MPSI STYSTEMS INC ANNOUNCES RESULTS
MPSI STYSTEMS INC ANNOUNCES RESULTS TULSA, Okla., Nov. 26 /PRNewswire/ -- MPSI Systems Inc.
(NASDAQ: MPSG) reported today a net loss of $1,834,000 or 22 cents per share from continuing operations on revenues of $9,743,000 for the fourth quarter ended Sept. 30, 1991, compared with net income of $320,000 or 4 cents per share on revenues of $11,095,000 for the same quarter last year.
The loss from continuing operations was $6,337,000 or 75 cents per share on revenues of $34,607,000 for the year ended Sept. 30, 1991 which compared with net income of $2,079,000 or 25 cents per share on revenues of $38,211,000 for the same period a year ago. According to Ronald G. Harper, MPSI chairman, the decreased revenues and profitability from continuing operations in fiscal 1991 were primarily attributable to decreased sales of its products and services to petroleum clients, a writedown of previously capitalized software development costs and the provision for costs of restructuring the organization. In March of 1991, the company sold the principal assets of Execucom which resulted in a loss on disposal of $3,865,000 and a loss from operations for the year of $3,109,000 or 37 cents per share. The loss on the sale of Execucom, the writedown of software development costs and the provision for costs of restructuring the organization resulted in a major impact on the earnings of the current year; however, the company should be in a position to achieve greater profitability as a result of these actions, according to Harper. TABLES FOLLOWING: For The Quarter Ended Sept. 30, 1991 (a)1990 Revenues $ 9,743,000 $ 11,095,000 Income (Loss) From Continuing Operations $ (1,834,000) $ 320,000 Income (Loss) From Discontinued Operations $ (1,882,000) $(1,095,000) Net Income (Loss) $ (3,716,000) $ (775,000) Average Common Share Outstanding $ 8,457,524 $ 8,457,524 Earnings (Loss) Per Common Share: Income (Loss) From Continuing Operations $ (.22) $ .04 Income (Loss) From Discontinued Operations $ (.22) $ (.13) Net Income (Loss) $ (.44) $ (.09) For The Year Ended Sept. 30, 1991 (a)1990 Revenues $ 34,607,000 $ 38,211,000 Income (Loss) - Continuing Operations $ (6,337,000) $ 2,079,000 Income (Loss) - Discontinued Operations (b) $ (6,974,000) $ (1,769,000) Net Income (Loss) $(13,311,000) $ 310,000 Average Common Share Outstanding $ 8,457,524 $ 8,457,524 Earnings (Loss) Per Common Share: Income (Loss) From Continuing Operations $ (.75) $ .25 Income (Loss) From Discontinued Operations $ (.82) $ (.21) Net Income (Loss) $ (1.57) $ .04 (a) Restated to reflect discontinued operations. (b) Includes a loss of $ 3,865,000 from disposal of discontinued operations. -0- 11/26/91 /CONTACT: Quentin Mantooth of MPSI Systems Inc, 918-250-9611/ (MPSG) CO: MPSI Systems, Inc. ST: Oklahoma IN: CPR SU: ERN
DG -- SF003 -- 7491 11/26/91 16:45 EST
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|Date:||Nov 26, 1991|
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