Printer Friendly
The Free Library
19,595,259 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

BRANDON SYSTEMS ANNOUNCES SECOND QUARTER RESULTS.


LYNDHURST Lyndhurst, city (1990 pop. 15,982), Cuyahoga co., NE Ohio; inc. 1917. It is a residential suburb of Cleveland. , N.J.--(BUSINESS WIRE)--May 6, 1996--Brandon Systems Corporation (AMEX AMEX

See: American Stock Exchange
:BRA) today announced results for the second quarter ended March 31, 1996.

Revenues for the second quarter ended March 31, 1996 were a record $22,311,000 as compared with $20,135,000 for the second quarter ended April 2, 1995. Excluding the merger expenses of $417,000, or $0.06 per share, relating to relating to relate prepconcernant

relating to relate prepbezüglich +gen, mit Bezug auf +acc 
 the merger agreement with Interim Services Inc., net income for the quarter was $1,500,000, or $0.33 per share compared to $1,451,000, or $0.32 per share for the second quarter of fiscal 1995. Including the merger expenses, net income for the three month period was $1,244,000, or $0.27 per share. Revenues for the first six months of fiscal 1996 were $44,151,000, as compared with $39,259,000 for the first six months of 1995. Excluding the merger expenses, net income for the first half of 1996 was $3,171,000, or $0.70 per share as compared to $2,956,000, or $0.65 per share for the first half of 1995. Including the merger expenses, net income for the six month period was $2,919,000, or $0.65 per share.

Brandon's balance sheet continues to be strong with working capital at March 31, 1996 of approximately $27.8 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 $33.0 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 $5.2 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 pleased to once again report record revenues for both the quarter and six month periods. The adverse winter weather conditions which impacted our entire industry, affected Brandon Brandon, city, Canada
Brandon, city (1991 pop. 38,567), SW Man., Canada, on the Assiniboine River. The business center of the wheat-raising area of SW Manitoba, Brandon has an extensive trade in farm products and machinery.
 in particular, due to our concentration of business in the Northeast and Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians . Our operating results were also impacted by the diversion A turning aside or altering of the natural course or route of a thing. The term is chiefly applied to the unauthorized change or alteration of a water course to the prejudice of a lower riparian, or to the unauthorized use of funds.  of management's attention to the proposed merger with Interim Services Inc. During the quarter, our management team has worked closely with Interim, and has developed cross-selling opportunities for both companies. We are looking forward to the merger and are confident that with the combination of Brandon's well- established reputation for providing high quality information technology services, and Interim Services' significant market presence, both companies will have substantial growth opportunities in this dynamic industry."

As previously reported on February 27, 1996, Brandon and Interim signed a definitive merger agreement whereby Brandon Shareholders would receive 0.88 Interim common shares for each Brandon common share. The Proxy Statement Proxy Statement

A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting.
, which summarizes the proposed merger between Interim and Brandon, became effective and was distributed to shareholders on April 24, 1996. Shareholders will vote on the merger at a special stockholders' meeting on May 23, 1996.

Brandon Systems Corporation is an Information Technology staffing company, providing 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. , strategic staffing, and technical staffing solutions in computer operations, help desks, and programming. The Company's services are provided to Fortune 1000 clients from 32 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
                         STATEMENT OF OPERATIONS
             (Unaudited, in thousands, except per share data)




                             Three Months Ended  Six Months Ended
                               3/31/96   4/2/95   3/31/96 4/2/95


Revenues                      $22,311   $20,135  $44,151  $39,259
Cost of services               13,857    12,456   27,083   23,958
Gross profit                    8,454     7,679   17,068   15,301


Selling, general and
 administrative expenses        6,160     5,381   12,209   10,602
Merger expenses(1)                417        --      417       --
Other income                     (157)     (161)    (383)    (311)
                                6,420     5,220   12,243   10,291
Income before taxes             2,034     2,459    4,825    5,010
Income taxes                      790     1,008    1,906    2,054
Net Income                    $ 1,244   $ 1,451  $ 2,919  $ 2,956


Net income per share          $  0.27   $  0.32  $  0.65  $  0.65


Weighted average common
 and common equivalent
 shares outstanding              4,531    4,564    4,522     4,551


(1) The pre-tax merger expenses of $417,000, or $0.06 per share
after-tax, is related to the Company's merger agreement with Interim
Services, Inc.


-0-




CONDENSED BALANCE SHEETS (Unaudited, in thousands)


                              3/31/96    10/1/95


Current assets:
  Cash and marketable
   securities                  $17,036   $18,544
  Accounts receivable, net      15,007    12,580
  Other current assets             926     1,108
     Total current assets       32,969    32,232


Net property and equipment       2,984     2,858
Other assets                       219       227
      Total assets             $36,172   $35,317


Current liabilities            $ 5,188   $ 5,139
Stockholders' equity            30,984    30,178
      Total liabilities and
      stockholders' equity     $36,172   $35,317


-0-




CONTACT: Brandon Systems Corporation

Ira B. Brown

Chairman and CEO

Peter Lordi

Chief Financial Officer

(201) 842-0700

OR

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

Morgen-Walke Associates

(212) 850-5600
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:May 6, 1996
Words:776
Previous Article:Pacific Enterprises announces first-quarter earnings.
Next Article:American Vanguard Corporation announces 1996 first quarter results; Company Reports First Quarter Profits For First Time Since 1992.
Topics:



Related Articles
`REAL' SYLMAR EMERGES SPARTANS QUIET SAN FERNANDO, GAIN EDGE IN LEAGUE SYLMAR 31, S. FERNANDO 19.
BRANDON'S BIG PLAY KEEPS G.H. PERFECT : GRANADA HILLS 28 ECR 21.
Junction City rolls past Philomath, 49-6.
CITY SECTION ROUNDUP: DEFENSE LIFTS TAFT TO FIRST VICTORY.
No. 1 Marist still unbeaten.
Third seed pushes all the way to final four.
Tigers can't catch up with Spartans.
CANYONS REACHES STATE TITLE GAME COC 37, SADDLEBACK 24.
Sheldon pours on the offense.
LARGE SCHOOLS: DOMINGUEZ GETS REMATCH WITH NOTRE DAME IN DIV. III CHAMPIONSHIP.

Terms of use | Copyright © 2012 Farlex, Inc. | Feedback | For webmasters | Submit articles