Continental Information Systems Corporation Reports First Quarter Operating Results.NEW YORK--(BUSINESS WIRE)--Oct. 15, 1999-- Continental Information Systems Corporation (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 : CISC (Complex Instruction Set Computer) Pronounced "sisk." The traditional architecture of a computer which uses microcode to execute very comprehensive instructions. ) announced the results today for the first quarter of its fiscal year, ended August 31, 1999. First quarter revenues amounted to $4,838,000, compared to $5,678,000 for the comparable quarter in 1998. The net loss amounted to $613,000, or $0.09 per share, for the first quarter, compared to net income of $110,000, or $0.02 per share, for the comparable quarter in 1998. The results of the year-earlier period were net of a loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $17,000. Results of operations for the current quarter were negatively impacted by severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs incurred in downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing the Company's Syracuse office, the return of assets from Eastwind Airlines Eastwind Airlines was a start-up airline formed in mid-1995 and headquartered in Trenton, New Jersey, and later in Greensboro, North Carolina. It was conceived by Jim McNally, a former Price Waterhouse analyst who had headed that firm's recovery teams when several other airlines and 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. expenses in connection with Interglobal/Aero California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and Eastwind Airlines. The Interglobal/Aero California litigation has been resolved. Continental Information Systems Corporation currently has three main lines of business: - leasing, sales and management of commercial aircraft and aircraft engines; - providing other financing services, including commercial real estate financing; and, - developing and commercializing an Internet-enabled portal to facilitate securities trading securities trading, financial activity involving transactions of property such as stocks, bonds, commodities, and currency (see securities). Although the trading of stocks and bonds dates back several centuries in many Western nations, the development of the for institutional equity traders Traders Individuals who take positions in securities and their derivatives with the objective of making profits. Traders can make markets by trading the flow. When they do this, their objective is to earn the bid/ask spread. . This press release contains forward looking statements that involve risks and uncertainties. The actual results may differ significantly from those currently anticipated. Among the factors that could cause actual results to differ materially are those set forth above and the other risk factors described from time to time in the Company's reports filed with the SEC. The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and, as such, speak only as of the date made. -0-
CONTINENTAL INFORMATION SYSTEMS CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
(Thousands, except per share data)
For the Three
Months Ended
August 31,
--------------------------
1999 1998
---- ----
Revenues $ 4,838 $ 5,678
Costs and expenses 5,451 5,474
-------- --------
(Loss) Income from continuing
operations before taxes (613) 204
Provision for income tax - 77
-------- --------
(Loss) Income from continuing
operations (613) 127
(Loss) from discontinued
operations, net of tax benefit - (17)
-------- --------
Net (Loss) Income $ (613) $ 110
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Basic and Diluted Net (Loss)
----------------------------
Income Per Common Share:
------------------------
(Loss) Income from continuing
operations $ (0.09) $ 0.02
(Loss) from discontinued
operations - -
-------- --------
Net (Loss) Income $ (0.09) $ 0.02
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Weighted average common shares
outstanding 6,885 6,939
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