businesses, government agencies, and non-profit organizations. , Inc. (Nasdaq NM: ACSA ACSA Association of Collegiate Schools of Architecture ACSA Association of California School Administrators ACSA Airports Company South Africa ACSA Apple Certified System Administrator ACSA Australian Curriculum Studies Association ), a leading information technology services company, today announced its eleventh consecutive quarter of record earnings for the first quarter of fiscal year 1997 ended September September: see month. 30, 1996. Earnings per share for the first quarter of fiscal 1997 was 47 cents, an increase of 15 percent over the first quarter of fiscal 1996 earnings of 41 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. . Earnings per share also reflects additional outstanding shares of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 4.1 million which resulted from the successful completion of two secondary common stock offerings during fiscal year 1996. Net income for the first quarter of fiscal 1997 was $8.5 million compared to $5.7 million of net income in the first quarter of fiscal 1996. Revenues increased by 62 percent during the period from $89.3 million in the first quarter of fiscal 1996 to a record $144.3 million in this quarter. Affiliated Computer Services, Inc., based in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , is a nationwide provider of information technology services and electronic funds transfer See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. . ACS' information technology services include data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. , image management and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. . The company's Class A common stock is traded on the NASDAQ National Market System under the symbol "ACSA." -0-
AFFILIATED COMPUTER SERVICES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
(in thousands except per share amounts)
Three Months Ended
September 30,
--------------------
1996 1995
-------- --------
Revenues $144,332 $ 89,294
-------- --------
Expenses:
Wages and benefits 56,361 32,741
Services and supplies 31,829 22,025
Rent, lease and
maintenance 31,546 18,998
Depreciation and
amortization 6,597 4,275
Other operating expenses 2,243 1,322
-------- --------
Total operating expenses 128,576 79,361
-------- --------
Operating income 15,756 9,933
Interest and other
expenses, net 1,354 355
-------- --------
Income before income taxes 14,402 9,578
Income tax expense 5,869 3,917
-------- --------
Net income $ 8,533 $ 5,661
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Earnings per common share $ .47 $ .41
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Weighted average
shares outstanding 18,231 13,752
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AFFILIATED COMPUTER SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)
Sept. 30, June 30,
1996 1996
-------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 17,414 $ 25,627
ATM cash 4,550 9,100
Accounts receivable, net 100,513 99,270
Inventory 9,895 10,938
Prepaid expenses and other 22,671 16,099
Deferred taxes 8,655 7,790
-------- --------
Total current assets 163,698 168,824
Property, equipment and software, net 92,184 89,857
Goodwill and other intangible assets, net 266,241 257,733
Deferred taxes 2,633 5,696
Long-term investments and other 10,638 11,495
-------- --------
Total assets $535,394 $533,605
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LIABILITIES
Current liabilities:
Accounts payable $ 11,012 $ 15,976
Accrued compensation 12,981 19,815
Other accrued liabilities 64,851 61,806
Current notes payable 8,119 11,609
Current portion of unearned revenue 6,919 9,657
-------- --------
Total current liabilities 103,882 118,863
Long-term debt 67,258 57,208
Other long-term liabilities 52,108 53,480
-------- --------
Total liabilities 223,248 229,551
-------- --------
Cumulative redeemable preferred stock -- 1,100
-------- --------
STOCKHOLDERS' EQUITY
Total stockholders' equity 312,146 302,954
-------- --------
Total liabilities and stockholders' equity $535,394 $533,605
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CONTACT: Media: Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. , 214/841-8011, or Analysts: Mark A. King, Chief Financial Officer, Affiliated Computer Services, Inc., 214/841-8007 |
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