Computer Concepts Corp. Reports 1996 Financial Results.BOHEMIA Bohemia, Czech Čechy, historic region (20,368 sq mi/52,753 sq km) and former kingdom, in W and central Czech Republic. Bohemia is bounded by Austria in the southeast, by Germany in the west and northwest, by Poland in the north and northeast, and by , NY--(BUSINESS WIRE)--May 7, 1997--Computer Concepts Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CCEEE) today announced its audited financial results for the year ended December December: see month. 31, 1996. The selected financial information contained below is abstracted from the Company's 1996 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. filed with the Securities and Exchange Commission on May 6, 1997. -0-
BALANCE SHEET - DECEMBER 31,
Increase
(Decrease) 1996 1995
CASH AND CASH EQUIVALENTS $5,096,000 $5,675,000 $579,000
TOTAL CURRENT ASSETS 10,473,000 16,466,000 5,993,000
TOTAL ASSETS 11,590,000 27,671,000 16,081,000
CURRENT LIABILITIES WITHOUT
DEFERRED REVENUES 279,000 4,685,000 4,406,000
DEFERRED REVENUES 4,387,000 8,972,000 4,585,000
TOTAL CURRENT LIABILITIES 4,666,000 13,657,000 8,991,000
TOTAL LIABILITIES (INCLUDING
DEFERRED REVENUES) 4,075,000 18,147,000 14,072,000
COMMON STOCK SUBJECT TO
REDEMPTION (INCLUDED IN
1995 TOTAL LIABILITIES) (4,000,000) -0- 4,000,000
SHAREHOLDERS' EQUITY 7,515,000 9,524,000 2,009,000
WORKING CAPITAL (DEFICIT IN 1995) 5,807,000 2,809,000 (2,998,000)
BOOK VALUE PER COMMON SHARE $0.06 $0.09 $0.03
-0-
STATEMENT OF OPERATIONS - YEAR ENDED DECEMBER 31,
Increase
(Decrease) 1996 1995
REVENUES $2,728,000 $19,030,000 $16,302,000
COSTS & EXPENSES 506,000 35,173,000 34,667,000
OPERATING LOSS (2,222,000 16,143,000 18,365,000
INTEREST CHARGE PERTAINING
TO DISCOUNT ON DEBENTURES 2,810,000 2,810,000 -0-
NET LOSS $588,000 $18,953,000 $18,365,000
NET LOSS PER SHARE $(0.10) $0.27 $0.37
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING 22,090,000 71,301,000 49,211,000
-0-
STATEMENT OF CASH FLOWS - YEAR ENDED DECEMBER 31,
Increase
(Decrease) 1996 1995
NET CASH USED IN OPERATING
ACTIVITIES $(2,457,000) $(4,994,000) $(7,451,000)
NET CASH USED IN INVESTING
ACTIVITIES (19,000) (1,664,000) (1,683,000)
NET CASH PROVIDED BY FINANCING
ACTIVITIES 2,542,000 11,754,000 9,212,000
INCREASE IN CASH AND CASH
EQUIVALENTS 5,018,000 5,096,000 78,000
CASH AND CASH EQUIVALENTS-
BEGINNING OF YEAR 78,000 579,000 501,000
CASH AND CASH EQUIVALENTS-
END OF YEAR $5,096,000 $5,675,000 $579,000
-0-
Computer Concepts develops software tools including
d.b.Express(TM) that assist end users in the retrieval and
visualization of all types of data across many platforms, including
the Internet via its JAVA version of d.b.Express. Computer Concepts'
d.b.Express Internet Server(TM) has recently been integrated with
British Telecom's Syncordia Services C-View software application.
C-View will allow BT's customers to access and analyze the high
volumes of technical and account information available within British
Telecom's Internet-based databases without having to download the
data to their own computers. The new d.b.Express Internet Server and
JAVA Applet have overcome a major Internet problem, that of high data
volume and limited bandwidth, which is currently responsible for the
lengthy delays associated with data downloading on the Internet. Its
wholly owned SOFTWORKS subsidiary is a leading global provider of IT
solutions for the enterprise. Founded in 1977, SOFTWORKS responds to
the data management needs of more than 1,800 organizations worldwide,
supporting customers in more than 50 countries. SOFTWORKS' customers
include nearly 80 percent of the FORTUNE 100. Located in Bohemia,
New York, Computer Concepts and its subsidiaries employ a staff of
186. For more information about Computer Concepts and its SOFTWORKS
subsidiary, call (516) 244-1500 or visit Computer Concepts' web site
at www.computerconcepts.com or the SOFTWORKS web site at
www.softworkscc.com.
CONTACT: Media Contact: Fielding Dupuy It is one of the most common Francophone last names, meaning literally "from the well/hole" and still in current French. Du = "from the"/"of the" before a masculine noun. Puits = "well"/"hole". , (212) 633-2283 Manhattan Manhattan, indigenous people of North America Manhattan (mănhăt`ən), indigenous people of North America of the Algonquian-Wakashan linguistic stock (see Native American languages). Media Associates or Leigh Leigh (lē), town (1991 pop. 42,627), Wigan metropolitan district, NW England, in the Greater Manchester metropolitan area. Industries include cotton and rayon mills, metalworks, and machinery and electrical goods plants. Athans - Investor Relations Investor relations The process by which the corporation communicates with its investors. Manager Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. Kolesar - V.P. Investor Relations Computer Concepts Corp. (516) 244-1500 |
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