COMPUTER LANGUAGE RESEARCH, INC. REPORTS 1ST QUARTER RESULTS AND DECLARES A CASH DIVIDEND.CARROLLTON Carrollton. 1 City (1990 pop. 16,029), seat of Carroll co., W Ga., on the Little Tallapoosa River; inc. 1897. Manufacturing includes fiber-optic cable, ropes, yarns, stainless-steel pipe, apparel, and prefabricated homes. The Univ. , Texas--(BUSINESS WIRE)--April 30, 1996--Computer Language Research, Inc. (Nasdaq/NM: CLRI CLRI Central Leather Research Institute (India) ), reported today that, for the three months ended March 31, 1996, net income was $0.8 million ($0.05 per share) on revenues of $35.8 million compared to $6.3 million ($0.44 per share) on revenues of $32.2 million for the same period in the prior year. The decrease in 1996 first quarter net income is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to: (i) amortization and other charges related to acquisitions of $3.7 million, net of tax, ($0.26 per share) in 1996 compared to $0.5 million ($0.03 per share) for the same period in 1995, (ii) a significant increase in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. related to the newly acquired businesses without the benefit of comparable offsetting revenue, due to generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting which do not allow establishment of deferred revenue at the date of acquisition, and (iii) no research tax credits in the first quarter of 1996 compared to $0.3 million ($0.02 per share) in 1995, due to congressional failure, to date, to extend the Research and Experimental Credit regulations in effect in 1995. A significant portion of revenue generated from the TMS TMS Transcranial Magnetic Stimulation (alternative medicine for depression) TMS Test Match Special (sports - cricket) TMS Texas Motor Speedway TMS Transportation Management System TMS Toyota Motor Sales business, subsequent to its acquisition, was deferred under the Company's revenue recognition policies. During the first quarter of 1996, TMS deferred revenue increased $2.2 million to $5.5 million from the $3.3 million deferred at December December: see month. 31, 1995. These deferrals will benefit future periods. Revenue from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the increased by 11% from $32.2 million in 1995 to $35.8 million in 1996. Fast-Tax revenue increased by 4% from $31.7 million in 1995 to $32.8 million in 1996. Rent Roll revenue increased from $0.6 million in 1995 to $3.0 million in 1996. The Company believes that revenue growth in the first quarter of 1996 is not representative of the full year which is expected to grow in the range of 25-30% (see Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. statement below). Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and T. Winn, President and Chief Executive Officer, stated, "Operating results for the first quarter were in line with our expectations. We are particularly pleased with progress made integrating the six acquisitions completed so far this year. While expenses are currently growing faster than revenues, which is necessary to achieve a smooth assimilation Assimilation The absorption of stock by the public from a new issue. Notes: Underwriters hope to sell all of a new issue to the public. See also: Issuer, Underwriting Assimilation of these acquisitions and those completed last year, we anticipate higher earnings from continuing operations, excluding amortization and other acquisition related charges, in both the 2nd quarter and for the year (see Safe Harbor statement below). However, such earnings are expected to improve at a slower rate than the rate of increase in revenue in 1996." At its April 30th meeting, the Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a dividend for the first quarter of 1996 at the rate of $0.10 per share. The dividend is payable May 30, 1996, to shareholders of record on May 15, 1996. Computer Language Research, Inc., is headquartered in Carrollton, Texas Carrollton is a city in Texas, partially in Dallas County, partially in Denton County, and partially in Collin County. As of 2005, census estimates the city's total population to be 122,699.[1] Carrollton is a suburb of Dallas. , and maintains sales and support facilities throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company provides tax and accounting software and information services See Information Systems. to accounting firms, banks, corporations, and partnerships under the trade name Fast-Tax. The Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Rent Roll, Inc., develops and markets apartment housing software and information services to large property management firms and owners of multifamily apartment communities under various trade names. "Safe Harbor" Statement Under Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 The Company's 1996 outlook and all other statements in this release other than historical facts 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 involve risks and uncertainties and are subject to change at any time. The Company derives its forward-looking statements from its operating budgets Noun 1. operating budget - a budget for current expenses as distinct from financial transactions or permanent improvements budget items, operating cost, operating expense, overhead - the expense of maintaining property (e.g. and forecasts, which are based upon detailed assumptions about many important factors such as product demand, market conditions, technological developments and competitive activities. While the Company believes that its assumptions are reasonable, it cautions that there are inherent difficulties in predicting the impact of certain factors, especially those affecting the timing and magnitude of software sales and the performance of recently acquired businesses, which could cause actual results to differ materially from predicted results. -0-
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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(In thousands, except per share amounts)
Three Months Ended
March 31,
------------------
1996 1995
-------- --------
Revenues .................................... $ 35,847 $ 32,233
Costs and expenses (1) ...................... 34,780 23,384
-------- --------
Operating income ............................ 1,067 8,849
Interest income ............................. 165 266
Interest expense ............................ 24 8
Loss on disposals of property and equipment . (19) (12)
-------- --------
Income from continuing operations before
income taxes ............................... 1,189 9,095
Provision for income taxes .................. 416 2,910
-------- --------
Income from continuing operations ........... 773 6,185
Income from discontinued operations,
net of tax (2) ............................. -- 91
-------- --------
Net income .................................. $ 773 $ 6,276
======== ========
Earnings per share .......................... $ 0.05 $ 0.44
======== ========
Dividends per share ......................... $ 0.10 $ 0.10
======== ========
Weighted average number of common and
common equivalent shares outstanding 14,608 14,392
======== ========
CONDENSED CONSOLIDATED BALANCE SHEETS
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(In thousands)
At March 31,
-------- --------
1996 1995
-------- --------
ASSETS:
Cash and cash equivalents .................. $ 13,631 $ 15,517
Short-term investments ..................... -- 10,774
Accounts receivable, net ................... 23,569 16,459
Current deferred taxes ..................... 2,110 2,013
Other current assets ....................... 1,606 1,713
Net current assets of discontinued
operations (2) ............................ -- 1,060
-------- --------
Total current assets .................... 40,916 47,536
Property and equipment, net ................ 20,597 21,051
Software, net .............................. 23,817 13,371
Intangibles and other assets, net .......... 19,098 5,884
Net noncurrent assets of discontinued
operations (2) ............................ -- 935
-------- --------
TOTAL ASSETS ........................... $104,428 $ 88,777
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities ........................ $ 31,584 $ 20,796
Noncurrent liabilities ..................... 7,416 4,639
Shareholders' equity ....................... 65,428 63,342
-------- --------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY ................................ $104,428 $ 88,777
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(1) Includes a $3.5 million charge for purchased research and
development related to the acquisitions made during the first
quarter of 1996.
(2) In June 1995, the Company sold substantially all of the assets of
its wholly-owned subsidiary, Electronic Form Systems Incorporated
("EFS"). The operating results of EFS have been treated as
discontinued operations, and all periods presented have been
restated to conform with this presentation.
CONTACT: Computer Language Research, Inc., Carrollton Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. H. Dilworth Dilworth may refer to: A place:
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