CONCENTRA CORPORATION ANNOUNCES RECORD PROFITS AND REVENUES FOR FOURTH QUARTER AND FISCAL 1995.CAMBRIDGE, Mass.--(BUSINESS WIRE)--May 3, 1995--Concentra Corporation (Nasdaq: CTRA CTRA Canadian Therapeutic Recreation Association CTRA College Terrace Residents' Association CTRA Canadian Telecommunications Resellers Alliance CTRA Committee To Restore America ), a leading supplier of engineering automation software solutions for the aerospace, automotive and industrial equipment industries, announced today its operating results for the fourth quarter and fiscal year ending March 31, 1995. Net income for the fourth quarter of fiscal year 1995 increased 66 percent to $1.6 million from $0.9 million for the same quarter last year. Earnings for the fourth quarter were $0.31 per share, compared with $0.24 per share during the same period last year. Revenues for the fourth quarter were $6.3 million, a 27 percent increase over revenues of $4.9 million for the same period last year. The increase in revenues is primarily attributable to software licenses In computing, software that is copyrighted and licensed under a software license is done under a variety of licensing schemes. For end-users there are proprietary licenses and there are free software licenses, and there are proprietary Within these schemes are further classifications. . Net income for the year ended March 31, 1995 was $3.1 million, or $0.74 per share compared with a loss of $2.2 million, or $0.67 per share for the previous year. The loss includes a one time charge of $3.7 million for purchased research and development related to the Wisdom acquisition in the first quarter of fiscal 1994. Total revenues for fiscal year 1995 were $20.2 million, compared with $15.7 million for the previous year, an increase of 29 percent. "We are very pleased to show a record performance for our fourth quarter and for our fiscal year 1995," said Lawrence W. Rosenfeld, Chairman and Chief Executive Officer. "The increasing commitment from some of our major customers demonstrates that Concentra's generative gen·er·a·tive adj. 1. Having the ability to originate, produce, or procreate. 2. Of or relating to the production of offspring. generative pertaining to reproduction. technology is critical to their engineering automation programs." Concentra customers placing significant orders in the fourth quarter included EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. , GM Delphi Automotive Systems See ITS, embedded system, drive-by-wire, adaptive cruise control, collision avoidance system, autonomous vehicle, heads-up display, DSRC, lane departure system, CAN bus, FlexRay and SYNC. , Bowater, Kelsey Hayes, BAA Baa See BBB. (British Airport Authority) and Boeing. "This has been an eventful e·vent·ful adj. 1. Full of events: an eventful week. 2. Important; momentous: an eventful decision. year," continued Rosenfeld. "During February 1995, the company completed its Initial Public Offering of common stock at $12.00 per share resulting in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the company of $18 million. The ICAD ICAD International Community for Auditory Display ICAD Individual Chemical Agent Detector ICAD Institute of Community and Area Development ICAD Individual Channel Analysis and Design ICAD Integrated Computer Aided Design ICAD Iowa City Area Development Group, Inc. System has delivered major productivity gains to leading manufacturing concerns primarily within engineering and we are excited about the pending launch of a generative technology solution for interactive selling. We believe Concentra will deliver similar productivity gains for companies selling engineered to order and assembled as·sem·ble v. as·sem·bled, as·sem·bling, as·sem·bles v.tr. 1. To bring or call together into a group or whole: assembled the jury. 2. to order products." Concentra, formerly ICAD, Inc., is a leading provider of strategic tools for companies responding to the demands of time-based competition. The Cambridge, Massachusetts This article is about the city of Cambridge in Massachusetts. For the English university town, see Cambridge, England. For other places, see Cambridge (disambiguation). Cambridge, Massachusetts is a city in the Greater Boston area of Massachusetts, United States. based company provides complete solutions for automating systems level design, product design, tooling design, interactive selling, product configuration, and more. Since up to 80 percent of the typical process goes into performing routine practices, Concentra's generative technology decreases cycle time by helping compa; ges standardize stan·dard·ize v. 1. To cause to conform to a standard. 2. To evaluate by comparing with a standard. and retain their best practices and automate To turn a set of manual steps into an operation that goes by itself. See automation. the routine portion of these activities. Concentra's customers include world class manufacturers in the aerospace, automotive, industrial components and construction industries. Concentra has systems installed at more than 250 major customer sites and markets its products through a direct sales force, systems integrators An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. , and value added resellers See VAR. (company) value added reseller - (VAR, or "value added retailer") A company which sells something (e.g. computers) made by another company (an OEM) with extra components added (e.g. specialist software). . The company also provides comprehensive fee-based consulting, training and support. The consolidated condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. statements of operations and condensed balance sheets are attached. Concentra Corporation, 201 Broadway, Cambridge, Massachusetts 02139-1901.
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CONCENTRA CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(in thousands, except per share data)
Three months ended Year ended
March 31, March 31,
1995 1994 1995 1994
Revenues
Software $ 3,664 $ 2,931 $10,050 $ 7,894
Services 2,477 1,970 8,004 6,356
Related party
software and services 114 38 2,163 1,459
Total revenues 6,255 4,939 20,217 15,709
Operating expenses
Cost of software licenses 302 263 1,328 1,193
Cost of services 531 420 1,928 1,472
Sales and marketing 2,654 2,069 8,887 6,309
Research and
development 648 441 2,423 2,840
General and
administrative 525 568 2,144 1,840
Charge for purchased
research and development - - - 3,711
Total operating expenses 4,660 3,761 16,710 17,365
Income (loss) from
operations 1,595 1,178 3,507 (1,656)
Interest income, net 63 (104) (149) (318)
Other income (expense) 171 4 300 4
Income (loss) before
income taxes 1,829 1,078 3,658 (1,970)
Provision for income
taxes 274 140 559 264
Net income (loss) $ 1,555 $ 938 $ 3,099 $ (2,234) (a)
Net income (loss) per
common and common
equivalent shares $ 0.31 $ 0.24 $ 0.74 $ (0.67)
Weighted average number
of common and common
equivalent shares
outstanding 5,047 3,831 4,199 3,349
(a) Includes a one time charge of $3.7 million for purchased
research and development related to the Wisdom acquisition in the
first quarter of fiscal 1994.
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CONCENTRA CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
March 31, March 31,
1995 1994
ASSETS:
Cash and cash equivalents $17,010 $ 1,558
Accounts receivable 5,919 4,283
Property and equipment, net 891 627
Intangible assets and capitalized
software, net 1,920 758
Other assets 722 480
TOTAL ASSETS $26,462 $ 7,706 LIABILITIES AND STOCKHOLDERS' EQUITY:
Liabilities
Accounts payable and
accrued expenses $ 4,226 $ 3,261
Deferred revenue 3,696 3,930
Notes payable to related party
and advances from corporate
partners - 3,022
Redeemable common stock - 1,777
Other liabilities 633 174
Total liabilities 8,555 12,164
Total stockholders' equity (deficit) 17,907 (4,458) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $26,462 $ 7,706 CONTACT: Concentra G.M. Schimmoeller or Janet Page Vice President and CFO See Chief Financial Officer. Marketing Communications Marketing communications (or marcom) are messages and related media used to communicate with a market. Those who practice advertising, branding, direct marketing, graphic design, marketing, packaging, promotion, publicity, sponsorship, public relations, sales, sales 617-868-2800 x203 617-868-2800 x368 |
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