Computer Management Sciences, Inc. Reports Record First Quarter With Earnings Up 51 Percent.JACKSONVILLE Jacksonville.1 City (1990 pop. 29,101), Pulaski co., central Ark., inc. 1941. The city has varied industries, including printing and publishing and the manufacture of electronic equipment, ordnance, and plastic and metal products. , Fla.--(BUSINESS WIRE)--April 16, 1998--Today, Computer Management Sciences Inc. ("CMSI CMSI Citicorp Mortgage Services, Inc. CMSI Checkout/Control and Monitor Subsystem Interface (NASA) ") (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 :CMSX CMSX Computer Management Sciences (former stock symbol; now delisted) ) reported record earnings and revenue for the first quarter ended March 31, 1998. This quarter represents the 11th consecutive record quarter since CMSI's initial public offering in September September: see month. 1995. For the first quarter of 1998, total revenue increased 28.2% to $20.8 million, net income increased 51.1% to $2.9 million and net income per share increased 49.5% to $0.19 (diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ), compared to revenue of $16.2 million, net income of $1.9 million and net income per share of $0.13 (diluted), for the comparable first quarter of 1997. Consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" revenue for the first quarter, which comprises 99% of total revenue for the quarter, increased 30.1%. As a percentage of total revenue, gross profit, income from operations and net income increased to 39.8%, 20.8% and 14.0%, respectively, in the first quarter of 1998, compared to 38.1%, 17.1% and 11.8%, respectively, for the first quarter of 1997. -0-
Condensed Consolidated Statements of Operations
Quarter Ended March 31, : 1998 1997
------------------------- ---- ----
(unaudited)
Revenue $ 20,801,361 $ 16,229,154
Gross Profit 8,279,592 6,181,355
Income from Operations 4,324,428 2,770,443
Net Income 2,904,701 1,922,315
Net Income Per Share - basic $0.20 $0.15
Net Income Per Share - diluted $0.19 $0.13
Average Shares Outstanding -
basic 14,560,631 12,998,361
Average Shares Outstanding -
diluted 15,296,333 15,134,501
Condensed Consolidated Balance Sheets
March 31, December 31,
1998 1997
---- ----
(unaudited)
Cash and cash equivalents $ 19,893,336 14,550,323
Accounts receivable, net 14,154,385 11,720,377
Revenue earned in excess of
billings 3,401,728 2,461,228
Investments 1,682,355 2,805,072
Refundable income taxes 1,997,394 4,358,250
Other current assets 630,747 998,024
Total current assets 41,759,945 36,893,274
Net property and equipment 16,455,032 15,498,632
Intangible assets, net 4,100,206 3,516,531
Investments 7,500,380 8,137,146
Other assets 1,969,625 2,077,687
Total assets $ 71,785,188 66,123,270
Current liabilities $ 6,729,936 4,875,435
Other liabilities 260,387 285,147
Total shareholders' equity 64,794,865 60,962,688
Total liabilities and
shareholders' equity $ 71,785,188 66,123,270
"We are pleased with our first quarter gross margins, operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: and S, G&A, however, we are not content with the top line growth of 30.1% in consulting services. As evidenced by our improved margins, we continue to do an excellent job executing high-end solutions for our clients. We must accelerate our top line growth rate in subsequent quarters, with no deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in margins, as we focus on re-engineering all marketing activities," Chairman 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. Jerry W. Davis said. "Briefly stated, we must have more people capable of selling the services we are capable of delivering." CMSI provides information technology consulting Information technology consulting (IT consulting or business and technology services) is a field that focuses on advising businesses on how best to use information technology to meet their business objectives. and custom software development services to a diverse client base consisting primarily of Fortune 1000 companies and state governmental agencies. CMSI has headquarters in Jacksonville, Fla. with 15 locations nationwide providing computer systems support/maintenance, software application development, systems integration, database technology services, client/server solutions, systems outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. , and strategic information technology consulting. SOURCE: Computer Management Sciences, Inc. CONTACT: Computer Management Sciences, Inc., Jacksonville Mandy A. Fleshman, Manager-Investor Relations 904/737-8955, ext. 2234 Mandy.Fleshman@cmsx.com http://www.cmsx.com |
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