BRANDON ANNOUNCES RECORD FIRST QUARTER REVENUES AND EARNINGS -- Continues Aggressive Branch Expansion Program.SECAUCUS, N.J.--(BUSINESS WIRE)--February 6, 1995--Brandon Systems Corporation (AMEX AMEX See: American Stock Exchange :BRA) today announced record results for the first quarter of fiscal 1995. Revenues for the first fiscal quarter of 1995, ended January 1, 1995, set a new record high for the Company, reaching $19,124,000, as compared with $15,806,000, for the quarter ended January 2, 1994, an increase of 21%. Net income for the first quarter increased 32% to $1,505,000, or $.33 per share, from $1,140,000, or $.26 per share, for the comparable first quarter of fiscal 1994. Brandon's balance sheet continues to remain strong with working capital at January 1, 1995 of approximately $23.6 million, current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. of approximately $28.2 million, current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. of approximately $4.6 million, and no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Ira B. Brown, 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. , commented, "The demand for Brandon's full spectrum of computer services Data processing (timesharing, batch processing), software development and consulting services. See service bureau, SaaS and ASP. continues to be strong and is reflected in this quarter's excellent results. We are pleased with the contribution that both the Company's integrated marketing strategy and improved branch performance have generated." He continued, "We recently opened new branches in Orlando, Florida The city of Orlando is a major city in central Florida and is the county seat of Orange County, Florida. According to the 2000 census, the city population was 185,951. A 2006 U.S. and Tampa, Florida “Tampa” redirects here. For other uses, see Tampa (disambiguation). Tampa is a United States city in Hillsborough County, on the west coast of Florida. It serves as the county seat for Hillsborough County.GR6. and plan to continue an aggressive branch expansion program for the balance of the year." Brandon Systems Corporation is a nationwide computer outsourcing service company, providing short-term supplemental and long-term contractual support for computer operations, communications operations, PC help desks, local area networks, computer programming, and technology training. The Company's services are provided to Fortune 1000 clients from 28 offices strategically located throughout 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. . -0-
BRANDON SYSTEMS CORPORATION
OPERATING RESULTS
(UNAUDITED)
THREE MONTHS ENDED
January 1, 1995 January 2, 1994
(13 WEEKS) (13 WEEKS)
REVENUES $19,124,000 $15,806,000 INCOME BEFORE TAXES 2,551,000 1,916,000 NET INCOME 1,505,000 1,140,000 NET INCOME PER COMMON SHARE (1) $.33 $.26 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (1) 4,538,974 4,426,137 1) Per share data has been computed on the basis of the weighted average number of common and common equivalent shares outstanding during the periods. CONTACT: Brandon Systems APPROVED BY: Ira B. Brown Chairman and CEO Peter Lordi Chief Financial Officer (201) 392-0800 or Lynn Morgen/Betsy Brod Media Contact: Helen Spanakos Morgen-Walke Associates (212) 850-5600 |
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