Gartner Group announces record first quarter results.STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn.--(BUSINESS WIRE)--Jan. 16, 1997--Gartner Group, 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 :GART GART Phosphoribosylglycinamide Formyltransferase/Phosphoribosylglycinamide Synthetase/Phosphoribosylaminoimidazole Synthetase GART Graphics Address Remapping Table (AGP chipset) GART Graphics Address Relocation Table ) today announced record results for the first quarter of fiscal 1997 ended December December: see month. 31, 1996. Net income increased 66 percent to $19.0 million ($0.19 per share) compared with $11.5 million ($0.12 per share) for the first quarter of fiscal 1996. Total revenues were $125.4 million, a 30 percent increase, compared to $96.5 million for the same period a year ago. Other revenue (outside of research, advisory and benchmarking services) was up 36 percent to $33.3 million for the period. This revenue growth reflected strong gains from the companyFs events, consulting and technology-based training businesses. Contract value for the quarter ended December 31, 1996, was $380.0 million, a 25 percent increase from the previous year. Contract value is defined as the aggregate annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. fees under all research, advisory and benchmarking service contracts in effect at a given point in time, without regard to the duration of the contracts outstanding at such time. Manny Fernandez Manny Fernandez is the name of at least three people:
n. A plural of symposium. around the world and new product introductions during the quarter." Separately, Gartner Group (company) Gartner Group - One of the biggest IT industry research firms. Address: Connecticut, USA. Learning today announced the launch of 27 new technology-based training titles on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Learning Center. During the first fiscal quarter, four Symposium symposium In ancient Greece, an aristocratic banquet at which men met to discuss philosophical and political issues and recite poetry. It began as a warrior feast. Rooms were designed specifically for the proceedings. events were held worldwide. Symposium is the company's premier conference, providing strategic overviews of information technology (IT) trends and technologies. Results exceeded expectations: More than 8,000 clients attended the events, and more than 200 vendors demonstrated recent product introductions at ITxpo, a trade show held in conjunction with the conference. Three new Dataquest services were announced during the quarter: The Home Technology Scorecard, The Digital Consumer and Management Insight. Both the Home Technology Scorecard and The Digital Consumer products track current and planned end-user buying trends of PCs and other digital equipment. Management Insight, a quantitative market research product targeted to CIOs and their staff, follows broad IT market trends. Cross-Technology, a financial and investment community service spanning multiple IT industries, was also redesigned during the quarter. New Gartner Group-branded research and advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal launched during the quarter include: Customer Service and Support, which provides research focused on the tools, technologies, methods and processes necessary to achieve world-class, integrated customer service through customer support/call centers; Information Resource Center Management, which delivers focused, insightful analysis to support clients in making decisions on planning, purchasing, implementing and managing IT and content for their information resource centers and corporate libraries; and Storage Technologies, Operations and Resources, which covers a broad range of storage technologies, products and processes. Gartner Group's interactive division launched Gartner IntraWeb(TM), which delivers research on an enterpriseFs intranet behind the safety of its firewall. In addition, two new @vantage(TM) content partners were announced: CCTA (Central Computer and Telecommunications Agency, London, www.ogc.gov.uk) An agency of the U.K. government's Office of Government Commerce that has been providing IT advice and guidance to the public sector for over 25 years. (U.K. Government Central Computer and Telecommunications Agency The Central Computer and Telecommunications Agency (CCTA) was a UK government agency providing computer and telecoms support to Government departments. It was the sponsor of a number of methodologies, including: Gartner Group, Inc. is the world's leading provider of IT research, advisory and market research services. Founded in 1979 with headquarters in Stamford, Conn., Gartner Group serves nearly 7,500 client organizations worldwide. Additional information about the company is available on the World Wide Web at http://www.gartner.com. This press release includes statements which may constitute 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. made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. This information may involve risk and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in the CompanyFs Securities and Exchange Commission filings. -0-
(table to follow)
OPERATING RESULTS
(Dollars in thousands, except per share Quarter Ended %
12/31/96 12/31/95 Change
Revenues
Research, advisory & benchmarking svcs $92,090 $72,006 28
Other 33,277 24,468 36
Total revenues 125,367 96,474 30
Operating expenses
Cost of services and product develop. 50,523 37,078 36
Selling, general & administratiave 39,234 35,387 11
Acquisition-related charges - 1,665
Depreciation 2,595 2,237 16
Total costs and expenses 92,352 76,367 21
Operating contribution 33,015 20,107 64
Amortization 1,496 772 94
Operating income 31,519 19,335 63
Net interest income (expense) 1,316 802 F
Income before minority interest and taxes 32,835 20,137 63
Minority interest - (25)
Income before taxes 32,835 20,162 63
Provision for income taxes 13,793 8,669 59
Net income $19,042 $11,493 66
Net income per common share $0.19 $0.12 58
Weighted average shares outstanding 101,951 97,492
BALANCE SHEET DATA
(Dollars in thousands)
As of As of %
12/31/96 9/30/96 Change
ASSETS
Total current assets $325,904 $310,150 5
Furniture and equipment, net 33,684 32,818 3
Intangibles, net 91,771 93,144 (1)
Other assets 7,576 7,996 (5)
Total assets $458,935 $444,108 3
LIABILITIES & STOCKHOLDERS' EQUITY
Total current liabilities $273,616 $291,408 (6)
Noncurrent liabilities 2,871 2,465 16
Total liabilities 276,487 293,873 (6)
Total stockholders' equity 182,448 150,235 21
Total liabilities and stockholders' eq $458,935 $444,108 3
SELECTED STATISTICAL DATA As of As of %
(Dollars in thousands) 12/31/96 12/31/95 Change
Contract Value $379,962 $304,998 25
Client Organizations 7,411 5,479 35
Client Memberships 28,287 19,346 46
CONTACT: Gartner Group, Stamford Jennifer L. Schlueter, 203/316-6537 Director, Investor Relations Investor relations The process by which the corporation communicates with its investors. jschluet@gartner.com |
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