Datatec Systems Announces Year End Results; Datatec Services earns $.05 per share, eDeploy loses $.10 per share, resulting in a consolidated loss of $.05 for the year.Business & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Editors 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. , N.J.--(BUSINESS WIRE)--July 17, 2000 Datatec Systems, Inc. (Nasdaq: DATC DATC Davis Applied Technology College (Kaysville, Utah) DATC Days After Test Completion DATC Deferred Adverse Tax Consequence DATC Direct Assistance & Training Command DATC Director of Air Traffic Control ), a provider of deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. services and software tools, today reported results for the quarter and year ended April 30, 2000. Highlights of the report: -- Datatec Services earned $.05 per share for the year and lost $.03 per share for the fourth quarter, compared to last year's earnings of $.05 per share for the year and $.02 for the quarter. -- eDeploy.com lost $.10 per share for the year and lost $.04 per share for the fourth quarter, compared to last year's losses of $.07 per share for the year and $.02 for the quarter. -- Despite 3 major contract pushouts and the effects of Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 in the year, revenues were up slightly from the prior year. -- Gross margins in the year increased by 1.6 percentage points to 36.5%. -- Working capital increased by $13.9 million to $16.2 million, significantly strengthening the balance sheet. -- 12 Month Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of business; -- Total backlog to date remained at $59.1m -- Indirect backlog increased by 115% in the year to $29.9 million. Commenting on the year and the quarter, Isaac Gaon Gaon may refer to
In addition, the Company incurred a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $400,000 of expenses in excess of one year's operations due to the timing of the recording of such expenses. Without the expense charge and the deferred revenue recognition mentioned above, sales in the fourth quarter would have increased by $4.1 million to $26.8 million and profits would have increased by $3.1 million to $850,000. Earnings per share for the quarter would have improved by $.10 per share to earnings of $.03 per share for the quarter. Earnings per share for the year would have also increased by $.10 per share to earnings of $.05 per share. Commenting on the backlog, Mr. Gaon stated, "As a result of our shift in focus from direct to indirect business, the backlog of indirect business has dramatically improved and we anticipate that the direct backlog will start increasing in the ensuing en·sue intr.v. en·sued, en·su·ing, en·sues 1. To follow as a consequence or result. See Synonyms at follow. 2. To take place subsequently. months but at a slower rate than the indirect business." About Datatec Systems, Inc. Fairfield, NJ-based Datatec Systems specializes in the rapid, large scale market absorption absorption [Lat.,=sucking from], taking of molecules of one substance directly into another substance. It is contrasted with adsorption, in which the molecules adhere only to the surface of the second substance. of networking technologies. Datatec's deployment services utilize a software-enabled implementation model to configure See configuration. (software) configure - A program by Richard Stallman to discover properties of the current platform and to set up make to compile and install gcc. Cygnus configure was a similar system developed by K. , integrate and roll-out new technology solutions using a "best practices" structured process. Its customers include Fortune 1000 companies and world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. technology providers. Datatec stock is listed on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (DATC). For more information visit Datatec at http://www.datatec.com About eDeploy.com, Inc. eDeploy.com, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Datatec Systems, Inc., is a recognized leader in the development and delivery of business-to-business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. tools and processes that allow OEMs, systems integrators 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. and service providers to configure and deploy complex network infrastructure and computing computing - computer technologies faster, more economically ec·o·nom·i·cal adj. 1. Prudent and thrifty in management; not wasteful or extravagant. See Synonyms at sparing. 2. Intended to save money, as by efficient operation or elimination of unnecessary features; economic: and with fewer defects. For more information, visit http://www.edeploy.com 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties which may cause the actual results or objectives to be materially different from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements.
DATATEC SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
April 30,
-------------------------
1999 2000
----------- -----------
ASSETS
Current Assets
Cash & Cash Equivalents $ 234,000 $10,077,000
Accounts Receivable 20,661,000 23,849,000
Inventory 3,252,000 5,129,000
Prepaid Expenses & Other 3,417,000 1,301,000
----------- -----------
Total Current Assets 27,564,000 40,356,000
Long Term Assets
Property & Equipment, Net 5,200,000 5,169,000
Goodwill 3,539,000 3,102,000
Other Assets 4,300,000 6,435,000
----------- -----------
Total Long Term Assets 13,039,000 14,706,000
----------- ===========
Total Assets $40,603,000 $55,062,000
=========== ===========
Liabilities & Shareholders' Equity
Current Liabilities
Short Term Debt $10,406,000 $ 9,846,000
Accounts Payable & Accrued Liabilities 13,809,000 12,960,000
Due To Related Parties 1,052,000 1,390,000
----------- -----------
Total Current Liabilities 25,267,000 24,196,000
Long Term Debt 607,000 226,000
Minority Interest -- 9,593,000
Shareholders' Equity 14,729,000 21,047,000
----------- -----------
Total Liabilities & Shareholders' Equity $40,603,000 $55,062,000
=========== ===========
Datatec Systems, Inc.
Consolidated and Consolidating Statements of Operations
For the Year Ended April 30,
2000
---------------------------------------
Datatec Datatec
Consolidated eDeploy Services
---------------------------------------
Sales $95,148,000 $1,097,000 $94,051,000
---------------------------------------
Gross profit $34,767,000 $1,097,000 $33,670,000
SG&A expenses $34,720,000 $3,051,000 $31,669,000
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Operating Income $47,000 ($1,954,000) $2,001,000
---------------------------------------
Income from continuing ops ($1,633,000) ($3,137,000) $1,504,000
Discontinued operations
---------------------------------------
Net income ($1,633,000) ($3,137,000) $1,504,000
=======================================
Earnings per share ($0.05) ($0.10) $0.05
Weighted average shares
outstanding 31,905,000 31,905,000 31,905,000
1999
---------------------------------------
Datatec Datatec
Consolidated eDeploy Services
---------------------------------------
Sales $93,751,000 $ - $93,751,000
---------------------------------------
Gross profit 32,758,000 - 32,758,000
SG&A expenses 31,097,000 1,250,000 29,847,000
---------------------------------------
Operating Income 1,661,000 (1,250,000) 2,911,000
- - -
---------------------------------------
Income from continuing ops (192,000) (2,004,000) 1,812,000
Discontinued operations (315,000) - (315,000)
---------------------------------------
Net income ($507,000) $(2,004,000) $1,497,000
=======================================
Earnings per share ($0.02) ($0.07) $0.05
Weighted average shares
outstanding 29,517,000 29,517,000 29,517,000
Datatec Systems, Inc.
Consolidated and Consolidating Statements of Operations
For the Three Months Ended April 30,
2000
---------------------------------------
Datatec Datatec
Consolidated eDeploy Services
---------------------------------------
Sales $22,726,000 $68,000 $22,658,000
---------------------------------------
Gross profit $7,604,000 $68,000 $7,536,000
SG&A expenses $9,541,000 $958,000 $8,583,000
---------------------------------------
Operating Income ($1,937,000) ($890,000) ($1,047,000)
---------------------------------------
Income from continuing ops ($2,269,000) ($1,210,000) ($1,059,000)
Discontinued operations
---------------------------------------
Net income ($2,269,000) ($1,210,000) ($1,059,000)
=======================================
Earnings per share ($0.07) ($0.04) ($0.03)
Weighted average shares
outstanding 32,777,000 32,777,000 32,777,000
1999
---------------------------------------
Datatec Datatec
Consolidated eDeploy Services
---------------------------------------
Sales $23,651,000 $ - $23,651,000
---------------------------------------
Gross profit 8,806,000 - 8,806,000
SG&A expenses 8,033,000 440,000 7,593,000
---------------------------------------
Operating Income 773,000 (440,000) 1,213,000
---------------------------------------
Income from continuing ops 368,000 (628,000) 996,000
Discontinued operations (315,000) - (315,000)
---------------------------------------
Net income $53,000 $ (628,000) $681,000
=======================================
Earnings per share $0.00 ($0.02) $0.02
Weighted average shares
outstanding 30,212,000 30,212,000 30,212,000
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