Electronic Clearing House announces profitable first quarter of 1995.AGOURA HILLS, Calif.--(BUSINESS WIRE)--Jan. 30, 1995-- Electronic Clearing House 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 :ECHO) reported 1995 first-quarter net earings of $440,000 (4 cents earnings per share), compared with a loss of $166,000 for the same period last year. 1995 first-quarter revenues and income from operations were $5,146,000 and $479,000, respectively, as compared with $2,513,000 and $173,000 for the same period last year. "Our profitable quarter was primarily attributable to increased sales by Computer Based Controls, our equipment subsidiary, which delivered 3,500 EB9 point-of-sale systems in the first quarter," reported Joel Barry, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "CBC (1) (Cell Broadcast Center) See cell broadcast. (2) (Cipher Block Chaining) In cryptography, a mode of operation that combines the ciphertext of one block with the plaintext of the next block. will ship an additional 2,500 EB9 systems in the second quarter ending March 1995, so continued profitability is expected from CBC." Barry stated that the improved performance of CBC overshadowed a loss in the company's processing operations but projected that profitable operations from processing would occur early in the third quarter as a result of increased merchant sales and special promotional programs which are now underway. Electronic Clearing House, whose fiscal year is Sept. 30, provides point-of-sale equipment, credit card processing and check guarantee services for merchants and restaurants as well as banks and other financial institutions. Through its 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. , Computer Based Controls, ECHO designs, develops and manufactures software and point-of-sale hardware including electronic credit card terminals Several types of credit card terminals are available to merchants nowadays. Most have the same basic purpose and functions. They allow a merchant to swipe or key in required credit card information and transmit such data to the merchant service provider. , 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. money order dispensers, utility bill payment systems and inventory tracking devices. CONTACT: Electronic Clearing House Inc., Agoura Donna Camras, 818/706-8999, ext. 3033 |
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