HTE Announces Better Than Expected 1st Quarter Profit and Raises Estimate For 2002 EPS To $0.55.Business Editors/Technology Writers LAKE MARY Lake Mary may refer to:
HTE HTE Hírközlési És Informatikai Tudományos Egyesület (Hungary) HTE High Temperature Electronics HTE HazMat Trucking Enforcer (software) HTE HighTech Engineering HTE High Tension Electrode HTE High Turnover of Employees Inc. (Nasdaq:HTEI), a leading provider of enterprise-wide software solutions for public sector organizations and utilities worldwide, today announced operating results for the first quarter ended March 31, 2002. HTE recorded diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.14 for the first quarter ended March 31, 2002 which exceeds the previously communicated guidance of $0.09, compared to diluted EPS loss of ($0.05) for the first quarter ended March 31, 2001. The company recorded a net income of $1,696,000 during the first quarter 2002 compared to a net loss of ($931,000) for the first quarter 2001 (first quarter 2001 results include a one-time, non-operating loss on investment of $1,888,000 related to the Onvia transaction as described in a press release distributed March 6, 2001). Revenues for the first quarter 2002 increased 7% to $16,857,000 compared to $15,823,000 for the first quarter 2001. HTE's Chief Executive Officer, Joe Loughry, said, "We are very pleased with first quarter results and attribute our success to stronger than anticipated license fees, recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenue stream growth, and better than anticipated service revenues combined with continued expense management. "Our focus for the remainder of 2002 is to continue delivering improved profitability, explore new ways to deliver better than expected revenue growth, continue technology enhancements and continue expansion into the Windows-based County/City middle market." Loughry further stated, "With our strong balance sheet (over $12,200,000 in cash and no debt), and this strong of a start on the year we are positioned to deliver improved financial performance in 2002. We reiterate re·it·er·ate tr.v. re·it·er·at·ed, re·it·er·at·ing, re·it·er·ates To say or do again or repeatedly. See Synonyms at repeat. re·it previously communicated EPS guidance for the second through fourth quarters of $0.12, $0.14, $0.15, respectively. This guidance combined with better than expected first quarter results of $0.14 brings full year EPS estimates from $0.50 to $0.55 for 2002. We expect to deliver revenue growth of between 5% - 8%, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $10,700,000 and net income of $6,500,000. This increased EPS guidance for 2002 of $0.55 represents the best financial performance in the Company's history." Common Stock Redemption Disclosure As described in the Company's Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission on October 29, 2001 and March 28, 2002, respectively, the Company redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. 5,618,952 shares of its common stock (the "Redeemed Shares") from Tyler Technologies, Inc. ("Tyler") for a purchase price of $7,304,637.60 (the "Redemption"). Tyler purchased the Redeemed Shares in 1999 in a control shares acquisition, as defined in Florida's control shares statute. The Company affected the Redemption in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the requirements of Florida's control shares statute. The Redemption reduced the number of Company's issued and outstanding shares of common stock from 16,960,557 to 11,341,605 as of October 29, 2001. Tyler subsequently sent a letter to the Company and issued a press release on October 30, 2001 asserting as·sert tr.v. as·sert·ed, as·sert·ing, as·serts 1. To state or express positively; affirm: asserted his innocence. 2. To defend or maintain (one's rights, for example). that it continued to be a shareholder of the Company and that the Redemption was not valid and contrary to Florida law The jurisprudence of this state offers major differences from doctrines prevailing in the United States at either the federal level or that of the various states. Homestead exemption from forced sale, the dangerous instrumentality doctrine, the right to privacy, and the Williams . The Company reaffirms that under Florida law, the Redeemed Shares are no longer considered issued and outstanding and all rights with respect to them have ceased. Accordingly, in order to legally confirm the Redemption, the Company filed an action for a Declaratory Judgment declaratory judgment In law, a judgment merely declaring a right or establishing the legal status or interpretation of a law or instrument. It is binding but is distinguished from other judgments or court opinions in that it includes no executive element (an order that , which is now pending before the Federal District Court for the Middle District of Florida in Orlando, Florida The city of Orlando is a major city in central Florida and is the county seat of Orange County, Florida. According to the 2000 census, the city population was 185,951. A 2006 U.S. . The financial information for the fourth quarter 2001 and forward is based on the number of outstanding shares of the Company's common stock after the Redemption of the Redeemed Shares. The Company and its legal counsel believe the Redemption will be confirmed by the Court. In the event it is not, the financial information would be impacted as follows: i) outstanding Shares of the Company's common stock would increase by 5,618,952 shares; ii) fourth quarter 2001 Diluted EPS would be $0.10, Diluted EPS for the year ended December 31, 2001 would be $0.05, Operating EPS (excluding one-time charges and gains as described above) would be $0.07 for the fourth quarter 2001 and $0.15 for the year ended December 31, 2001, respectively; iii) The ending cash balance would increase by $7,305,000; iv) first quarter 2002 EPS would be $0.10; and, v) 2002 EPS Guidance for the second through fourth quarters 2002 would be $0.08, $0.09, $0.10, respectively. This guidance combined with first quarter actual results of $0.10 would bring full year EPS estimates to $0.37 for 2002. HTE Inc. HTE Inc., a proven leader in government information technologies, provides a broad range of innovative software solutions to more than 2,200 government offices, agencies and utility companies throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The company's products address the wireless computing computing - computer requirements of a rapidly changing public sector market and support the end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. delivery of e-government access to citizens and businesses. Founded in 1981, the company is headquartered near Orlando, Florida. Additional information is available at http://www.hteinc.com or by calling HTE Marketing Services at 1.800.727.8088. 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 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 that involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially from those expected are the following: business and general economic conditions; competitive factors, such as pricing, new products and marketing efforts of rival companies; the timing and magnitude of software sales; customer acceptance of new or enhanced product offerings; integration of new technologies; delays in product delivery; the ability to recruit and retain qualified personnel; the above described Redemption either not being confirmed by the Court, or being confirmed by the Court, but at a higher redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. for the Redeemed Shares; and other factors discussed from time to time in reports filed by HTE with the Securities and Exchange Commission, including risks summarized in HTE's latest Annual Report on Form 10-K. HTE undertakes no obligation to update or revise any forward-looking statement for events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date on which such statement is made.
H.T.E., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
----------------------
2002 2001
REVENUES -------- --------
Software licenses $ 3,199 $ 3,609
Professional services 3,275 3,076
Hardware 22 634
Maintenance and other 9,894 8,075
Resource management 467 429
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Total revenues 16,857 15,823
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EXPENSES
Cost of software licenses 944 1,380
Cost of professional services 2,317 2,184
Cost of hardware 12 609
Cost of maintenance and other 2,379 1,983
Cost of resource management 175 139
Research and development 2,965 3,598
Sales and marketing 2,143 2,613
General and administrative 3,275 3,071
Contract judgement and settlement,
employee termination benefits and
other costs - (86)
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Total expenses 14,210 15,491
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INCOME FROM OPERATIONS 2,647 332
OTHER INCOME
Interest, net 50 136
Loss on investment - (1,888)
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Total other income 50 (1,752)
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INCOME (LOSS) BEFORE PROVISION
(BENEFIT) FOR INCOME TAXES 2,697 (1,420)
PROVISION (BENEFIT) FOR INCOME TAXES 1,001 (489)
------- --------
NET INCOME (LOSS) $ 1,696 $ (931)
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NET INCOME (LOSS) PER SHARE:
BASIC $ 0.15 $ (0.05)
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DILUTED $ 0.14 $ (0.05)
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