Affiliated Computer Services announces record fourth-quarter earnings; ACS' tenth consecutive quarter of increased record earnings.DALLAS--(BUSINESS WIRE)--July 30, 1996--Affiliated Computer Services Data processing (timesharing, batch processing), software development and consulting services. See service bureau, SaaS and ASP. , 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 tenth Tenth can mean: In mathematics:
The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . Net income for the fourth quarter of fiscal 1996 was $7.3 million compared to $5.1 million of net income in the fourth quarter of fiscal 1995. Revenues also increased during the period by 30 percent, from $89.5 million in the fourth quarter of fiscal 1995 to a record $116.8 million in this quarter. Earnings per share for the fiscal year ended June 30, 1996, increased 20 percent over the previous year to $1.65 per share on net income of $23.8 million, as compared with net income of $17.6 million, or $1.37 per share, during the comparable prior year period. Revenues for the fiscal year ended June 30, 1996, increased 27 percent to $396.5 million, compared with $313.2 million for the fiscal year ended 1995. Darwin Darwin, city (1991 pop. 67,946), capital of the Northern Territory, N Australia, on Port Darwin, an inlet of the Timor Sea. Remotely situated on the sparsely settled north coast, Darwin had no rail connection with any of the major Australian cities until 2003, when Deason, chairman and chief executive officer of ACS (Asynchronous Communications Server) See network access server. , said, "Our people accomplished great things in 1996. ACS focused on the strategic growth of the company with the completion of eight acquisitions and several new 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. contracts. We expanded our core outsourcing business through the acquisition of The Genix Group, which strengthened our national presence, and expanded the vertical markets we serve. We also are particularly excited about the management and technical talent we have added in the client/server An architecture in which the user's PC (the client) is the requesting machine and the server is the supplying machine, both of which are connected via a local area network (LAN) or wide area network (WAN). , imaging and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. areas of our company. In addition, ACS' MoneyMaker(SM) automated teller machine automated teller machine (ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip. (ATM) network has more than doubled to 6,210 ATMs from 3,042 ATMs a year ago." "During fiscal year 1996, ACS was successful in completing two secondary common stock offerings, from which we have raised a total of $170 million in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). ," Mark King, ACS executive vice president and chief financial officer, said. "These proceeds enabled ACS to pursue an aggressive acquisition strategy in a rapidly consolidating industry. The year culminated with the completion of the Genix acquisition. Genix was the largest acquisition in our history, with reported revenues in 1995 of $105 million. As a result of the record amount of closed new business together with our eight completed acquisitions during the year, we are on target with our goal of becoming a billion dollar company by the end of the century." 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., 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, image management and professional services. 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 Year Ended
June 30, June 30,
------------------- ------------------
1996 1995 1996 1995
-------- -------- -------- --------
Revenues $116,801 $ 89,543 $396,509 $313,181
-------- -------- -------- --------
Expenses:
Wages and benefits 47,847 30,405 158,619 106,966
Services and supplies 29,312 22,353 100,625 77,613
Rent, lease and maintenance 21,150 21,295 76,412 80,250
Depreciation and
amortization 4,286 3,778 15,031 11,847
Other operating expenses 1,727 2,572 5,070 4,963
-------- -------- -------- --------
Total operating expenses 104,322 80,403 355,757 281,639
-------- -------- -------- --------
Operating income 12,479 9,140 40,752 31,542
Interest and other expenses,
net 219 569 833 1,755
-------- -------- -------- --------
Pretax profit 12,260 8,571 39,919 29,787
Income tax expense 4,972 3,495 16,163 12,183
-------- -------- -------- --------
Net income $ 7,288 $ 5,076 $ 23,756 $ 17,604
======== ======== ======== ========
Earnings per common share $ .45 $ .38 $ 1.65 $ 1.37
======== ======== ======== ========
Weighted average shares
outstanding 16,229 13,520 14,440 12,808
======== ======== ======== ========
AFFILIATED COMPUTER SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)
June 30, June 30,
1996 1995
-------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 25,627 $ 41,476
ATM cash 9,100 8,250
Accounts receivable, net 99,270 42,325
Inventory 10,938 6,294
Prepaid expenses and other 16,099 7,389
Deferred taxes 7,790 8,645
-------- --------
Total current assets 168,824 114,379
Property, equipment and software, net 89,857 26,682
Goodwill and other intangible assets, net 257,733 75,371
Deferred taxes 5,696 4,183
Long-term investments and other 11,495 5,116
-------- --------
Total assets $533,605 $225,731
======== ========
LIABILITIES
Current liabilities:
Accounts payable $ 15,976 $ 4,360
Accrued compensation 19,815 9,856
Other accrued liabilities 61,806 32,358
Current notes payable 11,609 5,763
Current portion of unearned revenue 9,657 10,440
-------- --------
Total current liabilities 118,863 62,777
Long-term debt 57,208 37,940
Other long-term liabilities 53,480 17,290
-------- --------
Total liabilities 229,551 118,007
-------- --------
Cumulative redeemable preferred stock 1,100 1,100
-------- --------
STOCKHOLDERS' EQUITY
Total stockholders' equity 302,954 106,624
-------- --------
Total liabilities and stockholders' equity $533,605 $225,731
======== ========
CONTACT: Affiliated Computer Services Inc., Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. (Media Contact) 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 (Analysts Contact) Mark A. King, 214/841-8007 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion