MPSI Reports Continued Softness in Second Quarter.
TULSA, Okla.--(BUSINESS WIRE)--Aug. 14, 2002
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MPSI Member of the Pharmaceutical Society of Ireland Systems Inc. (Pink Sheets:MPSI) today reported a net loss of $659,000 ($.23 per share) on revenues of $3.1 million as compared to a loss of $473,000 ($.16 per share) on revenues of $3.5 million for the same quarter in fiscal 2001. This loss brings the year to date loss to $785,000 ($.27 per share) on revenues of $7.1 million as compared to a loss of $849,000 ($.29 per share) on revenues of $7.3 million for the six months ended June 30, 2001. During the period of March through May 2002, MPSI reduced staff and closed certain foreign offices resulting in accruals of approximately $717,000 for severance and closure expenses during those months.
According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. Ron Harper
Ronald Harper (born January 20, 1964 in Dayton, Ohio) is a retired American professional basketball player whose career spanned from 1986 to 2001 with four teams in , MPSI's 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. , the Company's target markets in the U.S. continue to soften largely on the basis of economic uncertainties and the ripple effect ripple effect Epidemiology See Signal event. that has had on certain global economies. In recognition of the soft business climate MPSI has taken steps to both reduce expenses and diversify sales activities. "Softness in the U.S. economy has triggered a wave of budget cutbacks in many of the large petroleum-oriented convenience retailers MPSI serves. Likewise, new business sales cycles have lengthened length·en
tr. & intr.v. length·ened, length·en·ing, length·ens
To make or become longer.
lengthen·er n. considerably," said Harper. Since the majority of MPSI's business has traditionally been concentrated in large petroleum retailers, and activities in the U.S. account for a significant percentage of total corporate revenues, both completed business and new bookings have suffered in the first half of the year. Harper went on to say that MPSI anticipates that business softness in the U.S. will continue for the remainder of this fiscal year. New U.S. sales diversification efforts, targeting not only smaller convenience retailers in the petroleum sector but retailers outside MPSI's traditional target market, have been initiated with the expectation of lessening MPSI's dependence on large retailers and on petroleum-oriented retailers in the future. Additional sales diversification efforts will be undertaken throughout the remainder of 2002 and MPSI will continue to focus on the emerging economies where some business success is being met by our sales force.
MPSI is a global provider of spatial decision support systems Spatial Decision Support Systems (sDSS) developed in parallel with the concept of Decision Support Systems (DSS).
An sDSS is an interactive, computer-based system designed to support a user or group of users in achieving a higher effectiveness of decision making while (featuring proprietary software and databases), implementation consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.)
service - work done by one person or group that benefits another; "budget separately for goods and services" , and information services See Information Systems. . Its products and services are designed to meet the business planning needs of its clients in the area of convenience retailing. The Company's common stock trades on the Pink Sheets under the symbol MPSI.
Portions of this document may include "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. provisions 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. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from management's expectations and projections expressed in this document. Certain factors that can affect the Company's ability to achieve projected results include, among others, uncertainties inherent in the development and successful application of products, product demand, service demand, market acceptance, the effect of economic conditions particularly in target markets and within this industry, the impact of competitive products and pricing, commercialization and technological difficulties, and the ability of the Company to implement its business strategy.
For the Quarter Ended June 30, 2002 2001 ------------ ------------ Revenues $ 3,060,000 $ 3,505,000 Net Loss $ (659,000) $ (473,000) Net Loss Per Common Share: Basic $ (.23) $ (.16) Diluted $ (.23) $ (.16) Average Common Shares Outstanding: Basic 2,912,000 2,912,000 Diluted 2,912,000 2,912,000 For the Six Months Ended June 30, 2002 2001 ------------ ------------ Revenues $ 7,083,000 $ 7,376,000 Net Loss $ (785,000) $ (849,000) Net Loss Per Common Share: Basic $ (.27) $ (.29) Diluted $ (.27) $ (.29) Average Common Shares Outstanding: Basic 2,912,000 2,912,000 Diluted 2,912,000 2,912,000