Business Resource Group announces 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 29, 1997--Business Resource Group announced today net revenues of $22.5 million for the second quarter ended April 30, 1997, an increase of 9% when compared to the second quarter of 1996. Net revenues for the six month period ended April 30, 1997 were $44.8 million, an increase of 28% over the prior year period. Net income for the second quarter was $534,000, an increase of 1% over the net income in the second quarter of 1996. Net income of $1 million for the six months ended April 30, 1997 increased 12% over net income for the comparable period in 1996. Earnings per share for the second quarter of 1997 was $.11 per share, on 5.0 million weighted average shares outstanding, versus $.11 per share, on 4.9 million weighted average shares outstanding, for the second quarter of 1996. Earnings per share for the six month period ended April 30, 1997 was $.21 per share, on 4.9 million weighted average shares outstanding, versus $.19 per share, on 4.9 million weighted average shares outstanding, for the comparable six month period of 1996. Bookings for the second quarter totaled $16.9 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. going out of the quarter totaled $9.7 million. "While we are pleased with our sixth consecutive record revenue quarter and improving gross margins, we are disappointed with the slow down in bookings and the lower than normal backlog," says 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. . "The slow down in bookings is directly related to a short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. reduction in orders from our largest customer, 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. ," adds Winter. 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 Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). (Phoenix and Tucson), California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). (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 ), Colorado (Denver) and Texas (Austin, Dallas, 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. ). 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 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 Balance Sheets (in thousands)
April 30, October 31,
1997 1996
(unaudited)
ASSETS
Current assets:
Cash and equivalents ....................$ 1,614 $ 1,011
Accounts receivable, net ................ 14,281 16,122
Inventory ............................... 951 974
Prepaids and other current assets ....... 1 ,170 1,387
Total current assets .................. 18,016 19,494
Property and equipment, net ............... 2,552 2,017
Other assets .............................. 986 1,049
------ ------
$ 21,554 $ 22,560
Liabilities and Shareholders' Equity
Current liabilities:
Bank overdraft ..........................$ -- -- $ 476
Accounts payable ........................ 3,300 5,935
Accrued liabilities ..................... 3,465 2,877
Income taxes payable.................... 427 31
Current portion of notes payable and
capital lease obligations.......... 42 112
Total current liabilities ............. 7,234 9,431
Deferred income tax liability 127 127
Shareholders' equity:
Preferred stock ......................... -- --
Common stock ............................ 49 49
Additional paid-in capital .............. 10,833 10,685
Retained earnings ....................... 3,311 2,268
Total shareholders' equity ............ 14,193 13,002
$ 21,554 $ 22,560
Business Resource Group
Condensed Statements of Income
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
April 30, April 30,
1997 1996 1997 1996
Net revenues:
Workspace products .........$ 18,551 $ 18,293 $ 36,999 $ 31,128
Workspace services ......... 3,931 2,265 7,744 3,814
Vendor commission ......... 44 82 95 201
Total net revenues ....... 22,526 20,640 44,838 35,143
Cost of net revenues:
Workspace products ......... 14,771 15,103 29,601 25,465
Workspace services ......... 2,833 1,685 5,566 2,758
Total cost of net revenues 17,604 16,788 35,167 28,223
Gross profit ................ 4,922 3,852 9,671 6,920
Selling, general and
administrative expenses .... 4,022 2,978 7,926 5,409
Income from operations ...... 900 874 1,745 1,511
Interest income (expense) -net 11 26 34 81
Income before income taxes .. 911 900 1,779 1,592
Provision for income taxes .. 377 373 736 659
Net income ................. $ 534 $ 527 $ 1,043 933
Net income per common and common
equivalent share ........ $ .11 $ .11 $ .21 $ .19
Shares used in computation... 4,984 4,919 4,945 4,889
CONTACT: Business Resource Group Tim Gish, 408/325-3200 |
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