Crystal Announces 1999 Third Quarter and Nine Months Financial Results.HERZLIYA Herzliya or Herzlia (hĕrtslē`ə), town (1994 pop. 83,800), central Israel, near the Mediterranean Sea. It is a resort with fine beaches, as well as an important electronics center. , Israel--(BUSINESS WIRE)--Nov. 3, 1999-- Crystal Systems Solutions Ltd. (Nasdaq: CRYSF) reported today financial results for the third quarter and nine months ended September September: see month. 30, 1999. Revenues for the third quarter of 1999 were $11.1 million, as compared to revenues of $11.6 million reported in the corresponding quarter in 1998. Net income for the third quarter of 1999 was $2.2 million, or $ 0.22 per share, compared to net income of $ 2.4 million, or $0.22 per share, in the third quarter of 1998. Revenues for the nine months ending September 30, 1999 were $33.7 million, compared to revenues of $31.1 million for the corresponding period of 1998. Net income for the nine months of 1999 was $6.9 million, or $ 0.67 per share, compared to net income of $6.7 million, or $ 0.59 per share, for the nine months of 1998. "I am very pleased with Crystal's results this quarter, especially in view of the fact that almost 70 percent of our revenue this quarter was generated through sustainable, long term proprietary software business. This contrasts with last year's third quarter, where less than 10 percent of our revenue came from non-Y2K related work," said Gad Goldstein Gold·stein , Joseph Leonard Born 1940. American biochemist. He shared a 1985 Nobel Prize for discoveries related to cholesterol metabolism. , Chairman of the Board, Crystal Systems Solutions. Mr. Goldstein continued, "Crystal prepared, in advance, for changing market dynamics by investing significant effort and capital in research and development over the past years. Through this vast effort, Crystal has successfully repositioned itself as a leading provider of software renovation tools and services. Crystals' repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. , when combined with recent exciting distribution and business partnership agreements and our proprietary conversion tools, provides us with a significant competitive advantage and enables us to be well prepared to meet the challenges and opportunities in, and beyond, the year 2000." About Crystal Systems Solutions Established in 1987, Crystal Systems Solutions Ltd. (NASDAQ: CRYSF) provides software renovation solutions, based on its proprietary technology, for complex conversion and migration projects. Crystal has built its conversion expertise through the successful completion of projects for many prestigious Fortune 500 companies, thus establishing its competency COMPETENCY, evidence. The legal fitness or ability of a witness to be heard on the trial of a cause. This term is also applied to written or other evidence which may be legally given on such trial, as, depositions, letters, account-books, and the like. 2. and achieving global recognition and presence. The Crystal renovation methodology consists of several phases, including assessment, conversion and testing. This methodology allows for tailor-made tai·lor-made adj. 1. Made by a tailor. 2. Perfectly fitted to a condition, preference, or purpose; made or as if made to order: tailor-made renovations. n. adjustments to the automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. process, based on client requests, thus providing cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. , customized solutions. Crystal's renovation solutions include platform and database migrations, IT mergers and acquisitions, and language upgrades. They are available for mainframe mainframe Digital computer designed for high-speed data processing with heavy use of input/output units such as large-capacity disks and printers. They have been used for such applications as payroll computations, accounting, business transactions, information retrieval, , midrange midrange Epidemiology The halfway point or midpoint in a set of observations; for most data, MR is calculated as the sum of the smallest observation and the largest observation, divided by 2; for age data, one is added to the numerator; a midrange is usually and client/server An architecture in which the user's PC (the client) is the requesting machine and the server is the supplying machine, both of which are connected via a local area network (LAN) or wide area network (WAN). computing platforms See platform. . Crystal Systems Solutions is a member of the Formula Group (NASDAQ: FORTY), which is the largest public IT group in Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. . Certain statements contained in this release may be deemed 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. , with respect to plans, projections, or future performance of the Company, the occurrence of which involves certain risks and uncertainties that could cause actual plans to differ materially from these statements. These risks and uncertainties include but are not limited to: market demand for the Company's tools, especially demand for decimalization Decimalization The process of changing the prices that securities trade at from fractions to decimals. Notes: The reasoning behind this was to make prices more easily understood by investors, and to bring the United States into conformity with international practices. tools, successful implementation of the Company's tools, competitive factors, the ability to manage the Company's growth, the ability to recruit RECRUIT. A newly made soldier. and retrain re·train tr. & intr.v. re·trained, re·train·ing, re·trains To train or undergo training again. re·train additional software personnel and the ability to develop new business lines. -0-
CRYSTAL SYSTEMS SOLUTIONS LTD.
