Printer Friendly

CITATION COMPUTER SYSTEMS, INC. ANNOUNCES FIRST QUARTER RESULTS

 ST. LOUIS, July 23 /PRNewswire/ -- CITATION Computer Systems, Inc. (NASDAQ: CITA) today announced results for the first quarter ended June 30.
 For the three-month period ended June 30, total revenue was $4.0 million. Net income totaled $130,000, or $.03 per share. These figures compared to $4.2 million in revenue, $466,000 in net income, or $0.17 per share, for first quarter ended June 30, 1992.
 Average shares outstanding were 3.7 million shares for the period ended June 30, vs. 2.7 million shares for the period ended June 30, 1992. The increased number of shares reflects the company's 910,000 share public offering of common stock in October 1992.
 "The first quarter decline in revenue and net income resulted directly from several system sales not closing as anticipated by quarter end," commented Ken Brown, CITATION's chief executive officer. The decline in EPS as compared to the prior quarter resulted from the reduced level of net income and the fact that the company issued 910,000 shares in its initial public offering in October 1992. All other areas of CITATION's business -- including add-on sales and customer service revenue continued to experience growth in the first quarter of fiscal 1994 comparable to that in the first quarter of fiscal 1993.
 Despite the delays in system sales and the revenue and earnings shortfall in the first quarter, CITATION continues to be positive about its prospects for fiscal 1994.
 In a separate release, CITATION announced an agreement in principal to acquire Rubicon Corporation, a Richardson, Texas-based laboratory information systems company with annual sales of $3.0 million in its fiscal year ended June 30. Additionally, CITATION announced an agreement with Ferranti International plc under which CITATION will take over the Ferranti Delphi Phoenix pathology computing business in the United Kingdom. Both of these investments are non-dilutive and are expected to be additive to earnings per share in fiscal 1994.
 In another recent development, CITATION and DuPont Diagnostics announced a strategic marketing alliance to sell chemistry analyzers and selected laboratory information systems as a single offering.
 CITATION Computer Systems, Inc., is a leading provider of networked microcomputer-based integrated information systems for health care institutions. It provides laboratory, financial/administrative, and patient care/nursing information systems for hospitals, group practices, reference laboratories, and nursing homes.
 CITATION Computer Systems, Inc.
 Consolidated Statement of Operations
 (In thousands except for per share data)
 3 mos. ended June 30 1993 1992
 Net sales:
 System sales $2,645 $3,065
 Service revenue 1,377 1,158
 Net sales 4,022 4,223
 Gross profit 2,096 2,488
 Operating expenses 1,963 1,736
 Operating income 133 752
 Income before taxes 213 766
 Provision for taxes 83 300
 Net income $ 130 $ 466
 Net income as a percentage of
 total net sales 3.2 pct. 10.9 pct.
 Earnings per share $ 0.03 $ 0.17
 Weighted average shares outstanding 3,723 2,729
 -0- 7/23/93
 /CONTACT: Rick Moore of CITATION Computer Systems, 314-428-2900/
 (CITA)


CO: CITATION Computer Systems, Inc. ST: Missouri IN: CPR SU: ERN

BR-BN -- AT012 -- 5291 07/23/93 16:27 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:Jul 23, 1993
Words:519
Previous Article:SPRING AIR MATTRESS CO.: VANNA WHITE AND SPRING AIR MATTRESS BENEFIT COMIC RELIEF AND SAN FRANCISCO HOMELESS
Next Article:CITATION ANNOUNCES ACQUISITION OF TWO LIS COMPANIES
Topics:


Related Articles
CITATION COMPUTER SYSTEMS INC. ANNOUNCES RECORD THIRD QUARTER
CITATION COMPUTER SYSTEMS, INC. ANNOUNCES FOURTH-QUARTER/YEAR-END RESULTS
CITATION COMPUTER SYSTEMS, INC. ANNOUNCES RECORD SECOND QUARTER REVENUES/INCREASED EARNINGS
CITATION COMPUTER SYSTEMS, INC. ANNOUNCES PRELIMINARY REVENUE ESTIMATES FOR THIRD QUARTER
CITATION Computer Systems Reports Fourth-Quarter, Full-Year Earnings
CITATION COMPUTER SYSTEMS REPORTS FIRST-QUARTER EARNINGS
CITATION COMPUTER SYSTEMS REPORTS NEAR-RECORD EARNINGS, REVENUES UP 21% FOR THIRD QUARTER
CITATION Computer Systems Reports Improved Second Quarter Revenues and Earnings.
CITATION Computer Systems Reports Improved First Quarter Results.
Citation Computer Systems Reports Second Quarter Results.

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