Printer Friendly

APPLIED RESEARCH CORPORATION REPORTS THIRD QUARTER RESULTS

 APPLIED RESEARCH CORPORATION REPORTS THIRD QUARTER RESULTS
 LANDOVER, Md., April 27 /PRNewswire/ -- Applied Research Corporation (PHLX: ARL.X) announced today its results for the third quarter and nine months ended Feb. 28, 1992.
 APPLIED RESEARCH CORPORATION)
 3 Months Ended 9 Months Ended
 Feb. 28, Feb. 28
 1992 1991 1992 1991
 (000's omitted) (000's omitted)
 Contract Revenue $1,778 $1,346 $4,732 $4,305
 Operating Income (Loss) 36 7 130 14
 Net Income (Loss) 26 (46) 68 (140)
 Net Income (Loss) per
 common share 0.005 (0.010) 0.014 (0.029)
 The company's revenues for the quarter ended Feb. 28, 1992, were $1,777,577 compared to revenues of $1,346,100 during the same quarter a year ago. The company posted net income of $26,289, or $0.005 per share, for the quarter ended Feb. 28, 1992, compared to a net loss of $45,785, or $0.010 per share, for the quarter ended Feb. 28, 1991. Improvement in the profitability of the company during the quarter is attributed to increased technical staffing, improved direct labor utilization, substantial material procurements on several contracts and the recovery of a portion of a previously written-off account receivable. The quarter ended Feb. 28, 1992, marks the company's fourth consecutive profitable quarter.
 The company's revenues for the nine months ended Feb. 28, 1992, were $4,732,238 representing an increase of $426,861, or 9.9 percent, over the nine months ended Feb. 28, 1991. The company recognized a net profit of $68,277, or $0.014 per share, for the nine months ended Feb. 28, 1991. During the first nine months of fiscal 1992, the company increased billable direct labor by $142,549, or 7 percent, over the nine months ended Feb. 28, 1991. Billable other direct costs increased $207,699, or 62 percent, over the same nine month period a year ago. In a predominantly cost plus fixed fee environment, increased billable direct costs of services produces increased contract revenue and a related increase in operating profit. Maximum use of the company's favorable line of credit (and minimal use of factor financing arrangements) contributed to the improved net profit through the period ended Feb. 28, 1992. During the nine months then ended, the company reduced interest costs by $66,220 over the same period of the previous fiscal year. The company is currently negotiating with its bank to renew and augment its line of credit coming due at the end of April. Success in this regard will facilitate the elimination of all factor financing arrangements.
 Applied Research Corporation is a high technology company specializing in research and development, technical support services and software development. The company's strengths are in the atmospheric sciences, space sciences, geophysics and computer related services.
 -0- 4/27/92
 /CONTACT: J. Andrew Moorer of Applied Research Corporation, 301-459-8442/
 (ARL) CO: Applied Research Corporation ST: Maryland IN: CPR SU: ERN


TW -- DC035 -- 3277 04/27/92 14:55 EDT
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:Apr 27, 1992
Words:493
Previous Article:New York Stock Exchange Closing, Thursday, May 7
Next Article:ELECTRICAL ASSOCIATION OF PHILADELPHIA TO PRESENT ITS THOMAS ALVA EDISON DISTINGUISHED CITIZEN'S AWARD TO PE CHAIRMAN AND CEO PAQUETTE


Related Articles
APPLIED RESEARCH CORPORATION ANNOUNCES EARNINGS
DIAGNON REPORTS THIRD QUARTER RESULTS
NEWPORT CORPORATION ANTICIPATES LOWER EARNINGS FOR 1995 THIRD QUARTER
APPLIED RESEARCH CORPORATION ANNOUNCES FIRST QUARTER EARNINGS/COST REDUCTIONS
Neurogen Reports Third Quarter Financial Results
Applied Microsystems Reports Q1 2000 Results in Line With Previously Announced Expectations.
Applied Microsystems Reports Second Quarter Results In Line With Previously Announced Expectations.
Applied Micro Circuits Corporation Announces Third Quarter Fiscal 2005 Financial Results.
Applied Micro Circuits Corporation Announces Third Quarter Fiscal 2004 Financial Results.
Applied Micro Circuits Corporation Announces Third Quarter Fiscal 2006 Financial Results.

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