Computer Automation Systems, Inc. Announces Record Third Quarter and Year-to-Date Financial Results for 1999.Business Editors/High Tech Writers PLANO, Texas--(BUSINESS WIRE)--Jan. 18, 2000 Computer Automation Systems, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CASI CASI Campaign Against Sanctions on Iraq (UK) CASI Center for Aerospace Information CASI Council on Accreditation and School Improvement CASI Canadian Aeronautics and Space Institute CASI Canadian Association of Snowboard Instructors ), a telecommunications industry system integrator, today announced the financial results of its operations for the third quarter and the first nine months of 1999. For the third quarter of 1999, sales were a record $1,284,000, up over 1700% from sales of $74,000 for the third quarter of 1998. Income from operations was also a record at $248,000, compared to a loss of $46,000 in third quarter of 1998. After a provision for income taxes, Net Income was $168,000 for the quarter. For the first nine months of 1999, sales were a record $2,458,000, up over 1800% from sales of $135,000 for the same period of 1998. Income from operations was $398,000 for the nine month period compared to a loss of $72,000 for the nine months ending September 30, 1998. Net Income for 1999 to date, after a provision for income taxes, is over $318,000. Michael E. Cherry, 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. of CASI, stated "We had very good order flow this quarter and with demand increasing for Internet and broadband network equipment, we expect the fourth quarter to be up from where we are now." Computer Automation Systems, Inc. is a telecommunications systems integrator, whose products are integral to the operation of broadband data networks, among other uses. CASI is a true integrator in that it designs hardware, software, components, enclosures and even colors to match a customer's specifications. As more manufacturers seek to outsource system engineering and assembly, CASI is prepared to provide them with "one stop shop" convenience, engineering systems and designing software to customer specifications. CASI takes diverse parts from multiple sources, assembles and manufactures as necessary and delivers them as one system in a custom enclosure to the customer. CASI provides the technical specification documents and warranty. Any type of process control from agricultural processing to manufacturing to telephone switching Telephone switching Moving one's assets from one mutual fund or variable annuity to another by telephone. telephone switching The movement of an investor's funds from one mutual fund to another mutual fund on the basis of an order given via can potentially use a CASI designed system. Because of its location in the Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. "Telecom Corridor" CASI specializes in telecommunications applications. The system which the Company is currently providing to its largest customer, Alcatel Network Systems, Inc. (NYSE NYSE See: New York Stock Exchange :ALA), is a database management system for network switch control which is embedded Inserted into. See embedded system. in systems being installed by AT&T (NYSE:T). This News 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. " within the meaning of Section 27a of the Securities Act of 1933 and Section 21 E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion