Radiant Systems, Inc. reports record revenues in second quarter.ATLANTA--(BUSINESS WIRE)--Aug. 6, 1997--Radiant Systems, 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 : RADS RADS Reactive Airways Dysfunction Syndrome (type of occupational asthma) RADS Reynolds Adolescent Depression Scale RADS República Árabe Democrática Saharaui ) Wednesday Wednesday: see week. reported financial results for the quarter ended June June: see month. 30, 1997. Total revenues for the second quarter ended June 30, 1997 were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $17.2 million, an increase of 58.2% over revenues of approximately $10.8 million for the same period in 1996. Total revenues for the six months ended June 30, 1997 were approximately $29.7 million, an increase of 93.0% over revenues for the same period in 1996 of approximately $15.4 million. Net income for the second quarter, before giving effect to acquisition related charges, was $1,054,000, or $0.07 per share, an increase of $852,000 or $.05 per share over pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income of $202,000, or $0.02 per share for the same period in 1996. Net income before extraordinary items and acquisition related charges for the six months ended June 30, 1997, was $1,509,000 or $.11 per share, an increase of $2,239,000 or $.18 per share over the pro forma net loss of $730,000 or $.07 per share for the same period last year. Including the acquisition related charges of $19,689,000, net of tax benefits, net loss for the three and six month periods was $18,634,000 and $18,310,000, respectively, or $1.26 and $1.31 per share. Net loss for the three and six month periods includes the recognition of approximately $18,942,000, or $1.28 and $1.36 per share, net of tax benefits, respectively, of purchased research and development costs; and $747,000 or $.05 per share, net of tax benefits, for both the three month and six month periods, of stock compensation expense. These costs were incurred by the Company as a result of the acquisitions of ReMACS and Twenty/20 Visual Systems during the second quarter. Erez Erez (Hebrew: ארז, meaning cedar) is a common Israeli given name. The following people are named Erez:
Mr. Goren continued, "The acquisitions of ReMACS and Twenty/20 are also well on their way to being integrated, both from an organizational and product standpoint The Standpoint is a newspaper published in the British Virgin Islands. It was originally published under the name Pennysaver, largely as a shopping-coupon promotional newspaper, but since emerged as one of the most influential sources of journalism in the . We will pilot our integrated solution for quick service restaurant operators in the third quarter of this year and our table service solution by year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. . We are excited about the reception our integrated solutions are receiving in the market place." Radiant radiant: see meteor shower. Systems, Inc. provides integrated technology solutions to retailers in the petroleum/convenience store, cinema/entertainment, and hospitality industries. These solutions include consumer-activated ordering systems, point-of-sale point of sale n. pl. points of sale A business or place where a product or service can be purchased. Also called point of purchase. point systems, back office management systems, and headquarters management systems. The Company also provides a full range of solution design, implementation, and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services . The Company is headquartered in Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. and has installations in thousands of retail sites around the world. Certain statements contained in this press release are 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, such as statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Companys Securities and Exchange Commission filings. -0-
RADIANT SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
ASSETS
June 30, Dec. 31,
1997 1996
-------- --------
(unaudited)
Current assets
Cash and cash equivalents $ 6,194 $ 2,342
Accounts receivable, net of allowance
for doubtful accounts of $150 and $120 8,940 4,885
Inventories 5,224 3,305
Loans to shareholders 335 --
Other short-term assets 391 417
-------- --------
Total current assets 21,084 10,949
