Claremont Technology Group, Inc. Announces Record Second Quarter 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. , Oregon--(BUSINESS WIRE)--January 23, 1997--Claremont Technology Group, Inc. (Nasdaq: CLMT), today reported second quarter fiscal 1997 consolidated revenues rose 32% to $15.7 million over $11.9 million in the second quarter of fiscal 1996. Net income of $1.4 million rose 24% over net income of $1.2 million in the second quarter of 1996. Earnings per share were $.15 on 9.97 million shares versus $.16 in the second quarter of 1996 on 7.63 million shares. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. consolidated revenues and earnings of $29.6 million and $2.5 million, respectively, represent increases of 42% and 47% over the same six-month period in fiscal 1996. "The second quarter was Claremont's tenth consecutive quarter of increased revenues and our highest quarter of net income. This consistent growth and strong profitability is the result of an extremely favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. environment for information technology services which enables us to continue to expand our existing client accounts while simultaneously developing new relationships. Business was strong across the board with particular strength in manufacturing, 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. , retirement and communications," commented 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, Chairman 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. . "Significantly, we benefited from the strong margin expansion during the second quarter as our investments in people and products began to have a noticeable impact on our operating performance. We believe that this trend will be an important element in our continuing profitability as the competition for resources continues to increase. Our headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. increased to 595 at the end of the second quarter. We will continue our aggressive recruiting program in order to meet the strong business demand we are experiencing. Initial operating versions of both Premost, our flexible billing software, and Clarety, our retirement management system, were shipped and installed during the past quarter. These platforms represent future license revenues which will further drive related project profitability," noted Cosgrave. This press release contains certain forward looking statements. While these statements reflect management's best current judgment, they are subject to risks and uncertainties that could cause actual results to vary. These risk factors are identified in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended June June: see month. 30, 1996, filed with the Securities and Exchange Commission on September September: see month. 27, 1996, and the Company's Form 10-Q Form 10-Q See 10-Q. for the fiscal quarter ended September 30, 1996, filed on November November: see month. 7, 1996. 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 information technology solutions based on client server software for select industries focusing on the customer care needs of its clients including customer service, order processing, billing and logistics. Typically, these services are provided to large organizations involved in markets that are experiencing dynamic change. 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 Statements of Operations
(In thousands)
Three Months Ended Six Months Ended
December 31, December 31,
1996 1995 1996 1995
Revenue:
Professional fees $15,586 $10,813 $29,123 $19,687
Resold products and
services 149 1,094 491 1,103
Total revenue 15,735 11,907 29,614 20,790
Costs and expenses:
Project costs and expenses 7,862 5,463 14,921 10,172
Resold products and
services 142 1,049 452 1,057
Selling, general and
administrative 5,396 3,328 10,193 6,558
Total costs and
expenses 13,400 9,840 25,566 17,787
Income from operations 2,335 2,067 4,048 3,003
Other income (expense):
Interest income 189 8 348 16
Interest expense (43) (24) (113) (40)
Other (22) (20) (14) (17)
Total other income
(expense) 124 (36) 221 (41)
Income before income
taxes 2,459 2,031 4,269 2,962
Income tax expense 1,009 859 1,752 1,252
Net income $1,450 $1,172 $2,517 $1,710
Net income per common
share $0.15 $0.16 $0.26 $0.23
Weighted average number of
common and common equivalent
shares outstanding 9,973 7,709 9,552 7,625
CLAREMONT TECHNOLOGY GROUP, INC.
AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands)
Three Months Year
Ended Ended
December 31, June 30,
Assets 1996 1996
(audited)
Current assets:
Cash and cash equivalents $15,905 $526
Receivables:
Accounts receivable, net 11,165 7,811
Revenue earned in excess of
billings 7,956 5,653
Other 215 78
Prepaid expenses and other
current assets 792 683
Refundable income taxes 3,438 --
Deferred income taxes 273 266
Notes receivable 75 75
Total current assets 39,819 15,092
Property and equipment, net 5,000 4,069
Other non-current assets, net 7,172 3,804
Total assets $51,991 $22,965
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $1,353 $1,464
Line of credit -- 4,600
Current installments of long-term
debt 975 944
Accrued expenses 3,424 3,354
Income taxes payable -- 619
Deferred revenue 813 661
Total current liabilities 6,565 11,642
Long-term debt, excluding current
installments 1,083 1,578
Deferred income taxes 2,181 775
Total liabilities 9,829 13,995
Shareholders' equity:
Preferred stock, no par value,
Authorized 10,000 shares; no shares
issued or outstanding -- --
Common stock, no par value. Authorized
25,000 shares; 7,651 and 4,832 shares
outstanding at December 31 and June 30,
1996, respectively 32,008 1,331
Retained earnings 10,166 7,649
Cumulative translation adjustment (12) (10)
Total shareholders' equity 42,162 8,970
Total liabilities and shareholders'
equity $51,991 $22,965
CONTACT: 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 M. Goett Chief Financial Officer Claremont Technology Group, Inc. 914/697-7510 or Heidi Heidi has instinct for goodness. [Children’s Lit.: Heidi] See : Innocence A. Flannery
Investor Relations Investor relations The process by which the corporation communicates with its investors. Counsel Fi.Comm See comms. , Ltd. 503/844-8888 |
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