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CONVERGENT SOLUTIONS, INC. ANNOUNCES SALES AND EARNINGS FOR FISCAL YEAR ENDED SEPT. 30, 1993

 LAURENCE HARBOR, N.J., Dec. 10 /PRNewswire/ -- Convergent Solutions, Inc. (NASDAQ-NMS: CSOL), a company primarily engaged in developing and marketing software products and services, reported that revenues of the Company for the year ended Sept. 30, 1993 were $8,088,802 as compared with revenues of $9,017,828 for the year ended Sept. 30, 1992. The Company had net income of $467,711 ($.09 a share) for the year ended Sept. 30, 1993 as compared with a net loss of $3,434,616 ($.66 a share) for the year ended Sept. 30, 1992. The net loss in fiscal 1992 was attributable primarily to non-recurring restructuring charges of approximately $4,900,000.
 Revenues of the Company for the fourth quarter of fiscal 1993 were $2,113,000 compared with revenues of $2,331,000 for the fourth quarter of fiscal 1992. The Company had net income of $198,000 ($.04 a share) for the fourth quarter of fiscal 1993 as compared with a net loss of $3,901,000 ($.75 a share) for the fourth quarter of fiscal 1992.
 CONVERGENT SOLUTIONS, INC,
 Condensed Earnings Summary
 (Unaudited)
 September 30 Year Ended Quarter Ended
 1993 1992 1993 1992
 Revenues $8,088,802 $9,017,828 $2,113,000 $2,331,000
 Expenses 7,611,365 13,465,550 1,945,000 7,457,000
 Income (loss)before 477,437 (4,447,722) 168,000 (5,126,000)
 income taxes
 Income tax provision 9,726 (1,013,106) (30,000)(A) (1,225,000)
 (benefit)
 Net income(loss) $467,711 ($3,434,616) $198,000 ($3,901,000)
 Earnings (loss) per
 common and common $.09 ($.66) $.04 ($.75)
 equivalent share
 Weighted average common
 and common equivalent
 shares outstanding 5,149,589 5,188,298 5,149,589 5,188,298
 (A) The tax provision for the third quarter of 1993 has been restated to recognize the utilization of capital loss carryforwards.
 -0- 12/10/93
 /CONTACT: Vincent Galano, Chairman of the Board and President of Convergent Solutions, 908-290-0090/
 (CSOL)


CO: Convergent Solutions, Inc. ST: New Jersey IN: CPR SU: ERN

TW-PS -- NY017 -- 2554 12/10/93 10:45 EST
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Publication:PR Newswire
Date:Dec 10, 1993
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