BANCTEC ANNOUNCES RESULTS FOR FISCAL YEAR 1995.DALLAS--(BUSINESS WIRE)--May 25, 1995--BancTec, 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 :BTEC BTEC Business and Technology Education Council (UK) BTEC Biomanufacturing Training and Education Center (Raleigh, NC) BTEC Business Transformation Executive Committee ) reported revenues of $297.5 million for the year ended March 26, 1995, compared to $247.5 million reported in the prior fiscal year. Net income for the year was $12.5 million, compared to $16.3 million for the prior year. Fiscal 1995 results included a previously announced fourth quarter pre-tax charge of $5.0 million. The resulting current year income per share is $1.12 compared to $1.45 for the prior year. For the fourth fiscal quarter ended March 26, 1995, revenues totaled $77.1 million, down slightly from $79.8 million in the same period last year. Net income for the quarter was $0.3 million, or $.03 per share after the one-time charge, versus $5.5 million or $.48 per share for the same period last year. Grahame N. Clark, Jr., BancTec's chairman and chief executive officer, commented, "Fiscal 1995 was an important year for BancTec. The Company invested significant resources during the year to strategically position BancTec as a leader in providing network-oriented service solutions. In addition, the Company continues to focus on providing an expanded product line of document imaging products, integrated banking software, systems solutions 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. software products. "During the fourth fiscal quarter we announced our intent to reduce pre-tax earnings by approximately $5.0 million. The charges accommodate the settlement of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and the costs of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . We now have the organization and the personnel in place in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe to more efficiently manage our business operations. "During fiscal 1995, several important contracts and alliances were announced. For example, we signed an agreement to provide AST Research AST Research, Inc. was a personal computer manufacturer, founded in Irvine, California in 1980 by Albert Wong, Safi Qureshey and Thomas Yuen. (The name comes from the initials of their first names. Inc. with maintenance services. This is the second major computer manufacturer to choose BancTec as a service partner. Our reputation for excellent customer service and advanced technical capabilities has positioned us as a major provider of nationwide PC maintenance services. We have also contracted with several major U.S. companies this year to provide network management, help desk support, operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. support, asset management and facilities management The management of a user's computer installation by an outside organization. All operations including systems, programming and the datacenter can be performed by the facilities management organization on the user's premises. services. We believe that network services will continue to provide major growth opportunities. "BancTec also recently announced several new software and hardware products specifically for the community banking market. BancTec is now the industry's leading provider of operational software to community banks and we look forward to introducing several new products for that market in the months ahead. We view the community bank market as another of our major opportunities for growth. "Also introduced in fiscal 1995 were ImageFIRST(R) OpenArchive, used by major financial institutions to archive large volumes of financial documents and related transaction data and a second new product, ImageFIRST Office, which enables businesses to create, organize, route and store digitized images of business documents. ImageFIRST Office combines the benefits of Document Image Processing See document imaging. Document Image Processing - (DIP) Storage, management and retrieval of images. , Document Management and Computer Output To Laser Disk Computer Output to Laser Disk - Enterprise Report Management (COLD) technologies in a single integrated environment. We will continue to develop and market technologically advanced imaging products for both financial and full page document applications. "BancTec continues to expand internationally. We recently announced a strategically significant order from HCL-Hewlett Packard, which chose BancTec to provide check processing products for the Reserve Bank of India's check clearing system in Bombay. We anticipate additional business opportunities in India as a result of this initial contract. "Finally, we are very pleased with the recent announcement of the definitive agreement to merge BancTec and Recognition International, Inc. We plan to finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... the agreement in the early Fall of this year and we look forward to continued growth in the years ahead as a result of this strategic combination of two excellent companies." BancTec is a leading provider of electronic and document-based financial transaction processing systems A Transaction Processing System (TPS) is a type of information system. TPSs collect, store, modify, and retrieve the transactions of an organization. A transaction is an event that generates or modifies data that is eventually stored in an information system. , application software and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services . The Company develops integrated image processing image processing Set of computational techniques for analyzing, enhancing, compressing, and reconstructing images. Its main components are importing, in which an image is captured through scanning or digital photography; analysis and manipulation of the image, accomplished and data capture solutions for the banking, 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. , insurance, government, utility, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and retail industries. The Company also provides network support services for LANs and personal computers. -0-
BANCTEC, INC
STATEMENT OF OPERATIONS
(In Thousands, except per share data)
3 Months Ended 12 Months Ended
-------------------- --------------------
3/26/95(a) 3/27/94 3/26/95(a) 3/27/94
-------- -------- -------- --------
Revenue $ 77,092 $ 79,779 $297,539 $247,538
Cost of Sales 56,951 57,813 210,695 177,886
-------- -------- -------- --------
Gross Profit 20,141 21,966 86,844 69,652
-------- -------- -------- --------
Operating Expenses
Product development 2,214 2,631 9,590 9,515
S, G & A 15,659 11,558 49,560 34,701
Goodwill amortization 951 767 4,010 1,834
-------- -------- -------- --------
18,824 14,956 63,160 46,050
-------- -------- -------- --------
Income From Operations 1,317 7,010 23,684 23,602
-------- -------- -------- --------
Other Income (expense)
Interest income
(expense) - net (1,507) (583) (5,427) (1,424)
Sundry - net 683 544 1,523 685
-------- -------- -------- --------
(824) (39) (3,904) (739)
-------- -------- -------- --------
Income Before Provision for Income Taxes 493 6,971 19,780 22,863
Income Tax Provision (188) (2,876) (8,481) (9,145)
Minority Interest 0 1,355 1,210 2,625
-------- -------- -------- --------
Net Income $ 305 $ 5,450 $ 12,509 $ 16,343
======== ======== ======== ========
Earnings Per Share: Net income $ 0.03 $ 0.48 $ 1.12 $ 1.45 Fully Diluted Shares 11,006 11,378 11,128 11,294
BALANCE SHEET
-------------
(In thousands)
3/26/95 3/27/94
-------- --------
Cash and temporary investments $ 11,091 $ 12,644
Receivables - net 81,790 66,635
Inventory - net 51,491 48,769
Other current assets 11,911 8,667
-------- --------
Total Current Assets 156,283 136,715
Goodwill - net 86,243 88,352
Other non-current assets 64,840 51,203
-------- --------
Total Assets $307,366 $276,270
======== ========
Current liabilities $124,270 $ 90,630
Non-current liabilities 45,968 57,367
Stockholders' equity 137,128 128,273
-------- --------
Total Liabilities and Equity $307,366 $276,270
======== ========
(a) Includes $5.0 million pre-tax one-time charge CONTACT: BancTec, Inc., Dallas John E. Moss John Emerson Moss (April 13, 1915–December 5, 1997) was an American politician of the Democratic party, noted for his championing of the federal Freedom of Information Act through multiple sessions of the United States House of Representatives where he served from 1953 to , Director, 214/450-7753. |
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