Business Resource Group Confirms Record Second Quarter Revenues of $29.4 Million; Earnings Per Share Increased 83%.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--May 26, 1999-- Business Resource Group (BRG BRG Bridge BRG Bearing BRG Bundesrealgymnasium (German: state secondary school) BRG Bureau des Ressources Genetiques (France) BRG Business Relations Group BRG British Racing Green BRG Best Regards )(Nasdaq:BRGP), a leading provider of total workspace solutions, today confirmed its fiscal second quarter and six month financial results for the period ended April 30, 1999, as announced in the news release of May 10, 1999. Total net revenues for the second quarter of fiscal 1999 were a record $29.4 million, an increase of $7.6 million, or 35% over last year's second quarter net revenues of $21.8 million. Revenues from Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. , the Company's largest customer, were $15.1 million, while revenues from BRG's remaining customer base were $14.3 million. Net income for the second quarter of fiscal 1999 was $563,000, an increase of $250,000, or 80% over net income of $313,000 reported in the second quarter of fiscal 1998. Earnings per share for the quarter ended April 30, 1999 were $0.11 per share, an increase of $0.05 per share, or 83% over the $0.06 per share reported for the year ago quarter. Total net revenues for the six months ended April 30, 1999 were $55.4 million, an increase of $15.3 million, or 38% from the $40.1 million reported for the first six months of fiscal 1998. Net income for the six months ended April 30, 1999 was $924,000, an increase of $474,000, or 105% over the net income of $450,000 reported for the same period of fiscal 1998. Earnings per share for the six months ended April 30, 1999 were $0.18 per share, an increase of $0.09 per share, or 100% over the earnings per share of $0.09 reported for the six months ended April 30, 1998. "We are pleased to confirm the significant improvement in operating results for both the second quarter and the first six months of fiscal 1999," commented John W. Peth, President and Chief Executive Officer. "Revenues for the quarter from both Cisco Systems and the remainder of our customer base showed double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" improvement over the same period of the prior year. We continue to expand our customer base with the recent addition of USWeb/CKS, as announced in our news release of May 19, 1999. We look forward to reporting on our progress during the remainder of fiscal 1999." Business Resource Group BRG provides comprehensive, single-source workspace product and service solutions, specializing in the cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. management of change in business facilities. BRG's customer base includes industry leaders across multiple segments, such as Cisco Systems, Clarify (company) Clarify - A software vendor, specialising in Customer Relationship Management software. Nortel Networks sold Clarify to Amdocs in 2002. http://amdocsclarify.com/. , CompUSA CompUSA, Inc. is a retailer and reseller of consumer electronics, technology products and computer services. CompUSA serves consumer retail, small-to-medium businesses, corporate, government and education customers. , Deloitte & Touche, Excel Communications Excel Communications was founded in 1988 by Dallas entrepreneur Kenny Troutt as a long distance reseller in the US telecom sector at the birth of telecom deregulation. , Fujitsu (company) Fujitsu - A Japanese elecronics corporation. Fujitsu owns ICL, Amdahl Corporation, and DMR. Home USA, Japan. Computer Products, Infoseek/Go Network, Legato (Legato Systems, Inc., Mountain View, CA, www.legato.com) A leading provider of storage management and high-availability software founded in 1988 and acquired by EMC Corporation in 2003. Legato software, including Celestra data management (data mining, data migration, etc. Systems, Linear Technology, Motorola (Motorola, Inc., Schaumburg, IL, www.motorola.com) A leading manufacturer of semiconductor devices, electronics, telecommunications and satellite systems. Founded in Chicago in 1928 by Paul V. , National Semiconductor, Primeco PrimeCo Communications was a joint venture of Bell Atlantic and AirTouch Communications, and was the first wireless telecommunications provider to turn up CDMA service on the PCS (1900-MHz) band in late 1995. Hailed as the largest wireless phone service launch in U.S. Communications, Silicon Valley Bank, United Airlines and USWeb/CKS. Headquartered in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. , BRG has additional offices in Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. , San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , and Phoenix. The matters discussed herein include 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. within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected. Factors that could cause actual results to differ materially include, but are not limited to, the continued strength of sales to Cisco Systems, Inc. and other major customers; the timely availability, delivery and acceptance of new products and services; the impact of competitive products, services and pricing; the management of growth and acquisitions; and other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission and news releases, copies of which are available from the Company on request. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The Company undertakes no obligation to release publicly the results of any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to these forward-looking statements, which may be made to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof or to reflect the occurrence of unanticipated events. -0-
BUSINESS RESOURCE GROUP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per-share amounts)
(unaudited)
Three Months ended Six Months Ended
April 30, April 30,
------------------ -----------------
1999 1998 1999 1998
------ ------ ------ ------
Net revenues:
Workspace products $ 23,813 $ 17,213 $ 45,161 $32,530
Workspace services 5,557 4,597 10,226 7,563
------- ------- ------- ------
Total net revenues 29,370 21,810 55,387 40,093
------- ------- ------- ------
Cost of net revenues:
Workspace products 18,301 13,723 35,474 25,939
Workspace services 4,218 3,358 7,689 5,626
------- ------- ------- -------
Total cost of
net revenues 22,519 17,081 43,163 31,565
------- ------- ------- -------
Gross profit 6,851 4,729 12,224 8,528
Selling, general and
administrative expenses 5,676 4,203 10,297 7,761
------- ------- ------- ------
Income from operations 1,175 526 1,927 767
------- ------- ------- ------
Other income (expense):
Interest income (expense) (214) (42) (352) (51)
Gain on sale of assets -- 50 2 50
------- ------- ------- ------
Total other
income (expense) (214) 8 (350) (1)
------- ------- ------- ------
Income before income
taxes 961 534 1,577 766
Provision for income
taxes 398 221 653 316
------- ------- ------- ------
Net income $ 563 $ 313 $ 924 $ 450
======= ======= ======= ======
Net income per share:
Basic $ 0.11 $ 0.06 $ 0.18 $ 0.09
======= ======= ======= ======
Diluted $ 0.11 $ 0.06 $ 0.18 $ 0.09
======= ======= ======= ======
Shares used in
computation:
Basic 5,138 4,914 5,084 4,913
======= ======= ======= ======
Diluted: 5,147 4,930 5,129 4,951
======= ======= ======= ======
BUSINESS RESOURCE GROUP
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
April 30, October 31,
1999 1998
---------- ----------
(unaudited)
ASSETS
Current assets:
Cash and equivalents $ 133 $ 412
Accounts receivable, net 16,032 10,662
Inventory 11,319 8,279
Prepaids and other current assets 3,782 2,411
-------- --------
Total current assets 31,266 21,764
Property and equipment, net 3,316 3,107
Other assets 5,206 3,107
-------- --------
$ 39,788 $ 27,978
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Line of credit $ 13,104 $ 3,858
Accounts payable 2,010 3,369
Accrued liabilities 5,191 4,789
Income taxes payable 893 337
Current portion of long-term debt 883 336
--------- --------
Total current liabilities 22,081 12,689
Long-term debt 1,903 733
Deferred income tax liability 160 160
Shareholders' equity:
Common stock 51 50
Additional paid-in capital 11,660 11,337
Retained earnings 3,933 3,009
--------- --------
Total shareholders' equity 15,644 14,396
--------- --------
$ 39,788 $ 27,978
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