CIS TECHNOLOGIES, INC. ANNOUNCES FINANCIAL RESULTS.TULSA, Okla.--(BUSINESS WIRE)--Feb. 8, 1995--CIS Technologies, Inc. (NASDAQ/NM:CISI (company) CISI - A French software producer. ) today announced its financial results for the fourth quarter and year ended December 31, 1994. Philip D. Kurtz, chairman and chief executive officer of CIS Cis (sĭs), same as Kish (1.) (1) (CompuServe Information Service) See CompuServe. (2) (Card Information S Technologies, said, "During calendar year 1994, our Company's financial performance improved, and we successfully repositioned ourselves to meet the challenges and realize the opportunities created by a healthcare industry undergoing revolutionary change. Despite the absence of legislation, unprecedented, market-driven healthcare reform is sweeping the nation and creating exciting opportunities for our Company. During 1994, we initiated major new business strategies, created strategic alliances and developed a platform for strong earnings growth. In 1995, we expect to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the strong foundation created in 1994 to produce consistent revenue and earnings growth." For the quarter ended December 31, 1994, revenue was $8.9 million compared to $7.8 million for the fourth quarter of 1993. Fourth quarter 1994 net income was $660,000, or $0.02 per share, compared to net income of $726,000, or $0.03 per share, for the same quarter in 1993. The decrease was due primarily to increased operating costs operating costs npl → gastos mpl operacionales associated with new product releases. Revenue for the year ended December 31, 1994, was $31.7 million compared to $33.3 million for the same period last year. Net income for 1994 was $2.2 million, or $0.08 per share, compared to $1.2 million, or $0.05 per share, for the prior year. James L. Hersma, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of CIS Technologies, said, "We are pleased with these financial results, but far from satisfied. Even though we exceeded our objectives for earnings per share, we consider 1994 just the first step to substantially improved financial and operating results. The important initiatives introduced in 1994 position the Company for strong performance in 1995 and beyond as we move forward to achieve added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
In the fourth quarter, the Company announced three major developments which are expected to have a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. impact on profitability. Near the end of 1994, the Company completed the acquisition of Orlando, Florida-based Automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. Medical Systems Consultants, Inc., the nation's leading reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. of the Medical Manager physician practice management software, which allows the Company to assume a prominent role in the physician information management marketplace. The Company also announced that it had entered into two strategic alliances. The first, with GE Capital, positions CIS Technologies to provide accounts receivable financing Accounts Receivable Financing A type of asset-financing arrangement in which a company uses its receivables - which is money owed by customers - as collateral in a financing agreement. The company receives an amount that is equal to a reduced value of the receivables pledged. to the healthcare industry, while the second, with Bankers Trust The Bankers Trust is a historic American banking organisation that was acquired by Deutsche Bank in 1998. It was originally set up when banks could not perform trust company services. , enables the Company to pursue opportunities in cash management and data services in the healthcare industry. Both GE Capital and Bankers Trust made significant equity and/or debt investments in CIS. "We take great pride in the fact that two highly respected financial institutions have invested in CIS and our future," Hersma said. CIS Technologies, Inc. is a leading provider of automated products and services that help hospitals to process claims, manage data electronically, and increase hospital cash flow through a wide range of professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. . CIS' products and services are used by over 700 healthcare providers in 38 states, and CIS processes and manages over $50 billion in healthcare claims annually. -0-
CIS TECHNOLOGIES, INC.
Unaudited Financial Highlights
(In thousands, except per share amounts)
Three Months Ended
December 31,
1994 1993
Revenue $ 8,931 $ 7,832
Operating income $ 630 $ 707
Net income $ 660 $ 726
Net income per share $ 0.02 $ 0.03
Year Ended
December 31,
1994 1993
Revenue $ 31,689 $ 33,285
Operating income (loss) $ 2,337 $ (226)
Income before cumulative effect of
accounting change $ 2,197 $ 321
Net income $ 2,197 $ 1,221
Income per share:
Before cumulative effect of accounting change $ 0.08 $ 0.02
Net income per share $ 0.08 $ 0.05
CONTACT: CIS Technologies, Inc. Richard A. Evans Ev·ans , Herbert McLean 1882-1971. American anatomist who isolated four pituitary hormones and discovered vitamin E (1922). , 918/496-2451 |
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