Atlantic Data Services, Inc. Reports Net Income Up 144% and Revenues Up 100% for Second Quarter 1999.QUINCY Quincy. 1 (kwĭnt`sē) City (1990 pop. 39,681), seat of Adams co., W Ill., on a bluff above the Mississippi; inc. 1839. It is a trade, industrial (steel parts), and distribution center in a grain and livestock area. , Mass.--(BUSINESS WIRE)--Oct. 12, 1998--Atlantic Data Services, Inc., (ADS) (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 :ADSC ADSC Adobe Document Structuring Conventions ADSC Active Duty Service Commitment ADSC Address Status Changed ADSC Army Development and Selection Centre (UK MoD) ADSC Automatic Data Service Center ) today announced increased revenues and net income for its second fiscal 1999 quarter ended September September: see month. 30, 1998. Revenues for the second quarter reached $18.2 million, a 100% increase compared to revenues of $9.1 million for the same period in fiscal 1998. Net income for the quarter also increased to $2.6 million, an increase of 144% compared to $1.05 million for the same period in fiscal 1998. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the quarter grew to $.19 on 13,225,000 shares from $.11 on 9,952,000 shares for the same period in fiscal 1998. Revenues for the first six months ended September 30, 1998 were $35.6 million, an increase of 106% over revenues of $17.3 million for the same period in fiscal 1998. Net income for the first six months rose to $4.7 million, an increase of 135% compared to $2.0 million for the same period in fiscal 1998. Diluted earnings per share for the six months grew to $.38 on 12,482,000 shares from $.20 on 9,952,000 shares for the same period in fiscal 1998. "We are pleased that ADS continues to deliver record revenues and net income," said Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. W. Howe, ADS' chairman and chief executive officer. "This growth is the result of increased demand for our services and demonstrates our ability to be responsive to our customers' needs. During the quarter we added five new clients and initiated a similar number of new service engagements with existing clients. Further, as a result of our recruiting success and a turnover rate under 20%, we were able to increase our billable base by 29 new consultants, bringing the total number of billable consultants to 321 at quarter's end." About ADS - ADS, based in Quincy, MA provides information technology strategy consulting and systems integration services to customers exclusively in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry, primarily banks. ADS offers rapid, cost effective IT solutions to the business challenges faced by financial services companies through its in depth financial services experience, technological expertise and project management skills. The Company's service offerings are organized around five areas: IT Strategy Consulting, Consolidations and Conversions, Year 2000 Resolution, Application 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. , and Electronic Commerce and Home Banking. Founded in 1980, ADS has more than 350 employees in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . More information on ADS can be found on the World Wide Web at www.atlanticdataservices.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc management's operating plans and objectives that involve a number of risks and uncertainties that may cause actual results to differ materially from expectations. Those risks and uncertainties include, but are not limited to, variability of quarterly operating results, dependence on the financial services industry, concentration of revenues and dependence on major customers, management of growth, availability of professional staff, competitive pressures in the IT and systems integration market, and risks associated with fixed price contracts and rapid technological change. Further information on factors that could cause actual results to differ from those anticipated is included in filings made by the Company from time to time with the Securities and Exchange Commission, including, but not limited to, the Company's Registration Statement on Form S-1, as filed with the SEC on March 26, 1998, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . Any forward-looking statements should be considered in light of these factors. -financial table follows- -0-
Atlantic Data Services, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended Six Months Ended
September 30 September 30
1998 1997 1998 1997
(unaudited) (unaudited)
Revenues $ 18,186 $ 9,118 $ 35,633 $ 17,349
Cost of Revenues 10,520 5,265 20,503 10,016
Gross Profit 7,666 3,853 15,130 7,333
Operating Expenses:
Sales and Marketing 1,261 685 2,812 1,264
General and
Administrative 2,249 1,384 4,553 2,659
Total Operating
Expenses 3,510 2,069 7,365 3,923
Income from
Operations 4,156 1,784 7,765 3,410
Interest Income 364 29 517 57
Interest Expense -- (1) (1) (3)
Income before
Provision for
Income Taxes 4,520 1,812 8,281 3,464
Provision for
Income Taxes 1,955 761 3,554 1,455
Net Income $ 2,565 $ 1,051 $ 4,727 $ 2,009
Earnings per Share $ 0.20 $ 0.11 $ 0.39 $ 0.20
Diluted Earnings
per Share $ 0.19 $ 0.11 $ 0.38 $ 0.20
Weighted Average
Number of Shares
Outstanding 12,798 9,952 12,076 9,952
Weighted Average
Number of Diluted
Shares Outstanding 13,225 9,952 12,482 9,952
Atlantic Data Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
September 30, March 31,
1998 1998
(unaudited)
Cash and Cash Equivalents $28,199 $ 3,401
Accounts Receivable, Net 13,264 9,100
Prepaid Expenses 76 462
Deferred Taxes 351 284
Total Current Assets 41,890 13,247
Property and Equipment, Net 1,345 995
Other Assets 195 243
Total Assets $43,430 $14,485
Current Liabilities $ 6,184 $ 5,767
Other Liabilities 26 35
Total Stockholders' Equity 37,220 8,683
Total Liabilities and Stockholders' Equity $43,430 $14,485
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