Printer Friendly

SUNGARD DATA SYSTEMS INC. ANNOUNCES THIRD QUARTER 1993 RESULTS

 WAYNE, Pa., Oct. 21 /PRNewswire/ -- SunGard Data Systems Inc. (NASDAQ-NMS: SNDT) announced today that net income for the quarter ended Sept. 30, 1993, was $9,332,000, an increase of 40.9 percent over net income of $6,623,000 for the third quarter of 1992.
 Fully diluted earnings per share for the quarter were $.49, up 22.5 percent over the $.40 recorded for the third quarter of 1992.
 For the first nine months of 1993, net income was $27,861,000, an increase of 49.5 percent over net income of $18,639,000 for the same period of 1992. Fully diluted earnings per share increased 35.1 percent to $1.54 from $1.14 in 1992. As previously announced, 1993 results included a first-quarter, after-tax gain of $3,371,000, or $0.18 per fully diluted share, from the sale of the Company's automotive dealership systems product line. Without the gain, net income for the nine months would have been $24,490,000, a 31.4 percent increase over net income for the comparable period last year. Fully diluted earnings per share would have been $1.36, a 19.3 percent increase over the $1.14 recorded in 1992.
 Revenues for the third quarter of 1993 were $94,031,000, an increase of 13.9 percent over 1992 third quarter revenues of $82,534,000. Nine-month revenues were $276,198,000, up 18.9 percent over revenues for the same period in 1992 of $232,229,000.
 James L. Mann, chairman and chief executive officer, stated, "Third quarter earnings were in line with our overall expectations. Margins in our disaster recovery business continued to exhibit strength due primarily to the deferral of equipment commitments coupled with strong revenue growth. In addition, disaster recovery acquisitions also contributed to this margin improvement. Lower than anticipated software license sales in our derivatives product line, and lower margins of acquired companies, reduced results in our investment support systems business during the quarter. As previously announced, our outlook for fully diluted earnings per share continues to be in the range of $1.86 to $1.91, excluding the gain on the product line sale." This outlook, which may change, is based upon management's current assessment of both internal and external factors.
 SunGard's business is computer service and application software. The Company is the only large specialized provider of proprietary investment support systems and is the pioneer and a leading provider of comprehensive computer disaster recovery services. Its common stock is reported on the NASDAQ National Market System and the London Stock Exchange under the symbol SNDT.
 SunGard Data Systems Inc.
 Consolidated Statements of Income
 (In thousands, except per share amounts)
 (Unaudited)
 Periods ended Nine Months Three Months
 Sept. 30 1993 1992 1993 1992
 Revenues $276,198 $232,229 $94,031 $82,534
 Costs and expenses:
 Cost of sales and direct
 operating 126,744 109,685 42,265 38,927
 Sales, marketing and
 administration 55,334 47,331 18,677 16,808
 Product development 25,466 16,083 8,398 6,003
 Depreciation of property and
 equipment 14,590 12,174 5,178 4,317
 Amortization of intangible
 assets 11,572 10,311 4,212 3,483
 Total 233,706 195,584 78,730 69,538
 Income from operations 42,492 36,645 15,301 12,996
 Gain on sale of product line 4,071 --- --- ---
 Interest income 2,201 2,260 696 721
 Interest expense (3,184) (5,916) (178) (1,995)
 Income before income taxes 45,580 32,989 15,819 11,722
 Income taxes 17,719 14,350 6,487 5,099
 Net income $ 27,861 $ 18,639 $ 9,332 $ 6,623
 Net income per common share:
 Primary $ 1.59 $ 1.19 $ 0.49 $ 0.42
 Fully diluted $ 1.54 $ 1.14 $ 0.49 $ 0.40
 Shares used to compute net income per common share:
 Primary 17,529 15,623 19,171 15,706
 Fully diluted 19,145 18,969 19,187 19,036
 SunGard Data Systems Inc.
 Supplemental Income Statement Information
 (In thousands)
 Unaudited
 Periods ended Nine Months Three Months
 Sept. 30 1993 1992 1993 1992
 Revenues:
 Investment support systems $176,674 $137,701 $ 58,987 $ 49,815
 Disaster recovery services 81,206 70,013 28,878 23,964
 Computer services and other 18,318 24,515 6,166 8,755
 Total $276,198 $232,229 $ 94,031 $ 82,534
 Income from operations:
 Investment support systems $ 28,035 $ 29,032 $ 8,595 $ 9,856
 Disaster recovery services 17,673 10,002 7,278 3,639
 Computer services and other 1,985 2,143 978 916
 Corporate administration (5,201) (4,532) (1,550) (1,415)
 Total $ 42,492 $ 36,645 $ 15,301 $ 12,996
 Operating margin (percent):
 Investment support systems 15.9 21.1 14.6 19.8
 Disaster recovery services 21.8 14.3 25.2 15.2
 Computer services and other 10.8 8.7 15.9 10.5
 Total 15.4 15.8 16.3 15.7
 SunGard Data Systems Inc.
 Consolidated Condensed Balance Sheets
 (In thousands)
 Periods ended Sept. 30, 1993 Dec. 31, 1992
 (Unaudited)
 Assets:
 Current:
 Cash, equivalents and short-term
 investments $ 77,109 $ 83,409
 Accounts receivable, net 73,507 68,149
 Prepaid expenses and other current
 assets 12,944 12,970
 Deferred income taxes 5,316 6,327
 Total current assets 168,876 170,855
 Property and equipment, net 74,822 59,577
 Software products, net 27,464 27,452
 Goodwill and other intangible assets, net 118,426 107,696
 Total $ 389,588 $ 365,580
 Liabilities and Stockholders' Equity:
 Current:
 Current portion of long-term debt $ 3,283 $ 3,147
 Accounts payable and accrued expenses 32,585 35,207
 Accrued income taxes 3,980 6,017
 Deferred revenues 35,118 33,369
 Total current liabilities 74,966 77,740
 Long-term debt 2,405 86,643
 Deferred income taxes 5,987 11,298
 Stockholders' equity 306,230 189,899
 Total $ 389,588 $ 365,580
 /delval/
 -0- 10/21/93
 CONTACT: David D. Gathman, 215-341-8709, or Nancy R. Kyle, 215-341-8171, of SunGard Data Systems/


CO: SunGard Data Systems Inc. ST: Pennsylvania IN: CPR SU: ERN

JM-MJ -- PH046 -- 2156 10/21/93 17:58 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 21, 1993
Words:1027
Previous Article:LIBERTY TECHNOLOGIES, INC. REPORTS 1993 THIRD QUARTER FINANCIAL RESULTS
Next Article:WEST ONE BANCORP DECLARES 16-PERCENT INCREASE IN QUARTERLY DIVIDEND
Topics:

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