Astea International announces record second quarter results.International Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ATEA), a leading customer interaction software vendor, today announced record revenues and net income for the second quarter and first half of 1995. Revenues of $10.8 million for the second quarter ended June June: see month. 30, 1995 increased by $4.7 million, or 78 percent over revenues in comparison to 1994's second quarter results of $6.1 million. Net income for the second quarter of 1995 increased 43 percent to $1.4 million from $975,000 in the second quarter of 1994. Earnings per share for the second quarter of 1995 were $0.16 vs. $0.12 for the second quarter of 1994, an increase of 33 percent. Weighted average shares outstanding during the second quarter of 1995 were 8.5 million vs. 8.0 million during the second quarter of 1994. For the six months ended June 30, 1995, Astea's revenues grew 97 percent to $18.2 million from $9.2 million for the first half of 1994. Net income for the six months increased 116 percent to $1.9 million or $0.22 per share, compared with $859,000 or $0.11 per share for the first six months ended June 30, 1994. Weighted average shares outstanding for the first half of 1995 were 8.5 million vs. 8.0 million during the first half of 1994. The company completed its initial public offering on July July: see month. 27, 1995. Net income and earnings per share data are shown on a 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 basis. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. President 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. Zack Bergreen, "We are delighted with our overall growth and pleased to report our strong performance both in terms of record revenues and profits for the quarter and the first half of 1995." "Bergreen continued, "Our clients tell us that Astea's integrated product strategy offers an innovative business management solution that enables them to improve their operating efficiencies, allocation of resources allocation of resources Apportionment of productive assets among different uses. The issue of resource allocation arises as societies seek to balance limited resources (capital, labour, land) against the various and often unlimited wants of their members. and customer responsiveness across their enterprise. Our continued financial success and growing customer base are a testament to the unique value that our product suite provides." During the quarter, the company continued to invest in development activities across its full product line. The launch of PowerHelp Release 2.1 represented the introduction of a number of key industry firsts that enable service and support centers to further streamline their help desk operations and better capture and replicate rep·li·cate v. 1. To duplicate, copy, reproduce, or repeat. 2. To reproduce or make an exact copy or copies of genetic material, a cell, or an organism. n. A repetition of an experiment or a procedure. their company's enterprise-wide expertise. Astea International Inc. develops, markets and supports client/server-based customer interaction software. Its products enable organizations of all sizes across a range of industries to automate To turn a set of manual steps into an operation that goes by itself. See automation. and streamline their field service, sales and customer support operations. Its customers include such leading companies as AT&T's Global Information Systems and Network Wireless Business Systems Units; Motorola Inc.; Northern Telecom Inc.; Ricoh Corporation; Savin savin a neurotoxic war gas similar to organophosphorus insecticides but considerably more toxic, as demonstrated in the Tokyo subway massacre in 1995. Corporations; Allen-Bradley and E.I. du Pont Du Pont (d  pŏnt), family notable in U.S. industrial history. The Du Pont family's importance began when Eleuthère Irénée Du Pont established a gunpowder mill on the de Numours & Company.
The company is headquartered in Chalfont, Pa., with business development
and marketing offices in Bedford, Mass., and regional offices in San
Mateo San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif.; France; Australia; Germany; The Netherlands; New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. ;
England and Israel.
Statement of income attached. -0-
ASTEA INTERNATIONAL INC.
STATEMENTS OF INCOME
(In thousands, except per share amounts)
(unaudited)
Three months Six months
ended June 30, ended June 30,
1995 1994 1995 1994
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Revenues:
Software license fees $ 6,188 $ 3,950 $ 9,408 $ 5,090
Services and maintenance 4,662 2,136 8,768 4,154
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Total revenues 10,850 6,086 18,176 9,244
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Costs and expenses:
Cost of software license fees 810 484 1,260 641
Cost of services and maintenance 3,223 1,547 6,014 2,995
Product development 710 687 1,400 1,178
Sales and marketing 2,261 1,038 3,696 1,741
General and administrative 1,402 666 2,458 1,171
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Total costs and expenses 8,406 4,422 14,828 7,686
Income from operations 2,444 1,664 3,348 1,558
Net interest expense 115 82 251 165
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Income before provision for income taxes 2,329 1,582 3,097 1,393
Pro forma income taxes (a) 932 607 1,239 534
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Pro forma net income $ 1,397 $ 975 $ 1,858 $ 859
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Net income per common and common equivalent share $ 0.16 $ 0.12 $ 0.22 $ 0.11 Shares used in computing per share amounts 8,501 8,039 8,501 8,039-0- (a) Pro Forma Adjustments for Income Taxes ------------------------------------------ From its inception, the company has been treated for income tax purposes as a corporation subject to taxation under Subchapter S Subchapter S IRS regulation that gives a corporation with 35 or fewer shareholders the option of being taxed as a partnership to escape corporate income taxes. of the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. and comparable state laws. The income taxes reflected here were calculated as if the company were subject to tax under the tax laws in effect for the respective periods using the criteria established under Statement of Financial Accounting Standards No. 109 "Accounting for Income Taxes." The company completed its initial public offering on July 27, 1995. CONTACT: Astea International Inc. Maureen MacGregor, 617/275-5440 x285 Sharon Merrill Associates Maureen Wolff-Reid, 617/262-1800 |
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