Computer Language Research Inc. reports 1994 results of operations and cash dividend declaration.CARROLLTON, Texas--(BUSINESS WIRE)--Feb. 24, 1995--Computer Language Research Inc. (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 NMS See NetWare Management System. :CLRI CLRI Central Leather Research Institute (India) ), a leader in the professional tax information services See Information Systems. industry, today announced results for the fourth quarter and year ended Dec. 31, 1994. Net income for the year increased by $2.8 million to $11.3 million or 79 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. from $8.5 million or 61 cents per share in 1993. Revenues totaled $108.5 million in 1994 compared to $109.0 million in 1993. The year-to-date improvement in net income was primarily due to lower costs and expenses, which declined $3.9 million from the previous year, largely as a result of the company's ongoing and significant re-engineering efforts. Lower systems sales also contributed to the decline in costs since the company's cost of revenues are substantially greater on systems sales than on service and software sales. Fourth quarter net income was $2.0 million or 14 cents per share in 1994 compared to $2.5 million or 17 cents per share in 1993. Fourth quarter revenues were $29.4 million in 1994 compared to $30.0 million last year. Fourth quarter costs and expenses, which included a $790,000 charge related to spare parts inventory valuation in 1994, were $26.1 million, compared to $26.0 million in 1993. At its February 23rd meeting, the Board of Directors declared a dividend for the first quarter of 1995 at the rate of 10 cents per share. The dividend is payable March 27, 1995, to shareholders of record on March 10, 1995. Computer Language Research Inc. is headquartered in Carrollton, and maintains sales and support facilities throughout the United States. The company provides tax information services to accounting firms, banks, corporations, and partnerships under the trade name Fast-Tax. The company also develops and markets Electronic Form Systems for use in its tax markets and for sale to other forms-intensive businesses such as insurance companies, banks, financial service organizations, and the federal and state governments.
Computer Language Research Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
Three months ended Twelve months ended
Dec. 31, Dec. 31,
1994 1993 1994 1993
Revenues $ 29,388 $ 29,978 $108,483 $108,993 Costs and expenses 26,072 25,946 90,870 94,763 Operating income 3,316 4,032 17,613 14,230 Interest income 242 219 1,020 562 Interest expense 10 142 330 736 (Loss) gain on disposals of property and equipment (25) (83) 332 (218) Income before income taxes 3,523 4,026 18,635 13,838 Provision for income taxes 1,513 1,540 7,292 5,292 Net income 2,010 2,486 11,343 8,546 Earnings per share $ 0.14 $ 0.17 $ 0.79 $ 0.61 Weighted average number of common and common equivalent shares outstanding 14,354 14,222 14,280 14,066 Condensed Consolidated Balance Sheets (In thousands) At Dec .31, 1994 1993 Assets: Cash and cash equivalents $ 6,252 $ 2,424 Short-term investments 10,661 12,263 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , net 20,731 21,307 Inventory 1,368 2,459 Other current assets Other Current Assets A balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable. 3,242 2,886 Total current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. $42,254 $41,339 Property and equipment, net 21,549 24,049 Software, net 13,780 7,219 Intangibles and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. , net 6,510 7,079 Total assets $84,093 $79,686 LIABILITIES AND SHAREHOLDERS' EQUITY Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. : Current liabilities $21,126 $21,934 Noncurrent liabilities 4,648 6,285 Shareholders' equity 58,319 51,467 Total liabilities and shareholders' equity $84,093 $79,686 CONTACT: G.A. Kraut kraut n. 1. Sauerkraut. 2. often Kraut Offensive Slang Used as a disparaging term for a German. [German; see sauerkraut.] Noun 1. Company Inc. Gerard Coffey, 212/696-5600 or Computer Language Research Inc. Robert H. Dilworth, 214/250-7000 |
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