Continental Information Systems Corporation Reports Third Quarter Operating Results.NEW YORK--(BUSINESS WIRE)--April 14, 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. ) today announced operating results for the three-month and nine-month periods ended February February: see month. 28, 1999. Third quarter revenues amounted to $4,771,000, compared to $3,939,000 in the corresponding period of 1998. Net earnings for the period amounted to $6,000, compared with $5,000 in the third quarter a year ago, which included 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. , net of tax benefit, of $99,000. Net income per share for both periods was nil; there were weighted average common shares outstanding of approximately 6,933,000 and 6,999,000, respectively, in the 1999 and 1998 third quarters. For the nine months, revenues amounted to $12,904,000, compared with $12,754,000 in the corresponding year-earlier period. The net loss for the nine months amounted to $183,000, compared with a net loss in the corresponding year-earlier period of $135,000 including a loss from discontinued operations, net of taxes, of $535,000. The Company said that third quarter earnings were adversely impacted by weak aviation sales. "Our focus is on building a strong niche business and enhancing value," said Jonah Jonah (jō`nə), prophetic book of the Bible. It tells the story of a prophet called by God to preach repentance to the city of Nineveh. According to the Second Book of Kings, Jonah lived during the reign (c.786 B.C.–c.746 B.C. Meer, Chief Financial Officer and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "Our efforts are directed at building a foundation for future growth. Continental Information Systems Corporation is a specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company that, through its operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , is principally engaged in the leasing, sales and management of commercial aircraft and engines. In addition, the Company conducts equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
This press release contains 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. 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.
CONTINENTAL INFORMATION SYSTEMS CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
(Thousands, except per share data)
For the Three For the Nine
Months Ended Months Ended
February, February,
--------- ---------
1999 1998 1999 1998
---- ---- ---- ----
Revenues $4,771 3,939 $12,904 $12,754
----- ----- ------ ------
Costs and
expenses 4,771 3,771 13,199 12,109
----- ----- ------ ------
Income (loss) from
continuing operations
before taxes 10 168 295 645
Provision (credit)
for income tax 4 64 (112) 245
------- -------- ----- -----
Income (loss from
continuing operations
before taxes) 6 104 183 400
Loss from discontinued operations,
net of tax benefit - (99) - (535)
-------- -------- -------- -----
Net Income (loss) $ 6 $ 5 $ (183) $ (135)
========= ======== ====== =======
Basic and Diluted Net Income (Loss) Per Common Share:
Net Income (loss) per share of
common stock $ 0.00 $ 0.00 $(0.03) $ (0.02)
======= ====== ====== =======
Weighed average common shares
outstanding 6,933 6,990 6,937 6,999
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