FDP announces record revenues for the first quarter of fiscal 1996.MIAMI--(BUSINESS WIRE)--March 21, 1996--FDP Corp. (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 :FDPC FDPC Full Duplex Packet Cascading (Vtrails) FDPC Federal Data Processing Center(s) FDPC Frequency-Dependent Phase Compensation ) Thursday Thursday: see week. announced the financial results for first quarter ended Feb. 29, 1996. Total revenues increased 19% to $5,900,000 from $4,967,000 for the same period in 1995. Net earnings for first quarter grew to $462,000, or $.13 per share, compared to $396,000, or $.11 per share, in 1995. Included in the $.11 per share for 1995 was $.04 per share earned as a result of a one time fee received for the completion of a significant UK contract. Excluding this fee, earnings for the first quarter of 1995 would have been $.07 per share and earnings for the first quarter of 1996 would have increased $.06 per share or 86% on a year to year basis. Revenues for the quarter reached an all time high as a result of the recent acquisition of System Innovations, higher sales of FDP/VISION products and an 85% increase in revenues in the FDP/COMPASS division. In addition, interest income increased by 12%. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. C. Goldberg, chairman and chief executive officer, is eager to keep the first quarter momentum going. "Our goal of becoming the dominant force in Windows-based software solutions for the Insurance and Employee Benefits Industries is ahead of schedule." To date, 15 insurance company home offices have selected FDP/VISION products for use by their agents. Further, the acquisition of System Innovations has already opened up new market opportunities for our FDP/VISION products and increased our bottom line. Also, the prior weakness in the FDP/COMPASS division has been reversed, as evidenced by the substantial revenue increase in the first quarter. These factors, along with the anticipated success of the soon-to-be released Pension Partner products under FDP/VISION, should continue to bring us increased earnings in future quarters. FDP's financial condition remains strong with cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has of $16,073,000, no debt, and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $21,042,000. Miami-based FDP FDP fibrin (fibrinogen) degradation product. Corp. develops and markets application software systems for the marketing and administration areas of the Employee Benefit and Life Insurance industries. -0-
FDP Corp.
Selected Financial Data
Three Months Ended
Feb. 29, Feb. 28,
1996 1995
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Revenue $ 5,900,000 $ 4,967,000
Operating Profit $ 427,000 $ 419,000
Earnings before income taxes $ 676,000 $ 639,000
Net Earnings $ 462,000 $ 396,000
Earnings Per Share $ 0.13 $ 0.11
Weighted Average No. of Shares 3,683,000 3,543,000
Feb. 29, Feb. 28,
1996 1995
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Stockholders' Equity $21,042,000 $18,896,000
Total Assets $24,231,000 $22,293,000
CONTACT: FDP Corp., Miami Mark Silverman Silverman is the surname of:
305/858-8200 |
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