COMPUTER OUTSOURCING SERVICES, INC. REPORTS FIRST QUARTER RESULTS; REVENUES INCREASE 61%; COMPANY RESUMES PROFITABLE OPERATIONS.NEW YORK--(BUSINESS WIRE)--March 19, 1996--Computer Outsourcing Services, Inc. ("COSI COSI Center Of Science and Industry (Columbus, OH, USA) COSI Creative Outsourcing Solutions International (UK) COSI Cost of Savings Index COSI Closeout System Installation (NASA) ") (Nasdaq National Market: COSI) today announced unaudited financial results for the first quarter ended January 31, 1996. (See attached table). Revenues for the first quarter ended January 31, 1996 increased 61% to a record $7.1 million from $4.4 million in the same period of 1995. Net income was $46,022, or $.01 per share, compared to $53,539, or $.01 per share, in the comparable 1995 quarter. Management noted that the significant increase in revenues for the first quarter of 1996 is primarily attributable to the acquisitions of Key-ACA and MCC (The Microelectronics and Computer Technology Corporation, Austin, TX) The first high-tech research and development consortium in the U.S., created in 1982 by leading companies within the electronics industry. Corporation in May 1995 and June 1995, respectively. Commenting on this news, Zach Lonstein, 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. of COSI, stated, "The acquisitions of MCC Corp. and Key-ACA expanded our outsourcing and payroll processing operations and resulted in substantial revenue growth for the quarter. Furthermore, our ongoing effort to standardize stan·dard·ize v. 1. To cause to conform to a standard. 2. To evaluate by comparing with a standard. our payroll processing business and consolidate our outsourcing operations has yielded improved results as compared to the immediately preceding fourth quarter. While these important investments in COSI's future are ongoing, we are pleased to report a return to profitability." COSI provides payroll and tax filing services to approximately 3,600 customers nationwide and offers other data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a services to companies in niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. including publishing, direct marketing, apparel importing and manufacturing and healthcare. -0-
COMPUTER OUTSOURCING SERVICES, INC.
CONSOLIDATED INCOME STATEMENTS
(unaudited)
Three Months Ended
January 31, January 31,
1996 1995
Revenues $7,107,115 $4,398,536
Income before provision for income taxes 105,414 115,210 Provision for income taxes 59,392 61,671 Net income $ 46,022 $ 53,539 Net income per common share $.01 $.01 Weighted average number of shares outstanding 3,760,975 3,551,248 CONTACT: Computer Outsourcing Services, Inc. Roger Kaufman, CFO See Chief Financial Officer. (212) 564-3730 or INVESTOR RELATIONS Investor relations The process by which the corporation communicates with its investors. COUNSEL: The Equity Group Eileen Harris (212) 836-9605 Robert Goldstein (212) 371-8660 |
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