Printer Friendly

SCT ANNOUNCES FISCAL 1992 FIRST QUARTER RESULTS

 SCT ANNOUNCES FISCAL 1992 FIRST QUARTER RESULTS
 MALVERN, Pa., Jan. 16 /PRNewswire/ -- Systems & Computer Technology Corp. (SCT) (NASDAQ: SCTC), an applications software and computer services company, today announced its unaudited financial results for the first quarter of fiscal 1992, which ended Dec. 31, 1991.
 Revenue for the quarter increased 50 percent to $19,777,000, compared to $13,153,000 for the first quarter of fiscal 1991 and net income rose by 224 percent to $1,219,000. Income before taxes and extraordinary item grew 343 percent to $1,905,000, compared with $430,000 for the first quarter of fiscal 1991.
 During the quarter, the company adopted the Statement of Position, Software Revenue Recognition, issued by the American Institute of Certified Public Accountants. In the prior year quarter ended March 31, 1991, in anticipation of this statement, the company changed its accounting method of recognizing software license fee revenue retroactive to Oct. 1, 1990. As a result, the company reported a cumulative effect charge of $5,085,000 in its financial statements. In accordance with the provisions of this Statement of Position, the previously reported cumulative effect amount has been applied retroactively to financial statements prior to 1991.
 Earnings per share in the first quarter, before utilization of net operating loss carryforwards, were $.09, and net income per share was $.10. For the same quarter last year, earnings per share before utilization of net operating loss carryforwards, were $.02, and net income per share was $.03.
 The revenue and earnings improvements for the first quarter resulted from SCT's growth in both OnSite computer management services and BANNER(R) applications software areas. The company's backlog of business under contract at the end of the first quarter was in excess of $126 million, compared with $82 million a year ago. During the quarter, SCT signed over $23 million in new business and contract renewals including an agreement with Norwich University, Northfield, VT., for total OnSite services. Combining BANNER software and computing management services, including a "downsized" data center, allows SCT to deliver a total business solution to our clients. "Despite the economic climate, we continue to be encouraged by the response from our traditional markets to our products and services," said Michael J. Emmi, chairman and chief executive officer. "The growing trend in both higher education and government toward outsourcing and downsizing of operations to reduce costs and increase efficiency, parallels our software and OnSite services strategies."
 Also during the quarter SCT released IntelliQuest(TM), a natural language query system, that runs in conjunction with BANNER and allows users to query databases in plain English language.
 SCT is a leading provider of applications software and computing management services for educational institutions and government jurisdictions nationwide. The company is headquartered at 4 Country View Road, Malvern, Pa.
 SYSTEMS & COMPUTER TECHNOLOGY CORPORATION AND SUBSIDIARIES
 CONSOLIDATED RESULTS OF OPERATIONS
 (In thousands, except per share amounts)
 Three months ended Dec. 31 1991 1990
 Revenues:
 OnSite services $9,729 $7,335
 Software and hardware sales
 and services 9,648 5,392
 Interest and other revenue 400 426
 Total Revenues 19,777 13,153
 Expenses:
 Cost of OnSite services 7,685 6,103
 Cost of software and hardware
 sales and services 4,934 3,527
 Selling, general and admin. 5,215 3,042
 Interest expense 38 51
 Total Expenses 17,872 12,723
 Income before income taxes and
 extraordinary item 1,905 430
 Provision for federal and state
 income taxes 800 181
 Income before extraordinary item 1,105 249
 Extraordinary Item:
 Utilization of net operating loss
 carryforwards 114 127
 Net income $1,219 $376
 Earnings per common share before
 extraordinary item $0.09 $0.02
 Net income per common share $0.10 $0.03
 Avg. equivalent shares outstanding 12,692 11,824
 CONSOLIDATED BALANCE SHEETS
 Dec. 31, Sept. 30,
 1991 1991
 Cash & marketable securities $13,042 $13,844
 Receivables 19,992 17,033
 Prepaid expenses 1,866 2,373
 Property & equipment 8,212 8,352
 Capitalized software 2,556 2,612
 Cost in excess of fair value of
 net assets acquired 3,415 3,452
 Other assets & deferred charges 4,015 3,659
 TOTAL ASSETS $53,098 $51,325
 Current liabilities $7,762 $7,401
 Long-term debt 2,224 2,260
 Shareholders' equity 43,112 41,664
 TOTAL LIABILITIES & EQUITY $53,098 $51,325
 /delval/
 -0- 1/16/92
 /CONTACT: Eric Haskell, senior vice president, Finance & Administration, 215-640-5175/
 (SCTC) CO: Systems & Computer Technology Corp. ST: Pennsylvania IN: CPR SU: ERN


MP -- PH008 -- 0380 01/16/92 09:45 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 16, 1992
Words:752
Previous Article:FARRAGUT MORTGAGE CO. ANNOUNCES SPECIAL MEETING TO APPROVE REVERSE STOCK SPLIT
Next Article:IMCO RECYCLING COMPLETES ACQUISITION OF INTERAMERICAN ZINC
Topics:


Related Articles
SCT ANNOUNCES FISCAL 1992 THIRD QUARTER RESULTS, ONE-TIME WRITE-OFF OF PURCHASED R&D
SCT ANNOUNCES 4TH QUARTER AND FY92 RESULTS; CAPS YEAR WITH MULTI-MILLION DOLLAR CONTRACT
SCT ANNOUNCES FISCAL 1993 FIRST QUARTER RESULTS
SCT ANNOUNCES FISCAL 1993 THIRD QUARTER RESULTS; POSTS RECORD OPERATING RESULTS
SCT ANNOUNCES FISCAL 1994 FIRST QUARTER RESULTS
SCT ANNOUNCES FISCAL 1994 SECOND QUARTER RESULTS
SCT ANNOUNCES FISCAL 1995 FIRST QUARTER RESULTS; SETS FIRST QUARTER RECORDS
SCT ANNOUNCES FISCAL 1995 FIRST QUARTER RESULTS; SETS FIRST QUARTER RECORDS
SCT ANNOUNCES RECORD EARNINGS BEFORE ONE-TIME PURCHASED R&D CHARGE OF $8.7 MILLION FOR FISCAL 1995 THIRD QUARTER
SCT ANNOUNCES FINANCIAL RESULTS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF FISCAL 1996

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters