Barra reports record 4th quarter/fiscal year results.BERKELEY Berkeley (bûr`klē), city (1990 pop. 102,724), Alameda co., W Calif., on the E shore of San Francisco Bay just N of Oakland; inc. 1878. Originally (1820) part of a Spanish rancho, the site was purchased by Americans in 1853. , Calif.--(BUSINESS WIRE)--May 1, 1995--BARRA, 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 :BARZ) today reported a fourth consecutive quarter of record revenues. The company also reported earnings of 15 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , an increase of 25 percent over the reported 12 cents per share in the same quarter last year. This growth was achieved after continued start-up Start-up The earliest stage of a new business venture. expenses for its asset management subsidiary. "We are pleased to report four consecutive quarters of record revenues during our just-completed 1995 fiscal year. More importantly, however, our most recent quarter was one of record earnings and a significant improvement in profitability," said Andrew Rudd, BARRA's chairman and chief executive officer. "We believe that we have made changes in our cost structure and focus that are producing increased margins -- which, along with meeting our clients' needs, is the real key to improved future profitability." Fourth quarter revenues were $13,836,624 and net income was $1,187,601, or 15 cents per share. This compares to revenues of $11,534,704 and net income of $936,571, or 12 cents per share, for the same quarter last year. Revenues for the 1995 fiscal year were a record $51,803,029 and net income was $3,982,724. Primary earnings per share were 51 cents and fully 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 were 49 cents. For the 1994 fiscal year, revenues were $44,836,474 and net income before the cumulative effect of a change in accounting for taxes was $3,573,065, or 45 cents per share. Net income for the 1994 fiscal year, after considering the effect of the change in accounting for taxes, was $3,773,065, or 47 cents per share. The company continued to expense the start-up costs for its subsidiary, Symphony symphony [Gr.,=sounding together], a sonata for orchestra. The Italian operatic overture, called sinfonia, was standardized by Alessandro Scarlatti at the end of the 17th cent. Asset Management. These additional costs totaled approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $525,000 for the quarter and $2,200,000, or 17 cents per share, for all of fiscal 1995. Fiscal 1994 results were negatively impacted by special charges of approximately eight cents per share. The increase in revenues was the result of growth in subscription and related business, with the strongest growth coming from sales in the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. and Asian markets -- particularly in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and Japan -- and
from an increase in POSIT (Profiles for Open Systems Internetworking Technologies) A set of voluntary standards published by the National Institute of Standards and Technology (NIST) for network equipment purchased by the U.S. government. It is the successor to GOSIP. revenues. Revenue growth in non-U non-U adj. Chiefly British Not characteristic of the upper class, especially in language usage. [non- + U2. .S. sales was also positively impacted by the weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. of the U.S. dollar.
During the quarter BARRA BARRA Bangladesh Rural Reconstruction Association released a Windows version of the World Markets Model, the company's asset allocation Asset Allocation The process of dividing a portfolio among major asset categories such as bonds, stocks or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio. tool for money and currency managers and plan sponsors. The World Markets Model enables investors to accurately identify the sources of return in an internationally diversified diversified (di·verˑ·s portfolio, taking currency into account. BARRA, founded in 1975, provides innovative analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. models, software and services that enable its more than 800 clients worldwide to make superior investment and trading decisions. BARRA's software and services analyze an·a·lyze v. 1. To examine methodically by separating into parts and studying their interrelations. 2. To separate a chemical substance into its constituent elements to determine their nature or proportions. 3. equity, fixed-income, currency, and other financial markets. Based in Berkeley, Calif., BARRA also has offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Montreal Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. , London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. , Frankfurt, Paris, Yokohama Yokohama (yō'kōhä`mä), city (1990 pop. 3,220,331), capital of Kanagawa prefecture, SE Honshu, Japan, on the western shore of Tokyo Bay. , Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. and Sydney Sydney, city, Australia Sydney, city (1991 pop. 3,097,956), capital of New South Wales, SE Australia, surrounding Port Jackson inlet on the Pacific Ocean. Sydney is Australia's largest city, chief port, and main cultural and industrial center. . -0-
