Crystal Systems Solutions Reports Record First Quarter Results.HERZLIA Herzlia: see Herzliya, Israel. , Israel--(BUSINESS WIRE)--May 5, 1998-- Record Revenues of $8.702 million Record EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.17 per share Crystal Systems Solutions Ltd. (Nasdaq: CRYSF) a leading provider of conversion tools and methodologies for the MVS (Multiple Virtual Storage) Introduced in 1974, the primary operating system used with IBM mainframes (the others are VM and DOS/VSE). MVS is a batch processing-oriented operating system that manages large amounts of memory and disk space. environment is pleased to report that first quarter 1998 revenues increased to a record US $8.702 million from US $3.564 million in the same quarter last year. Revenues for the first quarter of 1998 increased by 144% as compared to the same quarter 1997. Net income for the first quarter of 1998 increased to a record US $1.959 or $0.17 per share as compared to a net income of 0.386 or $0.04 per share in the same period in 1997. Net income for this quarter increased 407% over net income for same quarter 1997. "During the first quarter of 1998 the company achieved important targets" said Iris Yahal, Chief Financial Officer of Crystal Systems Solutions. "We succeeded in reducing the accounts receivables accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . We succeeded in expanding our strategic partnerships and direct sales efforts. And while increasing sales through our strategic partner E&Y, we successfully reduced the percentage that those sales represent in our total revenues. In the first quarter of 1998, percentage of revenues generated through E&Y decreased to 42% as compared to 68% in the first quarter of 1997." "This is a significant quarter with regard to our expansion into related conversion technologies and markets," said Amiram Mel, Chief Executive Officer of Crystal. "As such, we have successfully entered into non-Y2K related areas such as our verification See verify. verification - The process of determining whether or not the products of a given phase in the life-cycle fulfil a set of established requirements. service and COBOL COBOL: see programming language. COBOL in full Common Business-Oriented Language. High-level computer programming language, one of the first widely used languages and for many years the most popular language in the business community. to Java Java (jä`və), island (1990 pop. 107,525,520), c.51,000 sq mi (132,090 sq km), Indonesia, S of Borneo, from which it is separated by the Java Sea, and SE of Sumatra across Sunda Strait. migration technologies." 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. . Crystal provides software tools and services that perform complex conversion projects 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, computer systems. Crystal's tools and conversion methodologies are designed for application changes such as Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 , Euro currency conversion, field expansion as well as technological changes such as platform migration or language upgrades. -0- 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. . Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the company's product, successful implementation of the Company's product, competitive factors, the ability to manage the Company's growth and the ability to recruit RECRUIT. A newly made soldier. additional personnel. -0-
CRYSTAL SYSTEMS SOLUTIONS
(An Israeli Corporation)
CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, December 31,
1998 1997
--------------------------
Unaudited
-----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 19,197 $ 15,652
Marketable securities 6,223 6,128
Accounts receivable:
Trade 12,977 14,241
Other current assets 1,799 1,200
------ ------
Total current assets 40,196 37,221
------ ------
NON-CURRENT TRADE RECEIVABLE 661 655
------ ------
INVESTMENTS 1,330 1,202
------ ------
FIXED ASSETS
Cost 2,712 2,398
Less - accumulated depreciation 534 425
------ ------
Total fixed assets 2,178 1,973
------ ------
OTHER ASSETS, NET 124 302
------ ------
------ ------
Total assets $ 44,489 $ 41,353
====== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accruals:
Trade $ 631 $ 459
Other 3,463 2,702
------ ------
Total current liabilities 4,094 3,161
------ ------
LONG-TERM LIABILITIES:
Accrued severance pay, net 562 373
------ ------
SHAREHOLDERS' EQUITY:
Share capital 21 21
Capital surplus 34,304 34,249
Retained earnings 5,508 3,549
------ ------
Total shareholders' equity 39,833 37,819
------ ------
------ ------
$ 44,489 $ 41,353
====== ======
-0-
CRYSTAL SYSTEMS SOLUTIONS
(An Israeli Corporation)
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Three months ended Year ended
March 31, December 31,
-------------------- ------------
1998 1997 1997
(unaudited)
-------- --------- ---------
Revenues $ 8,702 $ 3,564 $ 24,375
Cost of revenues 4,252 1,912 12,227
----- ----- ------
Gross profit 4,450 1,652 12,148
----- ----- ------
Software development costs 941 435 3,086
Selling, general and
administrative expenses 1,576 828 4,121
----- ----- ------
Operating income 1,933 389 4,941
Financial income, net 425 101 843
Other income (loss), net -- 2 (12)
----- ----- ------
Income before taxes 2,358 492 5,772
Taxes on income 260 -- 300
----- ----- ------
2,098 492 5,472
Equity in losses of
affiliated companies (139) (106) (566)
----- ----- ------
Net income $ 1,959 $ 386 $ 4,906
====== ====== ======
Basic earnings per share $ 0.18 $0.04 $ 0.48
====== ====== ======
Diluted earnings per share $ 0.17 $ 0.04 $ 0.44
====== ====== ======
Common shares outstanding 10,720 9,080 10,123
====== ====== ======
Common shares assuming dilution 11,692 9,294 11,044
====== ====== ======
CONTACT: Crystal Systems Solutions, Herzlia Iris Yahal, 011-972/9952-6103 Ben Levy To assess; raise; execute; exact; tax; collect; gather; take up; seize. Thus, to levy a tax; to levy a Nuisance; to levy a fine; to levy war; to levy an execution, i.e., to levy or collect a sum of money on an execution. A seizure. , 011-972/9952-6102 or For Crystal Systems Solutions Dennis S Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the . Dobson dob·son n. See hellgrammite. [Probably from the name Dobson.] Noun 1. dobson - large brown aquatic larva of the dobsonfly; used as fishing bait hellgrammiate , Inc., Fairfield Fairfield. 1 City (1990 pop. 12,200), Jefferson co., N central Ala., an industrial suburb of Birmingham; inc. 1919. Founded (1910) by the United States Steel Corp., its steel industry has greatly declined, negatively affecting the city's economy. Dennis S. Dobson, 203/255-7902 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion