Conversion Services International Announces First Quarter Results.EAST HANOVER East Hanover is the name of the following places in the United States of America:
An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : CSII CSII Continuous Subcutaneous Insulin Infusion CSII Cancer Surveillance Improvement Initiative CSII Center for Systems Interoperability and Integration ; "CSI CSI Crime Scene Investigator CSI CompuServe, Inc. CSI Commodity Systems, Inc. CSI Commodity Systems Inc. (Boca Raton, FL) CSI Crime Scene Investigation (CBS TV show) CSI Christian Schools International "), a premier professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. firm focused on delivering the value in strategic consulting, business intelligence, data warehousing See data warehouse. data warehousing - data warehouse and data management solutions to Global 2000 organizations and other businesses, announced results of operations for the first quarter ended March 31, 2005. See attached tables. First quarter revenues increased 31% to $6.9 million from $5.3 million in the first quarter of last year. Gross profit increased 60% to $2.3 million from $1.4 million in the comparable period last year. As a result of 1) greater selling and marketing expenses primarily due to increased payroll expenses associated with the DeLeeuw Associates and Evoke e·voke tr.v. e·voked, e·vok·ing, e·vokes 1. To summon or call forth: actions that evoked our mistrust. 2. Software acquisitions, 2) higher general and administrative expenses primarily associated with professional fees incurred as a public company and operating costs operating costs npl → gastos mpl operacionales from Evoke, and 3) new research and development costs and increased depreciation and amortization related to the companies CSI acquired during 2004, CSI reported a net loss of $3.2 million compared to a net loss of $0.4 million during the first quarter of 2004. Scott Newman Scott Newman (born November 3, 1979) is an English cricketer. He is a left-handed batsman and a right-arm medium-pace bowler. An opening batsman, his first class debut (for Surrey) in 2002 against Hampshire was sealed with an innings of 99, followed by an innings of 183 in , CSI's President, Chief Executive Officer and Chairman, commented, "We are pleased to report that our initiatives with Global 2000 companies produced continued strong revenue growth during the quarter. In terms of future business, in the first three months of the year we secured 24 new consulting engagements. Our gross margin also improved, to 33.1%, up from 27.0% in the first quarter of 2004, due to our shift to higher-level projects that carry greater hourly billing rates and gross margins." Mr. Newman continued, "We are also focused on controlling our operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about CSI's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. prospects as a leader in data warehousing and business intelligence and look forward to reporting on our continued development." About Conversion Services International, Inc. Conversion Services International, Inc. (CSI) is a leading provider of a new category of professional services focusing on strategic consulting, data warehousing, business intelligence, and information technology management solutions. CSI offers an array of products and services to help companies define, develop, and implement the warehousing and strategic use of both enterprise-wide and specific categories of strategic data. CSI's current customers include Verizon Wireless Cellco Partnership, doing business as Verizon Wireless, owns and operates the second largest wireless telecommunications network in the United States, based on total wireless customers. , Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. , Pfizer Pfizer Incorporated (NYSE: PFE) is a major research-based pharmaceutical company, which ranks number two in sales The company is based in New York City. It produces the number-one selling drug Lipitor (atorvastatin, used to lower blood cholesterol); the oral antifungal , Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. , Merck and
Standard & Poor's. Information about CSI can be found on the
web at http://www.csiwhq.com or by calling its corporate headquarters at
888-CSI-5036.Note on 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. Except for the historical information contained herein, this press release contains, among other things, certain forward-looking statements, within the meaning of 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, that involve risks and uncertainties. Such statement may include, without limitation, statements with respect to CSI's plans, objectives, expectations and intentions and other statements identified by words such as "may", "could", "would", "should", "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. These statements are based upon the current beliefs and expectations of CSI's management and are subject to significant risks and uncertainties, including those detailed in CSI's filings with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the CSI's control). CSI undertakes no obligation to update publicly any forward-looking statements.
CONVERSION SERVICES INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended March 31,
----------------------------
2005 2004
------------ ------------
(Restated)
REVENUE:
Services $5,015,293 $4,234,471
Related party services 1,096,402 969,887
Software 293,368 -
Support and maintenance 432,005 -
Other 35,470 57,679
------------ ------------
6,872,538 5,262,037
COST OF REVENUE:
Services 3,528,596 3,073,240
Related party services 1,011,858 756,624
Software 44,450 -
Support and maintenance 13,068 -
Other - 9,436
------------ ------------
4,597,972 3,839,300
------------ ------------
GROSS PROFIT 2,274,566 1,422,737
------------ ------------
OPERATING EXPENSES
Selling and marketing 1,527,223 581,425
General and administrative 1,940,135 1,412,952
Research and development 241,676 -
Depreciation and amortization 431,456 50,244
------------ ------------
4,140,490 2,044,621
------------ ------------
LOSS FROM OPERATIONS (1,865,924) (621,884)
------------ ------------
OTHER INCOME (EXPENSE)
Equity in income (losses) from
investments 43,292 (1,602)
Other income (expense) (2,191) 6,551
Interest income 24,192 443
Interest expense (1,364,854) (32,553)
------------ ------------
(1,299,561) (27,161)
------------ ------------
LOSS BEFORE INCOME TAXES (BENEFIT) AND
MINORITY INTEREST (3,165,485) (649,045)
INCOME TAXES (BENEFIT) - (215,600)
------------ ------------
LOSS BEFORE MINORITY INTEREST (3,165,485) (433,445)
MINORITY INTEREST 30,702 -
------------ ------------
NET LOSS $(3,134,783) $(433,445)
============ ============
Basic $(0.00) $(0.00)
Diluted $(0.00) $(0.00)
Shares used to compute net loss per share:
Basic 772,974,953 572,700,000
Diluted 772,974,953 572,700,000
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