BARRA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS AND FISCAL YEAR ENDED MARCH 31, 1995 AND 1994
Three Months Ended Fiscal Year Ended
March 31, March 31,
1995 1994 1995 1994
(unaudited) (unaudited) (unaudited)
REVENUES: Subscription and related fees $12,362,667 $10,160,586 $45,855,576 $39,326,359 Portfolio system for institutional trading 1,377,160 1,250,140 5,133,521 4,479,866 Seminar fees 96,797 123,978 813,932 1,030,249 Total revenues 13,836,624 11,534,704 51,803,029 44,836,474 EXPENSES: Cost of services 1,052,026 1,101,425 4,229,131 4,650,857 Seminar costs 159,685 99,596 657,075 851,103 Compensation and benefits 7,211,955 5,648,067 27,209,008 21,329,686 Rent expense 760,687 764,447 2,987,590 2,877,700 Other operating expenses 2,568,213 2,247,804 10,001,403 8,618,546 Total expenses 11,752,566 9,861,339 45,084,207 38,327,892 INTEREST INCOME AND OTHER 306,156 149,933 1,015,609 742,519 INCOME BEFORE EQUITY IN NET INCOME AND LOSS OF INVESTEES, MINORITY INTEREST, INCOME TAXES AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 2,390,214 1,823,298 7,734,431 7,251,101 EQUITY IN NET INCOME AND LOSS OF INVESTEES (98,594) (505,563) (410,111) (1,325,286) MINORITY INTEREST (61,756) (16,855) (193,343) (52,694) INCOME BEFORE INCOME TAXES AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 2,229,864 1,300,880 7,130,977 5,873,121 INCOME TAXES (1,042,263) (364,309) (3,148,253) (2,300,056) INCOME BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 1,187,601 936,571 3,982,724 3,573,065 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING FOR INCOME TAXES -- -- -- 200,000 NET INCOME $1,187,601 $936,571 $3,982,724 $3,773,065 NET INCOME PER SHARE: PRIMARY: NET INCOME PER SHARE BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE $0.15 $0.12 $0.51 $0.45 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING FOR INCOME TAXES -- -- -- 0.02 PRIMARY NET INCOME PER SHARE $0.15 $0.12 $0.51 $0.47 FULLY-DILUTED NET INCOME PER SHARE $0.15 -- $0.49 -- WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES: PRIMARY 7,765,564 7,919,067 7,815,993 8,011,623 FULLY-DILUTED 8,055,936 -- 8,133,576 --
BARRA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 1995 AND MARCH 31, 1994
March 31, March 31,
1995 1994
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $16,083,444 $12,453,324
Accounts receivable:
Trade (less allowance for doubtful
accounts of $228,258 and $240,284) 8,464,788 10,163,230
Other 362,607 246,077
Related parties 360,347 535,218
Short-term investments 5,940,173 566,089
Prepaid expenses 839,847 1,109,756
Prepaid corporate income taxes 102,686 254,352
---------- ----------
Total current assets 32,153,892 25,328,046
NOTES RECEIVABLE - Related party 416,320 350,200
INVESTMENTS 7,311,638 5,702,512
FURNITURE AND EQUIPMENT:
Computer equipment 6,510,264 5,619,758
Office equipment 475,192 381,777
Furniture and fixtures 2,051,906 1,510,954
Total furniture and equipment 9,037,362 7,512,489
Less accumulated depreciation and
amortization (4,983,493) (3,904,520)
----------- -----------
4,053,869 3,607,969
OTHER ASSETS 2,062,922 2,234,005 DEFERRED TAX ASSETS 636,449 1,103,970
COMPUTER SOFTWARE (less accumulated
amortization of $210,256 and $65,427) 674,421 99,812
---------- ----------
TOTAL $47,309,511 $38,426,514
BARRA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 1995 AND MARCH 31, 1994
March 31, March 31,
1995 1994
(Unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 429,175 $ 777,696
Due to related party 171,675 280,220
Accrued expenses payable:
Accrued compensation 4,337,688 2,061,267
Accrued vacation expense 797,067 669,120
Other accrued expenses 2,170,143 1,877,210
Unearned revenues 9,763,320 6,672,828
---------- ----------
Total current liabilities 17,669,068 12,338,341
OTHER LONG TERM LIABILITIES
Deferred tax liabilities 1,043,132 814,360
Long term debt 459,293 328,530
---------- ----------
1,502,425 1,142,890
MINORITY INTEREST IN EQUITY OF SUBSIDIARY 1,010,308 886,714
SHAREHOLDERS' EQUITY:
Preferred stock, no par: 10,000,000
shares authorized; none issued and
outstanding
Common stock, no par;
40,000,000 shares authorized;
7,727,100 and 7,862,400 shares
issued and outstanding 10,719,826 11,870,803
Retained earnings 16,010,069 12,027,345
Foreign currency translation
adjustment 397,815 160,421
---------- ----------
Total shareholders' equity 27,127,710 24,058,569
TOTAL $47,309,511 $38,426,514
CONTACT: BARRA, Inc., Berkeley Jim Kirsner or 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. Honeycutt, 510/548-5442 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion