Business Resource Group announces first 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)--Feb. 26, 1997--Business Resource Group (NASDAQ/NMS:BRGP) announced today net revenues of $22.3 million for the first quarter ended Jan. 31, 1997, an increase of 54% when compared to the first quarter of 1996. Net income for the first quarter increased 25% to $509,000, or $.10 per share, compared to $406,000, or $.08 per share, during the same period in 1996. "Our first quarter results are significant because they represent our fourth consecutive quarter of record revenue and reflect service revenues which more than doubled from the comparable period last year," said Jett Winter, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "With service revenue as a percentage of total revenue showing strong year-on-year growth and with current gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. at expected levels, we believe our strategy of providing single-source workspace solutions is working." Bookings for the first quarter totalled $22.3 million, and backlog Backlog 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. at the end of the quarter totalled $15.3 million. Business Resource Group provides comprehensive workspace 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. Headquartered in San Jose, 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 has additional offices located in Austin, Dallas, Denver, Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Phoenix, 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. , 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 Tucson. BRG's common stock is traded 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 BRGP. Except for the historical information contained herein, the matters discussed in this 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
Jan 31,
1997 1996
Net revenues:
Workspace products $18,448 $12,835
Workspace services 3,813 1,549
Vendor commission 51 119
Total net revenues 22,312 14,503
Cost of net revenues:
Workspace products 14,830 10,362
Workspace services 2,733 1,073
Total cost of net revenues 17,563 11,435
Gross profit 4,749 3,068
Selling, general and
administrative expenses 3,904 2,431
Income from operations 845 637
Interest expense - net 23 55
Income before income taxes 868 692
Provision for income taxes 359 286
Net income $ 509 $ 406
Net income per common and
common equivalent share $ .10 $ .08
Shares used in computation 4,906 4,830
Business Resource Group
Condensed Balance Sheets
(in thousands)
Jan 31, Oct 31,
1997 1996
(unaudited)
ASSETS
Current assets:
Cash and equivalents $ 15 $ 1,011
Accounts receivable, net 17,168 16,122
Inventory 849 974
Prepaids and other current assets 1,365 1,387
Total current assets 19,397 19,494
Property and equipment, net 2,342 2,017
Other assets 1,027 1,049
------- -------
$22,766 $22,560
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank overdraft $ 1,012 $ 476
Accounts payable 4,926 5,935
Accrued liabilities 3,030 2,908
Income taxes payable 51 --
Current portion of notes payable and
capital lease obligations 61 112
Total current liabilities 9,080 9,431
Deferred income tax liability 127 127
Shareholders' equity:
Preferred stock -- --
Common stock 49 49
Additional paid-in capital 10,734 10,685
Retained earnings 2,776 2,268
Total shareholders' equity 13,559 13,002
------- -------
$22,766 $22,560
CONTACT: Business Resource Group, San Jose Tim Gish, 408/441-3700 |
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