CBT Group announces strong second quarter financial results.SOUTH SAN FRANCISCO South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , Calif.--(BUSINESS WIRE)--July 13, 1995-- CBT (Computer-Based Training) Using the computer for training and instruction. CBT programs are called "courseware" and provide interactive training sessions for all disciplines. Group PLC (Nasdaq: CBTSY) today announced strong financial results for the second quarter and six months ended June June: see month. 30, 1995. Revenues for the second quarter increased 76% to $7,119,000 from $4,039,000 in the second quarter of 1994. Net income for the second quarter was $1,020,000 compared with $270,000 last year. Earnings per share in the 1995 second quarter were $0.12 versus $0.04 in the 1994 second quarter. Weighted average shares outstanding totaled 8,209,000 in the recent second quarter compared with 6,766,000 in the second quarter of 1994 and reflected the completion of an initial public offering of 2,300,000 American Depositary Shares American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. , of which 1,150,000 represented newly-issued shares, in April, 1995. For the six month period ended June 30, 1995, revenues grew 80% to $13,140,000 from $7,292,000 in the comparable period of 1994. Net income for this recent six month period was $1,598,000, or $.20 per share, compared with $393,000, or $0.06 per share, for the same period last year. "The strong financial performance reflects the success of our efforts to expand our titles and to increase penetration The successful unauthorized breach of a security perimeter. See penetration test. of the corporate market," said Bill McCabe William Francis McCabe (October 28, 1892 in Chicago, Illinois - September 2, 1966 in Chicago, Illinois), was a professional baseball player who played outfielder in the Major Leagues from 1918-1920. He would play for the Chicago Cubs and Brooklyn Dodgers. , chief executive officer of CBT Group. "We released 13 new titles in the second quarter and a total of 31 since the beginning of 1995. At June 30, CBT had 131 courses in its library. In addition, our marketing efforts in the U.S. and U.K. have resulted in contracts with many new clients during the first six months of 1995." "We are very pleased with the strong results for the second quarter and plan to continue our efforts to increase the number of available titles and our penetration into the customer base," said McCabe. "A key part of this strategy are the relationships we enjoy with leading software vendors. Our recently-announced agreement with Microsoft (Microsoft Corporation, Redmond, WA, www.microsoft.com) The most successful and influential software company. Microsoft's software and Intel's hardware pioneered the PC and revolutionized the computer industry. is another important development in this approach, and in addition, we are actively pursuing codevelopment Codevelopment is a trend of thought and a development strategy in development studies which considers migrants to be a developing factor for their countries of origin. agreements with other key software vendors in an effort to significantly expand our title offerings. The Company is also increasing its marketing efforts and recently appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. an experienced manager to the newly-created position of vice president of marketing and channel distribution. We are committed to building on our comprehensive library of interactive educational training software and expanding our client base worldwide." CBT Systems (CBT Systems, Menlo Park, CA) An acknowledged leader in the design and development of interactive education software for information technology training. Specializing in self-study courses that users can take at their own PCs, CBT developed a library of more than 600 titles for is a leading provider of interactive software designed to meet businesses' information technology education and training needs. The Company develops, publishes and markets a broad library of software titles focused on client/server An architecture in which the user's PC (the client) is the requesting machine and the server is the supplying machine, both of which are connected via a local area network (LAN) or wide area network (WAN). technologies and delivered on networked and standalone stand·a·lone adj. Self-contained and usually independently operating: a standalone computer terminal. PCs. The Company's products are used by hundreds of the world's leading corporations to train employees to effectively develop and apply client/server technologies. Each CBT Systems customer is supported by a network of experienced sales, service and support professionals and specialists. -0-
CBT Group, Public Limited Company
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30 June 30
1995 1994 1995 1994
Revenues $7,119 $4,039 $13,140 $7,292 Cost of Revenues 1,090 893 2,086 1,636 Gross Profit 6,029 3,146 11,054 5,656
Operating
Research and development 1,244 432 2,318 788
Sales and marketing 3,130 1,822 5,880 3,355
General and
administration 527 301 997 549
Amortization of acquired
intangibles -- 196 -- 392
Total operating
expenses 4,901 2,751 9,195 5,084
Income from operations 1,128 395 1,859 572
Other income (expense),
net 125 (57) 81 (80)
Income before provision
for income taxes 1,253 338 1,940 492
Provision for income
taxes 233 68 342 99
Net income 1,020 270 1,598 393
Net income per share $0.12 $0.04 $0.20 $0.06
Shares used in computing
net income per share 8,209 6,766 7,906 6,959
CBT Group, Public Limited Company
Condensed Consolidated Balance Sheets
(In thousands)
June 30 December 31
1995 1994
Assets (Unaudited)
Current Assets
Cash and cash equivalents $16,223 $3,146
Accounts receivable, net 7,495 6,420
Inventories 10 25
Deferred tax assets, net 220 166
Prepaid expenses 1,202 829
Total current assets 25,150 10,586
Property and equipment 996 743
Other assets 1,150 954
Total assets 27,296 12,283
Liabilities and Shareholders' Equity
Current liabilities 13,161 11,440
Stockholders' equity 14,135 843
27,296 12,283
CONTACT: CBT Group PLC, South San Francisco Bill McCabe, 415/373-9050 or Morgen-Walke Associates Doug DOUG Dumb Old Utility Guy Sherk/Jenifer Kirtland/David Gennarelli, 415/296-7383 Jill Ruja/Ellissa Grabowski Grabowski is the sirname of the following people
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