Computer Automation Systems Inc. Turns Corner to Profitability, Announces Financial Results of Operations For First Half Of 1999.Business Editors/High Tech Writers PLANO, Texas--(BUSINESS WIRE)--Jan. 10, 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 TELCO Systems Integrator, today announced the financial results of its operations for the first six months of 1999. For the first six months of 1999, sales were a record $1,161,832, up over 2000% from sales of $57,598 for the first six months of 1998. Income from operations was $198,426 for the six months ended June 30, 1999, compared to $46 for the same period for 1998. Because of tax loss carry forwards, Net Income was also $198,426 for the first six months of 1999, compared to $46 for the 1998 period. Net Income increased by over 43,000%. 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, "CASI has grown from startup to profitability in less than 18 months. While this profit is gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. , it signals that we are on track to develop our Company's potential." Mr. Cherry looking forward stated, "We continue to experience strong demand and order flow, which is tied to the expansion of the global telecommunications industry." Computer Automation Systems Inc. is a telecommunications systems integrator, whose products are used by Internet service providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. (ISPs) and by broadband network operators. CASI is based in Plano, Texas, which is part of the Dallas, Texas "Telecom Corridor." CASI offers a comprehensive family of products based on open standards combining Sun (Nasdaq:SUNW SUNW Sun Microsystems, Inc (former stock symbol; now JAVA) SUNW Stanford University Network Workstation (Sun Microsystems, Inc) ) or Intel (Nasdaq:INTC INTC Intel (NASDAQ symbol) INTC Intercept INTC Interrupt Controller ) processor technology with modular systems architecture. CASI designs products and systems to meet Bellcore standards and NEBS certification. While the Company offers products in standard configurations, its specialty is customization to meet a Customer's unique requirements and specifications. This news release contains "forward-looking statements" within the meaning of Section 27a of the Securities Act of 1933 and Section 21E 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. |
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