Claremont Technology Group, Inc. Announces Record Fourth Quarter and Year End Results.BEAVERTON Beaverton, city (1990 pop. 53,310), Washington co., NW Oreg., a suburb of Portland, in a farm area; inc. 1893. Beaverton is the heart of the Silicon Forest high-technology manufacturing complex. Headquarters for electronics companies and NIKE, Inc., are there. , Ore.--(BUSINESS WIRE)--August 20, 1996--Claremont Technology Group, Inc. (Nasdaq: CLMT) today reported revenues rose 64% to $13.6 million from $8.3 million in the fourth quarter of 1995. Net income of $0.8 million in the fourth quarter rose 102% over net income of $0.4 million in the fourth quarter of 1995. Earnings per share of $.11 in the fourth quarter rose 83% on 7.5 million shares versus the $.06 in the fourth quarter of 1995 on 7.6 million shares. Revenues and net income for the year of $47.3 million and $3.0 million, respectively, represent increases of 73% and 41% over 1995. "The fourth quarter capped a very rewarding year for the Company. We saw continued improvement in all divisions resulting in record annual revenues and profits and growth in our market share. This increase reflected strong performance from our existing client base, as well as revenue from our new clients," remarked Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. Cosgrave, 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. . The Company successfully completed an initial public offering on July July: see month. 19, 1996 of 2.8 million shares of common stock. On August 15, 1996 the underwriters exercised their overallotment option overallotment option See greenshoe. to purchase an additional 420,000 common shares. "We were extremely pleased with the market's receptivity receptivity, n the state of being open to the action of a drug or homeopathic remedy. See also reactivity. to the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. . The proceeds from the offering will allow us to continue to fund our growth strategy," continued Cosgrave. Claremont Claremont. 1 City (1990 pop. 32,503), Los Angeles co., S Calif., in a citrus farm area at the foot of the San Gabriel Mts.; inc. 1907. Mainly residential, the city is an educational center and has light manufacturing. Technology Group provides enterprise-wide information technology solutions that re-engineer mission critical business processes such as customer service, order processing, billing and logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. . These services are provided to large organizations in select vertical markets, including communications, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and pension/retirement services. The Company's headquarters are located at 1600 NW Compton Compton, city (1990 pop. 90,454), Los Angeles co., S Calif., a suburb between Los Angeles and Long Beach; inc. 1888. It has aircraft, electronic, and steel industries. Largely African American, Compton is a noted center for rap music. Drive, Beaverton, OR 97006. The Claremont Web site is located at http://www.clrmnt.com. -0-
CLAREMONT TECHNOLOGY GROUP, INC.
AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands)
June 30,
1996 1995
ASSETS
Current assets:
Cash and cash equivalents 526 340
Receivables:
Accounts receivable, net 7,811 5,546
Revenue earned in excess of
billings 5,653 265
Other 78 40
Prepaid expenses and other
current assets 683 73
Deferred income taxes 266 219
Notes receivable 75 85
Total current assets 15,092 6,568
Property and equipment, net 4,069 1,522 Long-term notes receivable -- 710 Other non-current assets, net 3,804 778
Total assets 22,965 9,578
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities: Accounts payable 1,464 882 Line of credit 4,600 200 Current installments of long- term debt 944 290 Current installments of obligations under capital leases -- 3 Accrued expenses 3,354 2,068 Income taxes payable 619 419 Deferred revenue 661 253 Deferred income taxes -- --
Total current liabilities 11,642 4,115
Long-term debt, excluding current installments 1,578 334 Deferred income taxes 775 28
Total liabilities 13,995 4,477
Shareholders' equity:
Preferred stock, no par value.
Authorized 2,000 shares; no
shares issued or outstanding -- --
Common stock, no par value.
Authorized 10,000 shares;
issued 5,000 shares; 4,382
and 4,233 shares outstanding
at 1996 and 1995, respectively 1,331 202
Retained earnings 7,649 4,898
Cumulative translation adjustment (10) 1
Total shareholders' equity 8,970 5,101
Total liabilities and
shareholders' equity 22,965 9,578
CLAREMONT TECHNOLOGY GROUP, INC.
AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands)
Three Months Ended Year Ended
June 30, June 30,
1996 1995 1996 1995
Revenue: Professional fees 13,058 8,304 44,769 27,292 Resold products and services 592 -- 2,556 --
Total revenue 13,650 8,304 47,325 27,292
Costs and expenses: Project costs and expenses 7,197 4,437 23,988 13,704 Resold products and services 536 -- 2,410 -- Selling, general and administrative 4,354 3,225 15,485 10,156
Total costs and
expense 12,087 7,662 41,883 23,860
Income from
operations 1,563 642 5,442 3,432
Other Income (expense): Interest income 11 16 49 83 Interest expense (105) (14) (182) (31) Other (17) 15 (36) 15
Total other
income (expense) (111) 17 (169) 67
Income before
income taxes 1,452 659 5,273 3,499
Income tax expense 634 254 2,250 1,352
Net income 818 405 3,023 2,147
Net income per
common share 0.11 0.06 0.40 0.31
Weighted average
number of common
and common
equivalent shares
outstanding 7,503 7,631 7,612 7,319
-0- CONTACT: Claremont Technology Group, Inc. Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the Goett, Chief Financial Officer, 914/697-7510 or Fi. Comm See comms. , Ltd. Heidi Heidi has instinct for goodness. [Children’s Lit.: Heidi] See : Innocence Flannery
The process by which the corporation communicates with its investors. Consultant, 503/221-7403 |
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