CompuTrac Announces First Quarter Earnings.Business Editors RICHARDSON Richardson, city (1990 pop. 74,840), Dallas and Collins counties, N Tex., a suburb of Dallas; founded in the 1850s, inc. as a city 1956. Richardson manufactures telecommunications equipment, medical devices, supercomputers, computer chips, and fiber optics. , Texas--(BUSINESS WIRE)--May 22, 2001 CompuTrac, Inc. (AMEX AMEX See: American Stock Exchange :LLB LLB abbr. Latin Legum Baccalaureus (Bachelor of Laws) LLB Bachelor of Laws [Latin Legum Baccalaureus] Noun 1. ) today announced a net profit of $302,000 or $0.05 per share for its first fiscal quarter of 2002, which ended April 30, 2001. This compares to a net loss of $(430,000) or $(0.07) per share for the comparable quarter in the prior year. Revenue for the current quarter was $1.1 million, a 22% increase over the comparable quarter in the prior year. Total expenses decreased by 40%. Mr. Sandy Pardue, the Company's Chief Financial Officer, stated: "The Company's results are directly related to the changes and reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. which started in January January: see month. of this year. CompuTrac has achieved growth, profitability and positive cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses in a very short time period. These results reflect the hard work and effort put in by every employee of the Company. We believe we are on sound financial footing and look forward to continuing our progress. Although results will continue to vary from quarter-to-quarter due to the nature of our business, we believe the overall trend is moving in a positive direction. Our primary product, CompuTrac LFMS LFMS Looking For My Sister (domestic violence organization) SQL SQL in full Structured Query Language. Computer programming language used for retrieving records or parts of records in databases and performing various calculations before displaying the results. , which runs on the Microsoft SQL Server A relational DBMS from Microsoft that is a major component of the Windows Server System. It is Microsoft's high-end client/server database and is closely integrated with Microsoft Visual Studio and the Microsoft Office System. 2000/Windows 2000 platform, is maturing and is being applauded by our customers from both a performance and functionality standpoint The Standpoint is a newspaper published in the British Virgin Islands. It was originally published under the name Pennysaver, largely as a shopping-coupon promotional newspaper, but since emerged as one of the most influential sources of journalism in the . We have a substantial number of customers in the process of migrating to this product, and our training department is currently booked through the end of the summer. We plan to release our LFMS SQL Data Warehouse product in the next 30 days. This product has the potential to add significant functionality and enhanced performance to our customers' systems, as well as significant revenue (over time) to CompuTrac. In addition to its primary functionality, this product allows our customers with HP 3000 and 9000 mini computer systems to seamlessly combine their years of historical data with CompuTrac LFMS SQL."
STATEMENTS OF OPERATIONS
Three-month period
ended April 30,
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2001 2000
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Revenues:
Systems sales $ 153,076 $ 85,569
Services and support 955,278 820,193
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1,108,354 905,762
Costs and expenses:
Cost of system sales 18,313 25,528
Cost of services and support 46,005 56,965
Amortization of capitalized software 75,000 92,766
Operating expenses 321,162 291,341
Selling, general and administrative
expenses 311,636 757,590
Software research and development costs 52,778 144,850
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824,895 1,369,040
Income (loss) from operations 283,459 (463,278)
Interest income, net 18,990 33,056
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Net income (loss) $ 302,449 $ (430,222)
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Income (loss) per share - basic $ 0.05 $ (0.07)
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Income (loss) per share - diluted $ 0.05 $ (0.07)
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Weighted average number of common
shares -
basic 6,394,687 6,302,595
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diluted 6,397,929 6,302,595
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BALANCE SHEETS
April 30, January 31,
2001 2000
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ASSETS
Current assets:
Cash and certificates of
deposit $ 2,526,629 $ 2,382,649
Other current assets 639,297 442,290
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Total current assets 3,165,926 2,824,939
Other assets 2,934,496 2,974,126
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Total assets $ 6,100,422 $ 5,799,065
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
expenses $ 1,131,542 $ 1,165,561
Other current liabilities 94,701 92,193
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Total liabilities 1,226,243 1,257,754
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Total shareholders' equity 4,874,179 4,541,311
------------ ------------
Total liabilities and
shareholders' equity $ 6,100,422 $ 5,799,065
============ ============
This press release contains 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 are based on current expectations, estimates and projections. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. These statements contain potential risks and uncertainties, and there are numerous factors that are not within the Company's control that may cause actual results to differ from those contemplated or suggested by such forward-looking statements. Such factors include but are not limited to the rapid rate of change in computer hardware and software technology and the potential obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. of the Company's products; the development of superior products by competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. ; increased competition from existing and new competitors; adverse changes in economic conditions in the legal profession or the economy generally; and other factors identified in the Company's filings with the Securities and Exchange Commission. In addition, there can be no assurance that the Company's products will continue to find market acceptance, and the recent activities described in this press release should not be seen as indicative indicative: see mood. of the rate at which changes to future periods will occur. There can be no assurance that the Company's products will be successful in competing with competitors' software products in the law firm management software market. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. CompuTrac develops, markets, services and supports software designed specifically for the legal profession. Visit CompuTrac on the World Wide Web at http://www.computrac.com. For information on CompuTrac, contact Mr. Sandy Pardue (investorrelations@computrac.com). For information on CompuTrac LFMS for Windows contact Jay Stromberg Stromberg is the name of:
CompuTrac is a registered trademark of CompuTrac, Inc. Microsoft (Microsoft Corporation, Redmond, WA, www.microsoft.com) The most successful and influential software company. Microsoft's software and Intel's hardware pioneered the PC and revolutionized the computer industry. and Windows are registered trademarks of Microsoft Corporation (company) Microsoft Corporation - The biggest supplier of operating systems and other software for IBM PC compatibles. Software products include MS-DOS, Microsoft Windows, Windows NT, Microsoft Access, LAN Manager, MS Client, SQL Server, Open Data Base Connectivity (ODBC), MS Mail, in 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. and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. other countries. |
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