Broadway & Seymour Reports First Quarter 1999 Operating Results and Repositioning Progress.CHARLOTTE, N.C.--(BUSINESS WIRE)--April 22, 1999-- Broadway Broadway, famous thoroughfare in New York City. It extends from Bowling Green near the foot of Manhattan island N to 262d St. in the Bronx. Throughout its length Broadway is chiefly a commercial street. & Seymour Seymour. 1 Town (1990 pop. 14,288), New Haven co., SW Conn., on the Naugatuck River; settled c.1678, inc. 1850. The town's manufacturing industries decline since the mid-1900s, but cable and wire, electronic components and hardware, car racks, and , 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 : BSIS BSIS Bureau of Security and Investigative Services (California, USA) BSIS Battlefield Strategic Information System ) today reported breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations net incer ended March 31, 1999. This compares with similar results for the first quarter of 1998 and follows losses for the past three quarters. For reporting purposes, the Company's Charlotte-based Customer Relationship Management ("CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ") busiWe are pleased with the success to date in repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. the Company on a go-forward basis. The surviving Elite operation is a strong and growing business that has produced positive earnings over the last two years," stated Alan C. Stanfo$7.6 million and 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.
The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of $24.3 million, up approximtions of $67,000, or $0.01 per share. For the sa the Company reported approximately breakeven net income for each of the quarters ended March 31, 1999 and 1998. The Company's Elite operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. reported revenue of $12.6 million for the first quarter of 1999, an increase of $5 million, or approximately 66%, when comparhe quarter, including approximately $440,000 for Elite's acquisition-related amortization. The Company also reported EBITDA of approximately $930,000 for the first quarter of 1999. Commenting on the results, Keith B. Hall, Vice President and Chief Financial Officer, explained, "Operating performance during the first quarter reflects continued improvement in Elite's revenue and EBITDA when compared ain expenses at corporate headquarters that are any's balance sheet remains strong. The Company's first quarter cash balance was $14.6 million, with working capital of $20.4 million and no debt. With the net cash fromany will be renamed Elite Information Group, Incship and resources. Work is underway to transited solutions to the financial and legal and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. markets. Elite Information Systems, Inc., r(R), for banks and other financial institutions are about matters that are inherently subjected from time to time in the Company's SEC report, including the Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Decemb
-0-
Broadway & Seym (Unaudited)
--------- ---------
(12) (23)
--------- ---------
Income (
continuing operation
--------- ------ (loss) per share - continuing operations :
tions
- Basic ($ 0.01) $ 0.08
- Diluted ($ 0.01) $ 0.08
Net income per share
- Basic $ 0.00 $
-------- -------
21,601 28,417
Deferred income -- -------
$ 54,645 $ 65,096
======== =======
Liabilities an 3,662 4,319
Deferred revenue -------- -------
Other liabilities 1,004
-------- -------
Stockholders' equity:
Common stock, $.01 par value;
Authorized 20,000,000 shares; Issued
shares were 9,230,123 and 9,228,623, respectively 92 92
Paid-in cap -------- -------
For the Three Months
$ 12,590 -- $ 12,590 $ 398 $ 12,988
Cost of revenue 7,196 440 7,636 290 7,926
-------- ------- 575 768 1,343 31
1,374
Broadway & Seymour, Inc.
Consolidating Statements of
Operations
For the Three Months Ending March 31, 1998
(In thousands, unaudited)
Elite Headquar- Subtotal Businesses Consol-
ters/1 Sold(TMC) idated
-------- -------- -------- -------- --------
Revenue $ 7,609 $ 150 $ 7,759 $ 584 $ 8,343
Cost of revenue 4,879 504 5,383 422 5,805
-------- -------- -------- -------- --------
Gross margin 2,730 (354) 2,376 162 2,538
Research and development 546 - 546 - 546
Sales and marketing 1,611 - 1,611 - 1,611
General and
administrative 485 816 1,301 63 1,364
-------- -------- -------- -------- --------
Continuing Operations -
Operating Income (loss) $ 88 ($ 1,170) ($ 1,082) $ 99 ($ 983)
-------- -------- -------- -------- --------
Depreciation and
Amortization 192 517 709 38 747
-------- -------- -------- -------- --------
Continuing Operations -
EBITDA $ 280 ($ 653) ($ 373) $ 137 ($ 236)
-------- -------- -------- -------- --------
/1: Headquarters includes the ongoing royalty income from a formerly owned product line, nonallocated costs such as professional fees, property and casualty insurance, directors and officers insurance, costs of corporate executive and legal departments and the amortization expense associated with the excess costs over the assets acquired in the Elite and TMC TMC Technology Marketing Corporation (Norwalk, Connecticut) TMC Texas Medical Center (Houston, TX) TMC Traffic Message Channel TMC The Movie Channel TMC Traffic Management Center purchase transactions. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion