Concentra Announces Strong Second-Quarter Financial Results; Company Reports Profitable Quarter and Growth For SellingPoint.BURLINGTON Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. , Mass.--(BUSINESS WIRE)--Oct. 22, 1998--Concentra Corporation (Nasdaq:CTRA CTRA Canadian Therapeutic Recreation Association CTRA College Terrace Residents' Association CTRA Canadian Telecommunications Resellers Alliance CTRA Committee To Restore America ), a leading provider of solutions that transform the way companies sell products, services and systems, today announced its financial results for the second quarter of fiscal 1999 ended September September: see month. 30, 1998. Revenues for the second quarter of fiscal 1999 were $6.0 million, a 20 percent increase compared with revenues of $5.0 million for the same period last year. The net profit for the second quarter was $0.2 million, or $0.03 per share, compared with a net loss of $0.4 million, or $0.07 per share, for the second quarter of fiscal 1998. Revenues for the six-month period ended September 30, 1998 were $15.8 million, an increase of 82 percent compared with revenues of $8.7 million for the same period last year. The net profit for the six-month period was $3.8 million, or $0.63 per share, compared with a net loss of $5.3 million, or $0.97 per share, for the same period in fiscal 1998. "Our results demonstrate the effectiveness of our new corporate focus. This is our second consecutive quarter of profitability while increasing backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. for our business," said Chairman and Chief Executive Officer Lawrence Lawrence. 1 City (1990 pop. 26,763), Marion co., central Ind., a residential suburb of Indianapolis, on the West Fork of the White River. It has light manufacturing. 2 City (1990 pop. 65,608), seat of Douglas co., NE Kans. W. Rosenfeld Rosenfeld is a German name meaning "field of roses" and may refer to:
Cummins Inc. (NYSE: CMI) is a maker of diesel and natural gas engines whose corporate headquarters is located in Columbus, Indiana. Engine, Pride Health Care and Alsthom Electrical Machines Electrical machine is a device that convert either mechanical energy to electrical energy or vice versa, and change AC voltage from one level to another level. Electrical machines are divided into three parts: Generator . In our existing customer base, we secured repeat bn plagued by 12-month or longer implementation and accelerates ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). ." "SellingPoint Expree way companies sell products, services and sysompetitive advantage by quickly and accurately mons. Any such statements are subject to risks thnce 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 , the Company's dependence on SellingPoint, its principal product, the competition and technology demands of the sales force automation Automating the sales activities within an organization. A comprehensive SFA package provides such functions as contact management, note and information sharing, quick proposal and presentation generation, product configurators, calendars and to-do lists. market, the performance of the LoanData subsidiary and the loss of ICAD ICAD International Community for Auditory Display ICAD Individual Chemical Agent Detector ICAD Institute of Community and Area Development ICAD Individual Channel Analysis and Design ICAD Integrated Computer Aided Design ICAD Iowa City Area Development Group, Inc. business customers and personnel. The Company discusses such risks in detail in its proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. filed with the Securities and Exchange Commission on May 12, 1998 and its 10-K filed June 26, 1998. For more information, contact Concentra Corporation, 21 North Avenue, Burlington, MA 01803-3301, Tel: 781-229-4600, Fax: 781-229-4700, http://www.concentra.com or email: info@concentra.com. The consolidated condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. statement of operations See Income statement. and condensed balance sheets follow. -0-
CONCENTRA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
( in thousands, except per share data)
Three months ended Six months ended
September 30, September 30,
1998 1997 1998 1997
Revenues
Software $ 473 $ 1,968 $ 967 $ 2,902
Services 1,804 3,010 3,435 5,809
Software royalties
from distributors 3,717 0 11,417 0
Total revenues 5,994 4,978 15,819 8,711
Operating expenses
Cost of software
licenses 320 428 628 1,428
Cost of services 1,278 472 2,668 2,161
Cost of software
royalties from
distributors 242 0 474 0
Sales and marketing 1,993 2,542 5,003 6,605
Research and
development 1,228 780 2,521 1,688
General and
administrative 753 590 1,488 1,371
Restructuring 0 0 0 283
Total operating
expenses 5,814 4,812 12,782 13,536
Income (loss)
from operations 180 166 3,037 (4,825)
Interest income, net 24 28 (7) 68
Other (expense)
income (4) (588) 837 (567)
Income (loss)
before income
taxes 200 (394) 3,867 (5,324)
Provision for
income taxes 30 10 40 20
Net income (loss) $170 ($ 404) $ 3,827 ($ 5,344)
Net income (loss)
per common
share - basic $ 0.03 ($ 0.07) $ 0.63 ($ 0.97)
Weighted average
number of common
shares outstanding
- basic 6,088 5,545 6,087 5,526
Net income (loss)
per common share
- diluted $ 0.03 ($ 0.07) $ 0.63 ($ 0.97)
Weighted average
number of common
shares outstanding
- diluted 6,097 5,545 6,108 5,526
CONCENTRA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, March 31,
1998 1998
ASSETS:
Cash and cash equivalents $ 2,502 $ 1,067
Accounts receivable, net 3,315 4,507
Property and equipment, net 1,678 1,874
Intangible assets and
capitalized software, net 1,736 2,502
Other assets 2,105 1,262
TOTAL ASSETS $11,336 $11,212
LIABILITIES AND STOCKHOLDERS' EQUITY:
Liabilities
Accounts payable and
accrued expenses $ 4,417 $ 6,950
Deferred revenue 1,497 2,714
Other liabilities 1,033 1,123
Total liabilities $ 6,947 $10,787
Total stockholders' equity $ 4,389 $ 425
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $11,336 $11,212
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