Business Resource Group Reports Second Quarter Results.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 28, 1998--Business Resource Group (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 :BRGP) reported today net revenues for the second fiscal quarter ended April 30, 1998 of $21.8 million compared to net revenues of $22.5 million reported in the second quarter of fiscal 1997. Net income for the second quarter of fiscal 1998 was $313,000, or $.06 per share as compared to net income of $534,000, or $.11 per share reported in the second quarter of fiscal 1997. Net revenues for the six months ended April 30, 1998 were $40.1 million as compared to net revenues of $44.8 million reported in the first six months of fiscal 1997. Net income for the first six months of fiscal 1998 were $450,000, or $.09 per share as compared to net income of $1,043,000, or $.21 per share reported for the comparable period of fiscal 1997. Fiscal 1998 second quarter results did represent continued improvement over the Company's operating results for the first quarter. Revenues for the second quarter of $21.8 million were $3.5 million or 19% higher than first quarter 1998 revenues of $18.3 million. Second quarter net income of $313,000 was an increase of $176,000 or 128% over the $137,000 reported in the first quarter, while per share earnings doubled in the second quarter to $.06 per share from the $.03 per share reported in the first quarter of 1998. "We are pleased with the improvement in our second quarter operating results as compared to the first quarter of fiscal 1998," commented John W. Peth, President and Chief Executive Officer. "In addition, we continue to make progress in implementing programs that we believe will position us for success in the future. An excellent example of this is the acquisition of Office Furniture Networking, announced earlier this week, which enhances our ability to provide a total workspace solution to the marketplace," added Mr. Peth. 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 ) provides comprehensive, single source workspace product and service solutions specializing in the cost effective management of change in business facilities. 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. , Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. , Phoenix, 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 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. . BRG's common stock is traded on the Nasdaq National Market under the symbol BRGP. Except for historical information herein, the matters discussed in the press release are 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. that are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected. Such risks and uncertainties are outlined and included from time to time in the Company's SEC Reports on Form 10-Q Form 10-Q See 10-Q. and 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. and are available from the Company upon request. -0-
BUSINESS RESOURCE GROUP
CONDENSED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months ended Six Months ended
April 30, April 30,
--------------------- ---------------------
1998 1997 1998 1997
---------- ---------- ---------- ----------
Net revenues:
Workspace products $ 17,191 $ 18,551 $ 32,484 $ 36,999
Workspace services 4,597 3,931 7,563 7,744
Vendor commissions 22 44 46 95
---------- ---------- ---------- ----------
Total net revenues 21,810 22,526 40,093 44,838
---------- ---------- ---------- ----------
Cost of net revenues:
Workspace products 13,723 14,771 25,939 29,601
Workspace services 3,358 2,833 5,626 5,566
---------- ---------- ---------- ----------
Total cost of
net revenue 17,081 17,604 31,565 35,167
---------- ---------- ---------- ----------
Gross profit 4,729 4,922 8,528 9,671
Selling, general and
administrative
expenses 4,203 4,022 7,761 7,926
---------- ---------- ---------- ----------
Income from operations 526 900 767 1,745
---------- ---------- ---------- ----------
Other income (expense):
Interest income (expense) (42) 11 (51) 34
Gain on sale of assets 50 50
---------- ---------- ---------- ----------
Total other
income(expense) 8 11 (1) 34
---------- ---------- ---------- ----------
Income before income tax 534 911 766 1,779
Provision for income tax 221 377 316 736
---------- ---------- ---------- ----------
Net income $ 313 $ 534 $ 450 $ 1,043
========== ========== ========== ==========
Net income per common and
common equivalent share $ 0.06 $ 0.11 $ 0.09 $ 0.21
========== ========== ========== ==========
Shares used in computation 4,973 4,984 4,951 4,945
========== ========== ========== ==========
BUSINESS RESOURCE GROUP
CONDENSED BALANCE SHEETS
(in thousands)
April 30, October 31,
1998 1997
------------- -------------
(unaudited)
ASSETS
Current Assets:
Cash and Equivalents 636 274
Accounts Receivable, net 14,866 13,764
Inventory 8,211 1,398
Prepaids and other current assets 2,110 2,076
------------- -------------
Total current assets 25,823 17,512
Property and equipment, net 2,344 2,346
Other assets 819 902
------------- -------------
28,986 20,760
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Line of credit 4,990
Accounts payable 6,678 3,997
Accrued liabilities 3,906 4,236
Income taxes payable 316
------------- -------------
Total current liabilities 15,890 8,233
Deferred income tax liability 75 75
Shareholders' equity:
Preferred stock
Common stock 49 49
Additional paid in capital 11,016 10,897
Retained Earnings 1,956 1,506
------------- -------------
Total Shareholder's equity 13,021 12,452
------------- -------------
28,986 20,760
============= =============
CONTACT: Business Resource Group Tim Gish Gish , Lillian Diana 1893-1993. American actress best known for her roles in silent films, such as The Birth of a Nation (1915). Her sister Dorothy (1898-1968) was also a film actress. Noun 1. , 408/325-3200 |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion