DSI reports record six months results.SOUTH PLAINFIELD, N.J.--(BUSINESS WIRE)--May 1, 1996--DSI- Digital Solutions Inc. (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 :DGSI DGSI Direction Générale des Stratégies Industrielles (France) ), a leading professional employer organization A professional employer organization (PEO) provides outsourcing of payroll, workers' compensation, human resources and employee benefits administration. It does this by hiring a client company’s employees, thus becoming their employer of record. (PEO) and provider of human resources management services, today reported second quarter and record six months results for the periods ended March 31, 1996. Net income for the second quarter was $319,000, or two cents per fully diluted common share, compared with $339,000, or two cents per fully diluted share for the comparable quarter of 1995. Second quarter revenues rose to $24 million from $16.7 million. Six months net income rose 36 percent to a record $711,000, or five cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. from $522,000, or four cents per share for the first half of the prior year. Revenues for the six months climbed 44 percent to $47.1 million, also a record, from $32.6 million for last year's first half. The revenue gains are attributable in part to an increase in new business from DSI's internal salesforce, and to additional revenue associated with acquisitions completed last year. "While we were close to our expected pre-tax profit in most of our operating units, one of our units fell short of its goals," George Eklund, president and chief executive officer said. "We have since taken corrective measures, including strengthening the management of that business under the leadership of Betsy Hoaglin. We are optimistic this change will have a positive impact on growth and future profitability," Eklund continued. "We continue to pursue potential acquisition candidates, although there is nothing substantive to report at this time. We are focusing on only PEO acquisitions in areas of the country where we have a presence. Our intention is to grow our three hub offices so that we can drive more profits to the bottom line through improved economies of scale and superior client service," Eklund concluded. The company also reported several management changes in New Jersey. Joe Ferlisi, formerly of Dow Jones & Co., will head the technology area and Peter Zenchak has been named assistant controller. Peter was formerly with The BOC (Bell Operating Company) One of 22 companies that was formerly part of AT&T and later organized into seven regional companies. See RBOC. Group and Ernst and Young LLP LLP - Lower Layer Protocol . Richard Roth, formerly of Becton Dickinson and Kaye Insurance Associates (the 16th largest insurance brokerage in the nation), has been named manager of employee benefits. DSI (Dynamic Systems Initiative) An umbrella term for a suite of Microsoft products that help manage the Windows environment in large enterprises. DSI was introduced in 2003. is a full-line provider of human resource management services to employers in a wide variety of industries. Its services include employee leasing, administration of employee benefits and 401(k) plans, placement of temporary and permanent staffing and payroll and payroll tax Payroll Tax Tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee. In most countries, including the U.S., both state and federal authorities collect some form of payroll tax. service preparation. DSI was the first public company accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. by the National Association of Professional Employer Organizations (NAPEO NAPEO National Association of Professional Employer Organizations ), a trade group that establishes and upholds standards of the employee leasing industry. The company has strategically located hubs in South Plainfield, Houston and Clearwater, FL., and sales/service centers in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , N.Y.; Ridgeland, MS. and Dallas, El Paso and Houston, TX. Digital Solutions Inc. and Subsidiaries Financial Highlights (Unaudited)
For the three months For the six months
ended ended
3/31/96 3/31/95 3/31/96 3/31/95
Operating revenues $24,000,000 $16,700,000 $47,100,000 $32,600,000 Income from operations 367,000 398,000 783,000 571,000 Income before income taxes 319,000 374,000 711,000 601,000 Income tax -- 35,000 -- 69,000 Net income 319,000 339,000 711,000 522,000 Earnings per share $.02 $.02 $.05 $.04 Common and common equivalent shares 15,800,000 14,781,912 15,040,387 14,735,181 CONTACT: DSI - Digital Solutions Inc. George J. Eklund, 908/561-1200 or Porter LeVay, & Rose Inc. L.B. Stauffer, 212/564-4700 |
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