Astea International announces record third quarter results; Net income climbs 174 percent on revenue increase of 108 percent.CHALFONT The name Chalfont could refer to:
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 supplier of customer interaction software, today announced record financial results for the third quarter and first nine months of 1995. For the third quarter ended September September: see month. 30, 1995, the Company reported revenues of $10.9 million, a 108 percent increase over $5.2 million for the same period one year ago. Net income for the third quarter of 1995 increased 174 percent to $1.3 million, or $0.12 per share, from $462,000, or $0.06 per share, in last year's third quarter. Weighted average shares outstanding during the third quarter of 1995 were 10.9 million versus 8.0 million during the third quarter of 1994. For the nine months ended September 30, 1995, Astea's revenues increased to $29.1 million, a 101 percent gain over $14.5 million during the same period in 1994. Net income for the first nine months increased 137 percent to $3.1 million, or $0.34 per share, compared with $1.3 million, or $0.17 per share, for the first nine months in 1994. Weighted average shares outstanding during the first nine months of 1995 were 9.2 million versus 7.9 million for the comparable period one year ago. Zack B. Bergreen, president and chief executive officer of Astea, commented, "The third quarter of 1995 was another outstanding quarter of growth for Astea. Our strong financial performance reflects increased sales to both new and existing customers as well as increased international business. It is particularly gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to see that Astea made significant progress in key elements of our strategy to fuel the continued expansion of our business, namely delivering new modules to existing products, expanding our sales channels, and increasing our business internationally." Bergreen continued, "During the third quarter, we enhanced the capabilities of our existing customer service and support solutions. We introduced production releases of the CASE-1 module for PowerHelp as well as the Logistics Management Logistics Management is that part of Supply Chain Management that plans, implements, and controls the efficient, effective, forward, and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet Engine module for spare parts Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. forecasting which is used with Dispatch-1. We also announced PowerHelp support for the Microsoft Windows See Windows. (operating system) Microsoft Windows - Microsoft's proprietary window system and user interface software released in 1985 to run on top of MS-DOS. Widely criticised for being too slow (hence "Windoze", "Microsloth Windows") on the machines available then. 95 operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. ." Bergreen added, "We continued to broaden our sales channels this past quarter through partnerships with companies like PC Service Source and ServiceWare. Additionally, Astea's efforts to expand its business overseas produced tangible results as we signed contracts with new customers such as Jardine Jardine can refer to: People
emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. third party service provider. In fact, the ICL Sorbus account win is particularly noteworthy as ICL Sorbus will be the first customer to deploy the entire Astea product family including Dispatch-1, PowerHelp and PowerSales." Bergreen concluded, "This is an exciting time for Astea as the market for enterprise-wide customer interaction solutions is experiencing dramatic growth, reaffirming our product direction and overall corporate growth strategy. Moving forward, Astea will continue to deliver innovative new software modules and products that will enhance our customers' ability to access, share and apply mission-critical service, support and sales information throughout their operations." On July July: see month. 27, 1995, Astea International completed its initial public offering of 2.8 million shares of Common Stock. Alex (language) Alex - 1. A polymorphic language being developed by Stephen Crawley <sxc@itd.dtso.oz.au> of Defence Science & Tech Org, Australia. Alex has abstract data types, type inference and inheritance. 2. Montgomery, city (1990 pop. 187,106), state capital and seat of Montgomery co., E central Ala., near the head of navigation on the Alabama River just below the confluence of the Coosa and Tallapoosa rivers, and in the rich Securities were the lead underwriters Lead underwriter The head of a syndicate of financial firms that are sponsoring an initial public offering of securities or a secondary offering of securities. Could also apply to bond issues. for this offering. Astea International 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 customer support, field services and sales operations. Astea's customers include such leading companies as Allen-Bradley; AT&T Global Information Solutions; E.I. du Pont de Nemours Du Pont de Ne·mours , Pierre Samuel 1739-1817. French-born economist and politician who took part in negotiations after the American Revolution (1783) and in the acquisition of the Louisiana Territory (1803). & Co.; Johnson Controls Johnson Controls, Inc. (NYSE: JCI) is a United States company, based in Milwaukee, Wisconsin, specializing in the design, manufacturing, and installation of automotive systems, automotive batteries (Optima[1] based in Denver, Colorado) and climate control systems. Inc.; Northern Telecom Inc.; Ricoh Corp.; and Savin savin a neurotoxic war gas similar to organophosphorus insecticides but considerably more toxic, as demonstrated in the Tokyo subway massacre in 1995. Corp. -0-
ASTEA INTERNATIONAL INC.
Statements of Income
(in thousands, except per share amount
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
1995 1994 1995 1994
Revenues:
Software license fees $5,455 $2,762 $14,863 $7,852
Services and maintenance 5,422 2,469 14,190 6,623
Total revenues 10,877 5,231 29,053 14,475
Costs and expenses:
Cost of software license
fees 663 374 1,923 1,015
Cost of services and
maintenance 3,578 1,629 9,592 4,584
Product development 856 632 2,256 1,810
Sales and marketing 2,410 1,176 6,106 2,917
General and administrative 1,480 591 3,938 1,762
Total costs and expenses 8,987 4,402 23,815 12,088
Income from operations 1,890 829 5,238 2,387 Net interest income (expense) 222 (78) (30) (243) Income before provision for income taxes 2,112 751 5,208 2,144 Pro forma income taxes (a) 845 289 2084 823 Pro forma net income $1,267 $462 $3,124 $1,321 Net income per common and common equivalent share $0.12 $0.06 $0.34 $0.17 Shares used in computing per per share amounts 10,919 8,039 9,153 7,935
(a) Pro Forma Adjustments for Income Taxes
The Company completed its initial public offering on July 27,
1995. From its inception through July 26, 1995, the Company had been
treated as an S Corporation for Federal and state income tax
purposes. The pro forma income taxes reflected above were calculated
as if the company were a C Corporation for the periods presented
using the criteria established under Statement of Financial
Accounting Standards No. 109 "Accounting for Income Taxes." The
actual income tax provision for the three months and nine months
ended September 30, 1995 is $479,000 and $1,718,000, respectively and
the actual earnings per share is $0.15 and $0.38, respectively.
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ASTEA INTERNATIONAL INC.
Condensed Balance Sheets
(in thousands)
Sept. 30, Dec. 30,
1995 1994
Assets (Unaudited)
Current assets:
Cash and cash equivalents $35,010 $663 Receivables, net of reserves 14,437 11,428 Other 1,739 882 Total current assets 51,186 12,973 Property and equipment - net 4,580 3,975 Capitalized software - net 1,342 1,118 Goodwill 2,083 0 Other 165 0 Total assets $59,356 $18,066
Liabilities and Stockholders' Equity
Current liabilities:
Line of credit $0 $550
Current portion of obligations under capital
leases 692 4,232
Accounts payable and accrued expenses 5,738 1,862
Deferred revenues 5,674 6,914
Other 0 266
Total current liabilities 12,104 10,015 Noncurrent portion of obligations under capital leases 2,633 2,913 Stockholders' equity 44,619 5,138 Total liabilities and stockholders' equity $59,356 $18,066 CONTACT: Astea International Inc. Keith Larson, 617/275-5440 |
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