Computer Language Research, Inc. Reports 3rd Quarter Results And Declares A Cash Dividend.CARROLLTON Carrollton. 1 City (1990 pop. 16,029), seat of Carroll co., W Ga., on the Little Tallapoosa River; inc. 1897. Manufacturing includes fiber-optic cable, ropes, yarns, stainless-steel pipe, apparel, and prefabricated homes. The Univ. , Texas--(BUSINESS WIRE)--Oct. 29, 1996--Computer Language Research, Inc. (Nasdaq/NM: CLRI CLRI Central Leather Research Institute (India) ), reported today that, for the third quarter ended September September: see month. 30, 1996, the Company incurred a net loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $1.0 million, or $0.07 per share, on revenues of $27.4 million compared to net income from continuing operations of $1.1 million, or $0.08 per share, on revenues of $22.4 million for the same period in 1995. The third quarter results brought the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. results to a net loss from continuing operations of $1.4 million, or $0.10 per share, on revenues of $90.2 million compared to net income from continuing operations of $8.1 million, or $0.56 per share, on revenues of $75.8 million for the same period in the prior year. The decrease in income from continuing operations for the Company is primarily attributable to: (i) the increase in acquisition related amortization and other charges of $0.8 million, or $0.06 per share for the quarter, and $5.0 million, or $0.35 per share for the year, and (ii) increased operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. (before acquisition charges) from the newly acquired businesses: Rent Roll acquisitions -- $1.2 million for the quarter, or $0.08 per share, and $1.7 million for the year, or $0.12 per share; and Fast-Tax acquisitions (related to TMS TMS Transcranial Magnetic Stimulation (alternative medicine for depression) TMS Test Match Special (sports - cricket) TMS Texas Motor Speedway TMS Transportation Management System TMS Toyota Motor Sales ) -- $0.3 million for the quarter, or $0.02 per share, and $2.7 million for the year, or $0.19 per share. All amounts shown are net of tax. Current year revenues are higher than the corresponding periods of 1995, which is attributable to acquisitions, but the revenue growth has occurred at a lower rate than the increase in operating costs operating costs npl → gastos mpl operacionales and expenses related to acquired businesses. These expenses include a higher level of expenditures necessary to achieve a smooth assimilation Assimilation The absorption of stock by the public from a new issue. Notes: Underwriters hope to sell all of a new issue to the public. See also: Issuer, Underwriting Assimilation of the acquisitions that were completed in 1995 and 1996. The year-to-date operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the Fast-Tax business, before acquisition charges of $3.6 million, was $13.8 million compared to operating income of $16.4 million in 1995. The year-to-date operating loss for the Rent Roll business, before acquisition charges of $6.7 million, was $2.4 million compared to operating income of $0.2 million in 1995. Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and T. Winn, President and Chief Executive Officer, stated, "Though current results are below our expectations, we are confident about the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. outlook for our software and services and will continue working for a smooth assimilation of the acquisitions completed over the past year. The Company expects current year revenue growth of approximately 20%, and anticipates that operating income for 1996, excluding amortization and other acquisition related charges, will be in line with or slightly lower than 1995 results and should rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective strongly in 1997 (see the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. statement below)." At its October October: see month. 29th meeting, the Board of Directors declared a dividend for the fourth quarter of 1996 at the rate of $0.10 per share. The dividend is payable December 2, 1996, to shareholders of record on November 13, 1996. Computer Language Research, Inc., is headquartered in Carrollton, Texas Carrollton is a city in Texas, partially in Dallas County, partially in Denton County, and partially in Collin County. As of 2005, census estimates the city's total population to be 122,699.