Property and equipment, net 2,855 1,518
Software development costs, net 1,001 737
Intangibles, net 4,611 957
Deferred income tax assets 397 --
Other assets 584 455
-------- --------
$ 30,532 $ 14,616
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities
Accounts payable and accrued
liabilities $ 8,778 $ 6,377
Customer deposits and unearned
revenue 6,224 3,052
Current portion of shareholder
loans -- 127
Current portion of long term debt 634 582
-------- --------
Total current liabilities 15,636 10,138
Shareholder loans, less current portion -- 3,194
Long term debt, less current portion 3,451 5,271
-------- --------
Total liabilities 19,087 18,603
-------- --------
Put warrants -- 513
-------- --------
Shareholders' equity (deficit)
Common stock, no par value; 20,000,000
shares authorized; 12,534,109 and
6,857,112 shares issued outstanding 0 0
Common stock Series A, no par value;
10,000,000 shares authorized; 0 and
1,442,889 shares issued and
outstanding -- 0
Additional paid-in capital 30,044 2,100
Deferred compensation (627) --
Warrants -- 1,185
Deferred sales discount -- (132)
Retained earnings (deficit) (17,972) (7,653)
-------- --------
11,445 (4,500)
-------- --------
Commitments -------- --------
$ 30,532 $ 14,616
======== ========
RADIANT SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT SHARE DATA)
UNAUDITED
For the three For the six
months ended months ended
June 30, June 30, June 30, June 30,
1997 1996 1997 1996
----------- ----------- ------------ -----------
Revenues:
Systems sales $ 14,466 $ 9,752 $ 25,208 $ 13,601
Customer support,
maintenance and
other services 2,694 1,097 4,512 1,795
----------- ----------- ------------ -----------
Total revenues 17,160 10,849 29,720 15,396
Cost of revenues:
Systems sales 7,942 6,331 14,220 9,099
Customer support,
maintenance and
other services 2,395 1,215 4,143 2,218
----------- ----------- ------------ -----------
Total cost of
revenues 10,337 7,546 18,363 11,317
Gross profit 6,823 3,303 11,357 4,079
Operating expenses:
Product development 1,466 768 2,619 1,469
Purchased research
and development
costs 19,134 30 19,134 30
Stock compensation
expense 1,214 -- 1,214 --
Sales and marketing 1,243 292 2,116 577
Depreciation and
amortization 533 224 900 418
General and
administrative 1,911 1,407 3,600 2,417
----------- ----------- ------------ -----------
Income (loss) from
operations (18,678) 582 (18,226) (832)
Interest (income)
expense, net (44) 40 165 79
Minority interest in
earnings of PrysmTech -- 215 -- 270
----------- ----------- ------------ -----------
Income (loss) before
provision (benefit)
for income taxes (18,634) 327 (18,391) (1,181)
Income tax benefit -- -- -- --
Pro forma income tax
benefit -- 125 (212) (451)
----------- ----------- ------------ -----------
Income (loss) before
extraordinary item (18,634) 202 (18,179) (730)
Extraordinary item:
Loss from early
extinguishment of
debt, net of income
tax of $82 -- -- 131 --
----------- ----------- ------------ -----------
Net income (loss) $ (18,634) $ 202 $ (18,310) $ (730)
=========== =========== ============ ============
Earnings per common
and common equivalent
share:
Income (loss) before
extraordinary
item $ (1.26) $ 0.02 $ (1.30) $ (0.07)
Extraordinary loss
on early
extinguishment of
debt -- -- (0.01) --
----------- ----------- ------------ ------------
Net income (loss)
per common and
common equivalent
share $ (1.26) $ 0.02 $ (1.31) $ (0.07)
=========== =========== ============ ============
Weighted average
common and common
equivalent shares
outstanding 14,754 11,050 13,940 11,050
=========== =========== ============ ============
-0-
CONTACT: Karen Karen Any member of a variety of tribal peoples of southern Myanmar (Burma). Constituting the second largest minority in Myanmar, the Karen are not a unitary group in any ethnic sense, as they differ among themselves linguistically, religiously, and economically. Kelley Kelley may refer to any of the following: People
Radiant Systems Marketing Communications Marketing communications (or marcom) are messages and related media used to communicate with a market. Those who practice advertising, branding, direct marketing, graphic design, marketing, packaging, promotion, publicity, sponsorship, public relations, sales, sales (770) 772-3000 x 397 |
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