Computer Concepts Corp. Reports Basic Earnings Per Share of $0.61 and $0.56 For the Three and Nine Months Ended September 30, 1998.
The selected financial information shown below as of December 31, 1997, and as of September 30, 1998, and 1997, and for the three and nine months then ended, has been abstracted from the audited and unaudited consolidated financial statements of the Company. The selected financial information shown below should be read in conjunction with Form 10-Q for the nine months ended September 30, 1998, which contains unaudited financial statements, and Form 10-K for the year ended December 31, 1997, which contains audited financial statements. -0-
BALANCE SHEET September 30, December 31, 1998 1997 (Audited) Cash $15,258,000 $778,000 Total Current Assets $43,071,000 $21,701,000 Total Assets $70,285,000 $39,298,000 Total Current Liabilities $20,947,000 $20,289,000 Total Liabilities $32,164,000 $29,631,000 Total Shareholders' Equity $33,249,000 $9,667,000 Working Capital $22,124,000 $1,412,000 Book Value Per Share $ 1.74 $ 0.76 STATEMENT OF OPERATIONS Three Months Nine Months Ended Ended September 30, September 30, 1998 1997 1998 1997 Revenues $12,750,000 $6,966,000 $31,855,000 $19,931,000 (Loss)from $(4,507,000) $(5,081,000) $(12,739,000) $(12,387,000) Operations (Notes 1 & 2) Basic (Loss) $(0.25) $ (0.43) $ (0.82) $ (1.16) per Share from Operations Gain from Partial Disposition of Subsidiary $15,839,000 $ 0 $22,466,000 $ 0 Net Income $10,892,000 $(4,780,000) $8,728,000 $(12,999,000) (Loss) Basic Net Income $ 0.61 $ (0.41) $ 0.56 $ (1.22) (Loss) per Share Diluted Net Income $ 0.60 $ (0.41) $ 0.53 $ (1.22) (Loss) per Share
Note 1: The loss from operations for the three and nine month periods
ended September 30, 1998, includes non-recurring legal and
accounting fees related to the SOFTWORKS, Inc. initial public
Note 2: The loss from operations for the nine months ended September
30, 1997, includes an unusual, non-recurring charge relating to
the settlement of a class action lawsuit.
Dan DelGiorno, President and CEO of Computer Concepts Corp., stated "The Company's financial and working capital positions have significantly improved, as indicated by the attached balance sheet highlights, which do not include the value of the 10 million + shares of SOFTWORKS which CCC currently owns, and which closed yesterday at over $7 on the NASDAQ National Market. We are extremely pleased with the doubling of the 3rd quarter revenues as compared to the prior year period, and the recent designation by Deloitte & Touche as the 3rd fastest growing technology company in its Long Island Technology Fast 50 program. This designation qualifies Computer Concepts for Deloitte & Touche's National Technology Fast 500 program which last year named CCC as the 9th fastest growing technology company in the United States."
Statements concerning the company's future prospects are forward looking statements under the federal securities laws which are based on current information and on management assumptions, and are subject to other important factors disclosed from time to time in the company's Form 10-K and Form 10-Q, Registration Statements and other Securities and Exchange Commission filings. There can be no assurances that future results will be achieved, and actual results could differ materially from forecasts and estimates. The Company's future operating results may be affected by a number of other factors, including, but not limited to: uncertainties relative to global economic conditions; market acceptance of competing technologies; the availability and cost of new solutions; delays in delivery of new products or features; the Company's ability to successfully maintain or increase market share in its core business while expanding its product base into other markets; the strength of its distribution channels; the Company's ability to manage fixed and variable expense growth relative to revenue growth; and the Company's ability to effectively integrate acquired products and operations.
Computer Concepts develops software tools including d.b.Express that assist end users in the retrieval and visualization of all types of data. Computer Concepts' d.b.Express Internet ServerTM has been integrated with British Telecom's Syncordia Services' C-View software application which will allow BT's customers to access and analyze the high volumes of technical and account information available within BT's Internet-based databases without having to download the data to their own computers. The new d.b.Express Internet ServerTM and JAVA Applet have overcome a major Internet problem, that of high data volume and limited bandwidth, currently responsible for the lengthy delays associated with data downloading. Computer Concepts' Server Farm technology, introduced in May, 1998, with an initial processing level of 30 million telecommunication call detail records per month, is currently processing 150 million call detail records per month for its Fortune 100 clients. Its latest software offering, ComputerCOP, is designed to assist parents, and others, who have little or no computer knowledge, monitor what their children are exposed to on the Internet.
Computer Concepts' SOFTWORKS subsidiary (NASDAQ National Market:SWRX) is a leading global provider of IT solutions for the enterprise. IBM has recently integrated ten of SOFTWORKS' enterprise systems management products in its IBM OS/390 SystemPac(tm) offering. SOFTWORKS responds to the data management needs of more than 1,800 organizations worldwide, supporting customers, including 80% of the Fortune 100, in more than 50 countries.
Located in Bohemia, New York, Computer Concepts and its subsidiaries employ a staff of 250. For more information about Computer Concepts and SOFTWORKS, call (516) 244-1500 or visit Computer Concepts' web site at www.computerconcepts.com or the SOFTWORKS' web site at www.softworks.com.
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|Date:||Nov 19, 1998|
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