[1] Carrollton is a suburb of Dallas. , and maintains sales and support facilities throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company provides tax and accounting software and information services See Information Systems. to accounting firms, banks, corporations, and partnerships under the trade names ACE and Fast-Tax. The Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Rent Roll, Inc., develops and markets apartment housing software and information services to large property management firms and owners of multifamily apartment communities under various trade names. "Safe Harbor" Statement under Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995 The Company's 1996 outlook and all other statements in this release other than historical facts are 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. that involve risks and uncertainties and are subject to change at any time. The Company derives its forward-looking statements from its operating budgets Noun 1. operating budget - a budget for current expenses as distinct from financial transactions or permanent improvements budget items, operating cost, operating expense, overhead - the expense of maintaining property (e.g. and forecasts, which are based upon detailed assumptions about many important factors such as product demand, market conditions, technological developments and competitive activities. While the Company believes that its assumptions are reasonable, it cautions that there are inherent difficulties in predicting the impact of certain factors, especially those affecting the timing and magnitude of software sales and the performance of recently acquired businesses, which could cause actual results to differ materially from predicted results. -0-
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
---------------------------------------------------------------------
(In thousands, except per share amounts)
Three Months Nine Months
Ended Ended
September 30, September 30,
------------------ ------------------
1996 1995 1996 1995
-------- -------- -------- --------
Revenues ................ $ 27,434 $ 22,441 $ 90,167 $ 75,797
-------- -------- -------- --------
Costs and expenses:
Cost of revenues ....... 14,400 12,253 47,244 38,801
Selling, general, and
administrative ........ 14,723 9,071 42,032 26,253
Charge for purchased
research and
development ........... -- -- 3,498 --
-------- -------- -------- --------
Total costs and
expenses ............ 29,123 21,324 92,774 65,054
-------- -------- -------- --------
Operating income (loss).. (1,689) 1,117 (2,607) 10,743
Interest, net ........... 134 526 435 1,177
Other loss, net .. (12) (3) (29) (57)
-------- -------- -------- --------
Income (loss) from con-
tinuing operations
before income taxes .... (1,567) 1,640 (2,201) 11,863
Provision (benefit) for
income taxes ........... (548) 542 (770) 3,796
-------- -------- -------- --------
Income (loss) from con-
tinuing operations ..... (1,019) 1,098 (1,431) 8,067
(1) Discontinued operations:
Income from discon-
tinued operations .... -- -- -- 76
Gain on disposal of dis-
continued operations.. -- -- -- 4,720
-------- -------- -------- --------
Net income (loss) ....... $ (1,019) $ 1,098 $ (1,431) $ 12,863
======== ======== ======== ========
Earnings (loss) per
share .................. $ (0.07) $ 0.08 $ (0.10) $ 0.89
======== ======== ======== ========
Dividends per share ..... $ 0.10 $ 0.10 $ 0.30 $ 0.30
======== ======== ======== ========
Weighted average number
of common and common
equivalent shares
outstanding ............ 14,257 14,455 14,207 14,391
======== ======== ======== ========
(1) In June, 1995, the Company sold substantially all of the assets
of its wholly-owned subsidiary, Electronic Form Systems
Incorporated ("EFS"). The operating results of EFS have been
treated as discontinued operations, and all periods presented
have been restated to conform with this presentation.
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CONDENSED CONSOLIDATED BALANCE SHEETS
---------------------------------------------------------------------
(In thousands)
At September 30,
-------------------
1996 1995
-------- --------
ASSETS:
Cash and cash equivalents ............ $ 5,925 $ 32,130
Accounts receivable, net ............. 16,053 8,074
Other current assets ................. 7,338 3,152
-------- --------
Total current assets ................ 29,316 43,356
Property and equipment, net .......... 21,514 20,626
Software, net ........................ 24,715 17,152
Intangibles and other assets, net .... 20,286 9,357
-------- --------
TOTAL ASSETS ....................... $ 95,831 $ 90,491
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LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities .................. $ 28,148 $ 16,815
Noncurrent liabilities ............... 6,771 5,750
Shareholders' equity ................. 60,912 67,926
-------- --------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY ............................ $ 95,831 $ 90,491
======== ========
CONTACT: Computer Language Research Inc., Carrollton Robert H. Dilworth, 972/250-8679 |
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