DataImage announces financial results for 1994.HARTFORD Hartford, city (1990 pop. 139,739), state capital, Hartford co., central Conn., on the west bank of the Connecticut River; settled as Newtown 1635–36 on the site of a Dutch trading post (1633; abandoned 1654), inc. 1784. , Conn.--(BUSINESS WIRE)--March 31, 1995--DataImage Inc. announced today the company's financial results for the quarter and year ended Dec. 31, 1994. Total revenues for 1994 declined 34 percent to $1.4 million compared to 1993 revenues of $2.1 million. A 65 percent decline in sales revenue was partially offset by a 5 percent increase in service revenues. The net loss for 1994 was $1.2 million, or $.52 per share, which compares to a net loss in 1993 of $2.2 million, or $.96 per share. Total revenues for the fourth quarter 1994 were $303,899 compared to fourth quarter 1993 revenues of $367,877, a decrease of 17 percent. The net loss for the fourth quarter 1994 was $59,069, or $.03 per share, which compares to 1993's fourth quarter loss of $868,560, or $.38 per share. The 1993 fourth quarter results included one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charges of $319,000. The gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. improved from 8 percent in 1993 to 33 percent in 1994. This improvement reflects the efficiencies created as a result of certain expense reductions combined with higher margin sales. 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. of $1,583,516 were considerably below 1993 of $2,351,324. This decrease was attributable to cost savings from the lease buyout Buyout The purchase of a company or a controlling interest of a corporation's shares. Notes: A leveraged buyout is accomplished with borrowed money or by issuing more stock. of the previous office facilities, staff reductions and related savings, and the discontinuance Cessation; ending; giving up. The discontinuance of a lawsuit, also known as a dismissal or a non-suit, is the voluntary or involuntary termination of an action. DISCONTINUANCE, pleading. A chasm or interruption in the pleading. 2. of unprofitable product lines. Raymond Raymond, town, Canada Raymond, town (1991 pop. 3,130), S Alta., Canada, SE of Lethbridge, in a sugar beet area. Sugar is refined and honey is produced there. A provincial agricultural college is in the town. V. Sozzi, president of DataImage stated that "While 1994 was a year of significant expense restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and strategic product 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. , it was a critical one in transitioning to a self-sustaining self-sus·tain·ing adj. Able to sustain oneself or itself independently. self  -sus·tain business. By the end of the year we saw evidence that
the strong measures taken during 1994 were beginning to work. The net
loss in the fourth quarter 1994 was $59,069 compared to 1993's
fourth quarter loss of $549,560 before one-time charges of
$319,000."DataImage is a solutions-oriented provider of software products and systems for the electronic management of information. As a systems integrator An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. , DataImage designs, assembles, installs and maintains image/COLD processing systems. Its customers include Fortune 500 companies and other large business organizations.
DATAIMAGE INC.
SELECTED FINANCIAL INFORMATION
Consolidated Statements of Operations Data:
Years Ended Dec. 31,
1994 1993
Revenues: Sales $ 408,639 $ 1,159,125 Service 962,284 918,087 Total Revenues $ 1,370,923 $ 2,077,212 Gross Profit $ 449,543 $ 157,849 Gross Profit Margin 33% 8% Net Loss $(1,176,735) $(2,190,491) Net Loss per common and common equivalent share $ (.52) $ (.96)
Three Months Ended Dec. 31,
1994 1993
Revenues: Sales $ 64,400 $ 133,629 Service 239,499 234,248 Total Revenues $ 303,899 $ 367,877 Gross Profit (Loss) $ 109,529 $ (45,844) Gross Profit Margin 36% (13%) Net Loss $ (59,069) $ (868,560) Net Loss per common and common equivalent share $ (.03) $ (.38)
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Consolidated Balance Sheet Data:
As of Dec. 31,
1994 1993
Working Capital $ (947,304) $ (100,652) Total Assets 701,571 1,604,780 Shareholders Equity (748,171) 433,730 CONTACT: DataImage Inc. Raymond V. Sozzi, 203/947-3110 |
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