Billing Information Concepts Reports EPS of $0.29 for the Fourth Quarter.SAN ANTONIO San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , Texas--(BUSINESS WIRE)--Nov. 21, 1996--Billing Information Concepts Corp. (NASDAQ/NMS:BILL) today reported net income of $4.6 million, or $0.29 per share, for the fourth quarter ended September 30, 1996, an increase of 9.1 percent from the same period a year ago when net income was $4.2 million, or $0.28 per share. Revenue for this same three month period increased 13.5 percent to $27.9 million versus $24.5 million reported for the fourth quarter of fiscal 1995. For the fiscal year ended September 30, 1996, net income increased 26.4 percent, to $17.9 million, or $1.16 per share, from $14.1 million, or $0.97 per share, reported for the year ended September 30, 1995. Revenue in fiscal 1996 was $103.9 million, an increase of 28.5 percent from $80.8 million reported for fiscal 1995. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
All reported per share data above is reflected on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis as Billing Information Concepts Corp. had no shares outstanding prior to its spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. from U.S. Long Distance Corp. on August 2, 1996. Results on a pro forma basis, after giving effect to the spin-off, are shown in a table at the end of this release. The pro forma information is provided for informational purposes only. It is based on historical information and does not necessarily reflect the actual results that would have occurred, nor is it necessarily indicative of the future results of the operations of the Company. Parris H. Holmes, Jr., Chairman and Chief Executive Officer, stated, "Billing Information Concept's core businesses remain healthy and we are pleased with the results for the quarter and the fiscal year. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: for the fiscal year showed continued strength at 27.6 percent, and we continue to convert over 17 percent of revenue to net income. The average number of call records processed monthly hit an all time high of 82 million in the fourth quarter of fiscal 1996 and for the year averaged 71 million call records per month. As we look ahead to fiscal 1997, we will not only concentrate on growing our core businesses, but we will also focus on developing new products; including our direct billing direct billing Managed care The submission of bills for services rendered–eg lab work directly to the party–ie Pt or financially responsible third party–insurance company, for whom the service was performed, rather than to the physician who ordered the test and invoice ready billing products which will be unveiled later this fiscal year." Billing Information Concepts (BIC BIC See: Bank Investment Contract ) is one of the largest third-party providers of billing clearinghouse and information management services to the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industry. In addition to processing call records, the Company provides a wide range of other services including customer service, data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a , tax filings, accounting services and an advance funding program. Since its inception in 1988, BIC has operated as a subsidiary of U.S. Long Distance. On August 2, 1996, the Company became a separate public company, trading on the 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 National Market under the symbol "BILL". -0-
ACTUAL
(In thousands, except per share amounts)
Year Ended Quarter Ended
September 30, September 30,
1996 1995 1996 1995
-------- -------- -------- --------
Revenue $103,884 $ 80,847 $ 27,854 $ 24,538
EBITDA $ 30,768 $ 23,469 $ 8,165 $ 6,966
Net Income $ 17,852 $ 14,118 $ 4,566 $ 4,184
Earnings Per Share $ 1.16 $ 0.97 $ 0.29 $ 0.28
Weighted Average
Shares
Outstanding (a) 15,385 14,587 15,783 14,886
(a) The number of weighted average shares outstanding is
presented on a pro forma basis and gives effect to the shares assumed
to be issued had the spin-off occurred at the beginning of each
period presented.
PRO FORMA
(In thousands, except per share amounts)
Year Ended Quarter Ended
September 30, September 30,
1996 1995 1996 1995
-------- -------- -------- --------
Revenue $ 103,884 $ 80,847 $ 27,854 $ 24,538
EBITDA $ 29,375 $ 21,745 $ 8,026 $ 6,535
Net Income $ 16,989 $ 13,050 $ 4,480 $ 3,917
Earnings Per Share $ 1.10 $ 0.89 $ 0.28 $ 0.26
Weighted Average
Shares Outstanding 15,385 14,587 15,783 14,886
-0- Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission. CONTACT: Billing Information Concepts Corp. Tabitha Zane, 210/321-6903 |
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