(An Israeli Corporation)
CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, December 31,
1999 1999
------------ ------------
Unaudited Audited
------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $22,737 $22,166
Marketable securities 6,989 9,019
Accounts receivable:
Trade 14,301 13,777
Other current assets 3,102 1,442
------------ ------------
Total current assets 47,129 46,404
MINORITY INTEREST - 353
------------ ------------
INVESTMENTS 1,550 1,375
FIXED ASSETS
Cost 4,605 3,516
Less - accumulated depreciation 1,620 1,082
------------ ------------
Total fixed assets 2,985 2,434
------------ ------------
OTHER ASSETS, NET 2,505 1,363
------------ ------------
Total assets $ 54,169 $51,929
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit $ 374 $ 432
Accounts payable and accruals:
Trade 2,243 550
Other 4,404 6,943
------------ ------------
Total current liabilities 7,021 7,925
------------ ------------
LONG-TERM LIABILITIES:
Accrued severance pay, net 621 772
Loans from banks 28 462
------------ ------------
Total long-term liabilities 649 1,234
------------ ------------
MINORITY INTEREST 1,854 -
------------ ------------
SHAREHOLDERS' EQUITY:
Share capital 21 21
Capital surplus 35,168 34,352
Retained earnings 19,681 12,827
------------ ------------
54,870 47,200
Cost of Company shares held by
subsidiaries (1,171,744 shares) (10,225) (4,430)
------------ ------------
$44,645 $42,770
============ ============
Total shareholders' equity $54,169 $ 51,929
============ ============
CRYSTAL SYSTEMS SOLUTIONS LTD.
(An Israeli Corporation)
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Nine months Three months Year
ended ended Ended
September 30, September 30, December 31,
-------------- -------------- -----------
31,
1999 1998 1999 1998 1998
------ ------ ------ ---- ------
(unaudited) (unaudited) (audited)
Revenues $33,677 $31,152 $11,145 $11,616 $42,884
Cost of revenues 15,913 15,041 5,096 5,513 20,441
------- ------- ------- ------- -------
Gross profit 17,764 16,111 6,049 6,103 22,443
------- ------- ------- ------- -------
Software development
costs 3,799 3,154 1,386 1,170 4,377
Selling, general and
administrative expenses 5,992 5,721 2,130 2,070 7,744
------- ------- ------- ------- -------
Operating income 7,973 7,236 2,533 2,863 10,322
Financial income, net 834 987 199 189 1,169
Other income (loss), net (62) 5 9 51 (17)
------- ------- ------- ------- -------
Income before taxes 8,745 8,228 2,741 3,103 11,474
Taxes on income 552 940 183 400 1,340
------- ------- ------- ------- -------
8,193 7,288 2,558 2,703 10,134
Minority interest (639) (553) (189) (224) (136)
Equity in losses of
affiliated companies (700) (71) (201) (42) (720)
------- ------- ------- ------- -------
Net income 6,854 6,664 2,168 2,437 9,278
------- ------- ------- ------- -------
Basic earnings per share 0.70 0.62 0.22 0.23 0.88
------- ------- ------- ------- -------
Diluted earnings per
share 0.67 0.59 0.22 0.22 0.83
------- ------- ------- ------- -------
Common shares
outstanding 9,836 10,675 9,755 10,601 10,580
------- ------- ------- ------- -------
Common shares assuming
dilution 10,260 11,337 9,961 11,027 11,163
------- ------- ------- ------- -------
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