BRANDON ANNOUNCES RECORD REVENUES FOR THE THIRD QUARTER.SECAUCUS Secaucus (sēkô`kəs), town (1990 pop. 14,061), Hudson co., NE N.J., on the Hackensack River, adjoining Jersey City; inc. 1917. It is a distribution and factory-outlet center and an area of industrial development, especially in the , N.J.--(BUSINESS WIRE)--July 27, 1995--Brandon Systems Corporation (AMEX AMEX See: American Stock Exchange :BRA) a leading provider of Information Technology solutions, today reported the highest quarterly revenue in the Company's history for its third quarter of fiscal 1995. The Company attributed this increase to continued client demand for all of its services. Revenues for the third quarter of 1995 set a new record high for the Company, reaching $20,607,000, as compared with $16,818,000 for the third quarter of 1994, an increase of 22.5%. Net income for the third quarter increased 12.4% to $1,428,000, or $.31 per share, from $1,270,000, or $.28 per share, for the third quarter of 1994. Revenues for the first nine months of fiscal 1995 were up 21.3% , reaching $59,866,00, as compared with $49,349,000 for the first nine months of 1994. Net income for the nine months of 1995 increased 22.5% to $4,384,000, or $.96 per share, from $3,578,000, or $.80 per share, for the comparable period of 1994. Brandon's balance sheet is the strongest in the Company's history, with working capital at July July: see month. 2, 1995 of approximately $25.7 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 $30 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 $4.3 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, "We are very pleased that we continue to report record revenues with increases in excess of 21% for both the third quarter and the first nine months of this year. Our growth has been driven by continued demand for our core technical computer staffing business, as well as increases in all of our other service products." Mr. Brown continued, "In line with our strategic growth plan, the revenues for our Managed Services An umbrella term for third-party monitoring and maintaining of computers, networks and software. The actual equipment may be inhouse or at the third-party's facilities, but the "managed" implies an ongoing effort; for example, making sure the equipment is running at a certain quality business increased 76% over the comparable quarter last year. We are continuing to broaden our infrastructure to meet both the demand from this business as we sign additional contracts, and to accommodate our expanding branch network, with our most recent opening in San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. ." Brandon Systems Corporation is an Information Technology solutions company, providing short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. supplemental and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. contractual support for computer operations, PC help desks, local area networks, computer programming, and advanced systems training. The Company's services are provided to Fortune 1000 clients from 29 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. .
BRANDON SYSTEMS CORPORATION
STATEMENT OF OPERATIONS
(Unaudited, in thousands, except per share and selected operating data)
Three Months Ended Nine Months Ended
7/2/95 7/3/94 7/2/95 7/3/94
Revenues $20,607 $16,818 $59,866 $49,349 Cost of services 12,600 10,045 36,558 29,547 Gross profit 8,007 6,773 23,308 19,802 Selling, general and administrative expenses 5,816 4,705 16,418 13,965 Income from operations 2,191 2,068 6,890 5,837 Other income 229 86 540 228 Income before taxes 2,420 2,154 7,430 6,065 Income taxes 992 884 3,046 2,487 Net income $ 1,428 $ 1,270 $ 4,384 $ 3,578 Net income per common share $ 0.31 $ 0.28 $ 0.96 $ 0.80 Weighted average common and common equivalent shares outstanding 4,581 4,498 4,561 4,464 SELECTED OPERATING DATA Gross margin 38.9% 40.3% 38.9% 40.1% Operating margin 10.6% 12.3% 11.5% 11.8% Net margin 6.9% 7.6% 7.3% 7.3% Offices open at end of period 29 23
CONDENSED BALANCE SHEETS
(Unaudited, in thousands)
7/2/95 10/2/94
Current assets:
Cash and marketable securities $17,732 $15,455
Accounts receivable, net 11,381 10,728
Other current assets 924 1,315
Total current assets 30,037 27,498
Net property and equipment 2,859 2,252
Other assets 213 238
Total assets $33,109 $29,988
Current liabilities $ 4,346 $ 5,014
Stockholders' equity 28,763 24,974
Total liabilities and stockholders' equity $33,109 $29,988
CONTACT: Brandon Systems Corporation Ira B. Brown, Peter Lordi, 201/392-0800 or Morgen-Walke Associates Betsy Brod / Stephanie Conzelman Media Contact: Stan STAN Stanchion STAN Stärke- und Ausrüstungsnachweis (German) Stan Standard Man (human patient simulator) STAN SEMCIP Technical Assistance Network STAN System Trace Audit Number STAN Star Trek Area Network Froelich, 212/850-5600 |
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