Another Record-Setting Quarter in Revenues and Income for FactSet Research Systems.GREENWICH Greenwich, borough, Greater London, England Greenwich (grĭn`īj, grĕn`–), outer borough (1991 pop. 200,800) of Greater London, SE England, on the Thames River. Manufactures include telephone equipment and underwater cable. , Conn.--(BUSINESS WIRE)--Dec. 15, 1998--FactSet Research Systems Inc. (NYSE NYSE See: New York Stock Exchange : FDS FDS Fim-De-Semana (Portugese: weekend) FDS Federated Department Stores, Inc. FDS Fiche de Données de Sécurité (Material Safety Data Sheets) FDS Famicom Disk System FDS Faculty of Dental Surgery ), the leading online source of financial and economic data for the investment management and banking communities, today announced record results for the three months ended November November: see month. 30,1998, the first quarter of its 1999 fiscal year. Revenues for the quarter rose 36.2% to $23.8 million. Operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before advanced 43.4% to $6.6 million. Earnings per share, aided by a lower tax rate, were up 56.0% to $0.39 from $0.25 a year ago. -0-
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FactSet Research Systems Inc.
Consolidated Statements of Income (Condensed)
Three Months Ended
November 30,
(In thousands, except per
share data) 1999 1998 Change
---- ---- ------
Revenues $23,830 $17,494 36.2 %
Operating income 6,594 4,598 43.4
Net income 4,320 2,775 55.7
Diluted earnings per share $0.39 $0.25 56.0
===== =====
Weighted average common
shares (diluted) 11,075 10,970
====== ======
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"Although we began the fiscal year somewhat concerned with volatility occurring in world financial markets, the underlying momentum in FactSet's business has continued unabated un·a·bat·ed adj. Sustaining an original intensity or maintaining full force with no decrease: an unabated windstorm; a battle fought with unabated violence. ," said Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. E. Wille, Chairman and 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. . "The November period was the eighth straight quarter in which revenue growth exceeded 30%. As in earlier periods, growth was a function of new clients, expansion in the number of user passwords, and new services and databases. Our model remains intact." At quarter end, client count reached 584. Passwords rose to 18,000 for an increase of nearly 60% over year earlier levels. Reflecting the growth in value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. , average client commitments gained 18% over the prior year to a new record of $168,000. The term "commitments" means forward-looking annual revenues for all services currently being supplied. The Company's record shows that "commitments" have risen in virtually every month in its 20-year history. Mr. Wille noted, "With revenue growth at recent rates, it is almost an axiomatic ax·i·o·mat·ic also ax·i·o·mat·i·cal adj. Of, relating to, or resembling an axiom; self-evident: "It's axiomatic in politics that voters won't throw out a presidential incumbent unless they think his challenger will expectation that profit margins should improve. Accordingly, operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: moved up from 26.3% to 27.7% producing a 43.4% gain in operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. . As a consequence of employee stock option exercises, the Company's tax rate declined from 44.1% to 39.0%, resulting in a net income gain of 55.7% to $4.3 million. Founded in 1978, FactSet is an online, interactive supplier of information required by investment professionals. The Company assembles more than 100 separate databases from numerous suppliers and integrates this aggregation into a unified data library. Clients have simultaneous access to these disparate data sources and can search, manipulate manipulate To cause a security to sell at an artificial price. Although investment bankers are permitted to manipulate temporarily the stock they underwrite, most other forms of manipulation are illegal. , or download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. this data to their own spreadsheets The following is a list of spreadsheets. Freeware/open source software Online spreadsheets
FactSet is headquartered in Greenwich, Connecticut Greenwich is a town in Fairfield County, Connecticut, United States. As of the 2000 census, the town had a total population of 61,101. It is home to many hedge funds and other financial service companies that have left Manhattan. Of the $1. . Other U.S. offices are located in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Stamford, Connecticut Stamford is a city in Fairfield County, Connecticut, United States. According to 2006 Census Bureau estimates, the population of the city is 119,261, making it the fourth largest city in the state. , and San Mateo, California San Mateo is a city in San Mateo County, California, in the San Francisco Bay Area. It is one of the larger suburbs on the San Francisco Peninsula, located between Burlingame to the north, Foster City to the East, and Belmont to the south. . Overseas offices are maintained in London, Tokyo, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , and Sydney. -0-
FactSet Research Systems Inc.
Consolidated Statements of Income
Three Months Ended
November 30, November 30,
(In thousands, except per share data) 1998 1997
---- ----
Commissions $9,446 $7,776
Cash fees 14,384 9,718
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Total revenues 23,830 17,494
Cost of Services 8,511 6,871
Selling, general, administrative 8,725 6,025
------------- -------------
Total operating expenses 17,236 12,896
------------- -------------
Income from operations 6,594 4,598
Other income 493 367
------------- -------------
Income before income taxes 7,087 4,965
Income taxes 2,767 2,190
------------- -------------
Net Income $4,320 $2,775
============= =============
Basic earnings per
common share $0.43 $0.29
============= =============
Diluted earnings
per common share $0.39 $0.25
============= =============
Weighted average common
shares (Basic) 10,031 9,596
============= =============
Weighted average common
shares (Diluted) 11,075 10,970
============= =============
FactSet Research Systems Inc.
Consolidated Statements of Financial Condition
November 30, August 31,
(In thousands) 1998 1998
---- ----
ASSETS
Cash and cash equivalents $44,262 $37,631
Receivables from clients
and clearing brokers 10,638 11,121
Receivables from employees 564 533
Deferred taxes 4,434 4,034
Other current assets 833 921
------------- -------------
Total current assets 60,731 54,240
Property, equipment, and
leasehold improvements, net 15,775 14,680
Deferred taxes 1,384 1,250
Other assets 276 386
------------- -------------
============= =============
Total assets $78,166 $70,556
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses $5,661 $4,755
Accrued compensation 6,228 6,155
Deferred cash fees and commissions 4,574 4,546
Current taxes payable 4,206 3,513
Deferred rent 82 92
------------- -------------
Total current liabilities 20,751 19,061
Deferred rent 457 470
------------- -------------
Total liabilities 21,208 19,531
------------- -------------
Stockholders' Equity:
Common stock 101 97
Capital in excess of par value 4,577 2,934
Retained earnings 52,759 48,439
Treasury stock (479) (445)
------------- -------------
Total stockholders' equity 56,958 51,025
------------- -------------
============= =============
Total liabilities and
stockholders' equity $78,166 $70,556
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