Concentra announces fourth-quarter and fiscal year-end 1997 results.BURLINGTON, Mass.--(BUSINESS WIRE)--May 8, 1997--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 supplier of sales and engineering automation software solutions, today announced its financial results for the fourth quarter and the fiscal year ending March 31, 1997. Revenues for the fourth quarter were $4.1 million, compared with $6.8 million for the same period in 1996. The net loss for the fourth quarter was $5.3 million, or $0.97 per share, compared with net income of $850,000, or $0.15 per share, for the same period a year ago. Revenues for the fiscal year ending March 31, 1997 were $24.1 million compared with $20.7 million for the same period last year, an increase of 16 percent. The net loss for the fiscal year was $3.9 million or $0.73 per share, compared with net income of $36,000, or $0.01 per share, for the last fiscal year. Software revenue for the fiscal year ending March 31, 1997 increased 30 percent to $17.2 million from $13.2 million in the prior fiscal year. "While these results are disappointing, we remain committed to building leadership positions in each of our chosen markets which we believe will result in significant growth for the company," said Lawrence W. Rosenfeld, Chairman and Chief Executive Officer. "During the quarter, we received a major order from Nokia, a global telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. giant and follow-on orders from General Signal, British Aerospace British Aerospace (BAe) was a UK aircraft and defence systems manufacturer, now part of BAE Systems. History The company was formed as a statutory corporation on April 29, 1977 as a result the Aircraft and Shipbuilding Industries Act. , Boeing and IPTN IPTN Industri Pesawat Terbang Nusantara (Indonesia) of Indonesia. Our sales pipeline has increased as our first quarter has progressed and our cash position has more than doubled by the collection of receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed since the fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. . Our strategy continues to be highly targeted in the industries we serve: aerospace, automotive, industrial products and high technology. Based upon the significant business value our customers are deriving from our products, we remain confident of ConcentraFs ability to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. its market potential going forward." 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 are attached. The statements in this press release about the Company's prospects, including those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the anticipated timing and benefits of the Company's product strategies, 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. based on assumptions that may not be realized for various reasons. Any such statements are subject to risks that could cause the actual results or needs to vary materially. The Company discusses such risks in detail in its Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended March 31, 1996. Concentra Corporation Concentra Corporation is the leading provider of object-oriented sales and engineering software solutions. Using Concentra's software, market-leading companies worldwide in the aerospace, automotive, industrial products and high technology are creating customer-driven designs, product configurations and sales proposals in minutes, not months. Headquartered in Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. , the company
operates offices across 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. , Europe and Asia.For more information, contact Concentra Corporation, 21 North Avenue, Burlington, MA 01803-3301, Tel: (617) 229-4600, Fax: (617) 229-4700, www.concentra.com or info@concentra.com
CONCENTRA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Three months ended Year ended
March 31, March 31,
1997 1996 1997 1996
Revenues
Software $2,496 $4,932 $17,152 $13,229
Services 1,566 1,895 6,901 7,491
Total revenues 4,062 6,827 24,053 20,720
Operating expenses
Cost of software licenses 571 450 2,073 1,337
Cost of services 1,770 972 4,410 2,677
Sales and marketing 4,244 3,235 14,541 11,622
Research and development 1,132 602 3,558 2,849
General and administrative 1,760 705 3,681 2,612
Restructuring 239 0 239 196
Total operating expenses 9,716 5,964 28,502 21,293
(Loss) income from operations (5,654) 863 (4,449) (573)
Interest income, net 21 67 191 628
Other income (expense) (5) (71) 458 (10)
(Loss) income before income taxes (5,638) 859 (3,800) 45
(Benefit) provision for income
taxes (319) 9 140 9
Net (loss) income $(5,319) $850 $(3,940) $36
Net (loss) income per common and
common equivalent shares $(0.97) $0.15 $(0.73) $0.01
Weighted average number of
common and common equivalent
shares outstanding 5,479 5,535 5,391 5,750
-0-
CONCENTRA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, March 31,
1997 1996
ASSETS:
Cash, cash equivalents and marketable
securities $4,093 $9,121
Accounts receivable, net 14,050 8,284
Property and equipment, net 2,612 3,241
Intangible assets and capitalized
software, net 3,211 3,500
Other assets 1,065 963
TOTAL ASSETS $25,031 $25,109
LIABILITIES AND STOCKHOLDERS' EQUITY:
Liabilities
Accounts payable and accrued expenses $5,673 $3,350
Deferred revenue 2,982 2,091
Other liabilities 1,307 1,361
Total liabilities $9,962 $6,802
Total stockholders' equity $15,069 $18,307
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $25,031 $25,109
CONTACT: Concentra Corporation Alex Braverman Vice President and CFO See Chief Financial Officer. 617-229-4660 alex@concentra.com or Janet Page Marketing Communications Marketing communications (or marcom) are messages and related media used to communicate with a market. Those who practice advertising, branding, direct marketing, graphic design, marketing, packaging, promotion, publicity, sponsorship, public relations, sales, sales 617-229-4669 jpage@concentra.com |
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