BRITE VOICE SYSTEMS REPORTS THIRD QUARTER RESULTS
BRITE VOICE SYSTEMS REPORTS THIRD QUARTER RESULTS WICHITA, Kan., Oct. 23 /PRNewswire/ -- Brite Voice Systems Inc.
(NASDAQ: BVSI) reported a loss of $399,000, or 10 cents per share for the third quarter of 1992, compared to income of $330,000, or 8 cents per share, for the like quarter in 1991. Revenues for the quarter ended Sept. 30, were $4,111,000 compared to $4,689,000 during the like period last year. The loss from operations was $732,000 compared to operating income of $295,000 in the prior year.
Revenues for the nine months ended Sept. 30 were $12,953,000 compared to $13,885,000 during 1991. The company incurred a loss from operations of $2,386,000 compared to operating income of $1,124,000, and a net loss of $1,521,000, or 37 cents per share, compared to net income of $1,176,000, or 29 cents per share, during the like period of 1991. The nine month results include a restructuring charge of $800,000, representing a reserve for severance costs, the settlement of certain consulting contracts and the write-down of certain assets to net realizable value. Stan Brannan, president and chief executive officer stated, "While results improved somewhat from our second quarter, we remain disappointed with our overall sales levels. Our financial results this quarter continue to reflect the lack of large orders. In July, we reorganized our sales and marketing departments to concentrate on the areas that hold the most promise. We continue to emphasize the managed services side of our business and I am pleased that service revenues for the third quarter reached record levels. We recently announced that we have obtained an exclusive license to market several new patented voice response features to media companies. Although our sales efforts are just beginning, we believe these new products will enhance our reputation as a premier provider of voice response technology to the media." BRITE VOICE SYSTEMS INC. Summary Financial Information (in thousands) Three Months Ended Nine Months Ended Sept. 30, Sept. 30, 1992 1991 1992 1991 Revenues $4,111 $4,689 $12,953 $13,885 Operating income (732) 295 (2,386) 1,124 Net income (399) 330 (1,521) 1,176 Income per share (.10) .08 (.37) .29 Weighted average shares outstanding 4,100 4,135 4,121 4,125 -0- 10/23/92 /CONTACT: Glenn Etherington of Brite Voice Systems, 316-652-6500/ (BVSI) CO: Brite Voice Systems Inc. ST: Kansas IN: CPR SU: ERN
BB -- DV002 -- 3994 10/23/92 08:37 EDT
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|Date:||Oct 23, 1992|
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