CBT Group reports record fourth quarter and full year 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)--Jan. 22, 1996-- 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 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 : CBTSY) today announced record financial results for the fourth quarter and year ended December December: see month. 31, 1995. Revenues for the fourth quarter were $12.6 million, a 75% increase from $7.2 million in revenues for the fourth quarter of 1994. Net income for the quarter, before deducting approximately $200,000 pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta in costs of acquisition, was $2.9 million, or $.30 per share. Reported net income for the quarter, after including costs of acquisition, was $2.7 million, or $0.28 per share. This is in comparison to net income of $0.9 million, or $0.12 per share, for the fourth quarter of 1994. For the year ended December 31, 1995, CBT reported revenues of $36.9 million, a 72% increase from $21.5 million in 1994. Net income for the year was $6.2 million, or $0.71 per share, before deducting costs of acquisition, and reported net income, after including costs of acquisition, was $6.0 million, or $0.69 per share. Earnings per share increased 214% over $0.22 reported for 1994. The Company acquired Personal Training Systems, Inc. (PTS PTS put to sleep; a common euphemism for euthanasia, but also used to describe general anesthesia. ), a provider of end-user (job) end-user - The person who uses a computer application, as opposed to those who developed or support it. The end-user may or may not know anything about computers, how they work, or what to do if something goes wrong. and consumer interactive educational software, in November November: see month. 1995. This transaction has been accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . CBT's reported results have therefore been restated to include PTS's results for all periods presented. "We are very pleased to report another record quarter of revenues and profitability," 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. "Our results in the fourth quarter and for the year provide further validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. of our business model and strategy in the corporate marketplace. "We continued to show very strong renewal rates among our existing customers and added significantly to our customer base. We also signed a number of larger contracts in the fourth quarter, including multi-million dollar, multi-year deals with Deloitte & Touche and Manpower. During 1996, we plan to continue to make significant investments in growing our sales force as part of our effort to expand our market presence. "On the product front, we ended the year with a library of 165 titles, not including the titles we acquired in our acquisition of PTS," continued McCabe. "This represents an increase in our library of 65% over 100 titles as we exited 1994. During 1995, we entered into new partnerships with a number of major applications software vendors, including Microsoft and Oracle, and expanded our relationships with some of our existing partners, such as Lotus. During 1996, we plan to make significant investments in building our product portfolio, including bringing a number of titles to market under our Microsoft and Oracle relationships. "In 1995, we also began to expand our focus beyond our core corporate marketplace," said McCabe. "Initiatives such as our acquisition of PTS, our distribution agreement with Ingram Micro Ingram Micro, Inc. NYSE: IM a Fortune 100 company founded in 1979 and based in Santa Ana, California. It is the world’s largest technology distributor and a leading technology sales, marketing and logistics company. and our creation of a telesales telesales Noun the selling of a commodity or service by telephone telesales npl → televentas fpl telesales npl → organization demonstrate our commitment to build our presence in the end-user and consumer markets. We plan to continue to build on these initiatives during 1996." CBT Group is a leading provider of interactive software designed to meet businesses' information technology education and training needs. CBT develops, publishes and markets a broad library of software titles focused on client/server technologies and delivered on networked and standalone stand·a·lone adj. Self-contained and usually independently operating: a standalone computer terminal. PCs. CBT'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 customer is supported by a network of experienced sales, service and support professionals and specialists. The financial results reported in this press release are determined in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . CBT Group PLC is an Irish incorporated company. Statutory financial statements for 1995 prepared in conformity with Irish GAAP will in due course be delivered to the Registrar of Companies The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. in Ireland. CBT will also file with the Securities and Exchange Commission (SEC) a 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. containing financial statements in conformity with U.S. GAAP. -0-
CBT Group Public Limited Company
Condensed Consolidated Statement of Operations
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
1995 1994 1995 1994
(Unaudited)
Revenues $12,619 $7,224 $36,937 $21,468 Cost of revenues $2,120 $1,265 $ 6,095 $ 4,043 Gross profit 10,499 5,959 30,842 17,425 Operating expenses: Research and development 1,960 1,012 5,984 3,140 Sales and marketing 4,625 3,093 15,082 9,572 General and administration 1,007 611 3,224 1,963 Amortization of acquired intangibles -- 62 -- 604 Costs of acquisition 198 -- 198 -- Total operating expenses 7,790 4,778 24,488 15,279 Income from operations 2,709 1,181 6,354 2,146 Other income (expense), net 489 (32) 852 (115) Income before provision for income taxes 3,198 1,149 7,206 2,031 Provision for income taxes 543 226 1,248 442 Net income 2,655 923 5,958 1,589 Net income per share $0.28 $0.12 $0.69 $0.22 Shares used in computing net income per share 9,480 7,635 8,669 7,327
CBT Group Public Limited Company
Condensed Consolidated Balance Sheets
(In thousands)
Dec. 31, Dec. 31,
1995 1994
Assets
Current assets Cash and cash equivalents $46,982 $3,681 Accounts receivable, net 12,146 6,725 Inventories 89 153 Deferred tax assets, net 398 336 Prepaid expenses 591 836 Total current assets 60,206 11,731 Property and equipment 1,920 845 Other Assets 1,807 977 Total assets 63,933 13,553 Liabilities and Shareholders' Equity Liabilities 15,515 11,842 Shareholders' equity 48,418 1,711 Total liabilities and shareholders' equity 63,933 13,553 CONTACT: CBT Group PLC Bill McCabe, 415/737-9050 or Morgen-Walke Associates Doug Sherk/Jenifer Kirtland/David Gennarelli (SF) 415/296-7383 Jill Ruja/Elissa Grabowski (NY) 212/850-5600 |
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