FDP announces record revenues for the second quarter of fiscal 1996.MIAMI--(BUSINESS WIRE)--June 19, 1996--FDP Corp. (Nasdaq:FDPC FDPC Full Duplex Packet Cascading (Vtrails) FDPC Federal Data Processing Center(s) FDPC Frequency-Dependent Phase Compensation ) Wednesday Wednesday: see week. announced the financial results for second quarter ended May 31, 1996. For the quarter just ended, revenues reached a record high increasing 31% to $6,378,000 vs. $4,874,000 in last year's comparable quarter. Net earnings for the second quarter increased 55% to $538,000 or $.14 per share vs. $346,000 or $.10 per share a year ago. For the six month period ended May 31, 1996, total revenue also reached a record high increasing 25% to $12,278,000 as compared to $9,841,000 for the same period last year. Net earnings for the six months increased to $1,000,000 or $.26 per share, up from $742,000 or $.21 for last year. Revenues for the quarter reached an all time high as a result of the following factors. Half of the revenue increase relates to the first quarter acquisition of System Innovations, a software applications developer for the life insurance industry. System Innovations in partnership with six major insurance companies is currently developing an advanced technology life insurance proposal system that the company hopes will set standards in the life insurance industry. The remainder of the revenue increase relates to sales of the flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. of FDP/VISION, Contact Plus!, (formerly known as Agency Database for Windows). Revenues for the product were up 30% for the quarter as compared to last year while revenues for the company's client server software for pension/annuity administration, known as FDP/COMPASS, more than doubled as a result of two new contracts for installation of the product in South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. . 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 said, "Our goal of becoming the dominant force in Windows-based software solutions for the Insurance and Employee Benefits industries is proceeding successfully." To date, 16 insurance company home offices have selected FDP/VISION products for use by their agents. In addition, the revenues for FDP/COMPASS should show further improvement as the company anticipates the signing of two more contracts for the product in the third quarter. 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 $16,163,000, 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 $21,893,000. 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 Six Months Ended
May 31, May 31,
1996 1995 1996 1995
Revenue $6,378,000 $4,874,000 $12,278,000 $9,841,000 Operating Profit $ 534,000 $ 205,000 $ 961,000 $ 624,000 Earnings Before Income Taxes $ 788,000 $ 445,000 $ 1,465,000 $1,084,000 Net Earnings $ 538,000 $ 346,000 $ 1,000,000 $ 742,000 Earnings Per Share $ .14 $ .10 $ .26 $ .21 Weighted Average number of shares 3,762,000 3,547,000 3,710,000 3,569,000
May 31,
1996 1995
Stockholders' Equity $21,893,000 $19,239,000 Total Assets $25,313,000 $22,623,000 CONTACT: FDP Corp., Miami Mark Silverman Silverman is the surname of:
305/858-8200 |
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