Computational Systems reports gains in first quarter results; Net income up 42% for first quarter.KNOXVILLE Knoxville, city (1990 pop. 165,121), seat of Knox co., E Tenn., on the Tennessee River; inc. 1876. A port of entry, it is a trade and shipping center for a farm, bituminous-coal, and marble area. , Tenn.--(BUSINESS WIRE)--April 14, 1997--Computational Systems Inc. (Nasdaq/NM: CSIN CSIN Chemical Substances Information Network CSIN Computer Systems Information Network ) today reported higher sales, net income and net income per share for the first quarter ended March 31, 1997. For the first quarter, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight rose 35% to $14,475,000 compared with $10,731,000 in the year-earlier period. Net income rose 42% to $711,000, or to $0.14 per share, compared with net income of $502,000 or $0.10 per share, a year ago based upon weighted average number of shares outstanding of 5,266,400 for the first quarter of 1997 and 5,018,945 for the first quarter of 1996. Commenting on the results, Ronald G. Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , chairman and chief executive officer, said, "We are pleased with the first quarter results, which reflect 35% sales growth, comprised of a 106% increase in our service sales and a 10% increase in our product sales." Approximately 23% of the overall sales increase relates to additional bookings created by the October October: see month. 1996 acquisition of the Philadelphia-based training and consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a , Maintenance and Diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler . "Although first quarter bookings proved strong," continued Canada, "overall sales results fell slightly below analysts' expectations due to an order pushout For the concept in category theory, see pushout. A pushout is a student counseled or forced out of a school prior to graduation. Children are often pushed out of an educational institutions because their presence in the school creates difficulty in meeting some goal of the by General Motors -- which is now expected in the second quarter. Our near term sales outlook appears healthy as initiatives taken with original equipment manufacturers (OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and ), new products, and international relationships developed over the past six months are starting to kick in." Computational Having to do with calculations. Something that is "highly computational" requires a large number of calculations. Systems Inc. (CSI CSI Crime Scene Investigator CSI CompuServe, Inc. CSI Commodity Systems, Inc. CSI Commodity Systems Inc. (Boca Raton, FL) CSI Crime Scene Investigation (CBS TV show) CSI Christian Schools International ) designs, produces and markets an integrated family of advanced predictive maintenance Predictive maintenance (PdM) techniques help determine the condition of in-service equipment in order to predict when maintenance should be performed. This approach offers cost savings over routine or time-based preventive maintenance because tasks are performed only when products and services for use in large-scale, continuous-run manufacturing facilities worldwide. The company's Reliability-Based Maintenance(R) products and services help customers detect potentially disruptive disruptive /dis·rup·tive/ (-tiv) 1. bursting apart; rending. 2. causing confusion or disorder. conditions in the operation of their machinery before damage or complete mechanical failure occurs, thereby allowing maintenance to be scheduled at the most appropriate time. -0-
COMPUTATIONAL SYSTEMS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
1997 1996
Revenues, net:
Product $ 8,721,280 $ 7,932,848
Services 5,753,268 2,798,445
----------- -----------
14,474,548 10,731,293
Cost of revenues:
Product 2,178,165 2,316,055
Services 4,018,907 2,180,255
----------- -----------
6,197,072 4,496,310
----------- -----------
Gross margin 8,277,476 6,234,983
Selling, general and
administrative 5,634,274 4,355,000
Research and development 1,611,124 1,206,196
----------- -----------
Income from operations 1,032,078 673,787
Other income (expense):
Interest expense (10,477) (1,146)
Interest income 48,173 117,589
Other income (expense) net 8,242 (5,859)
----------- -----------
Income before provision for
income taxes 1,078,016 784,371
Provision for income taxes 366,526 282,375
----------- -----------
Net income $ 711,490 $ 501,996
=========== ===========
Earnings per share $ 0.14 $ 0.10
=========== ===========
Weighted average shares
outstanding 5,266,400 5,018,945
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31,
1997 1996
(unaudited) (audited)
---------- ----------
ASSETS
Current assets $20,802,069 $24,331,014
Total property, plant and
equipment, net 14,069,896 13,483,920
Other non-current assets 7,685,177 7,457,913
---------- ----------
Total assets $42,557,142 $45,272,847
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 8,986,753 $12,197,525
Deferred revenue 612,661 668,862
Total shareholders' equity 32,957,728 31,686,460
---------- ----------
Total liabilities and
shareholders' equity $42,557,142 $45,272,847
========== ==========
CONTACT: Computational Systems Inc., Knoxville Bryan J. Collier, 423/675-2110 |
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