Printer Friendly

COSTAR CORPORATION ANNOUNCES RESULTS FOR 1992

 CAMBRIDGE, Mass., Feb. 23 /PRNewswire/ -- Costar Corporation (NASDAQ: CSTR), today announced its results for the fourth quarter and year ended Dec. 31, 1992.
 Sales and profits increased significantly in 1992. Net sales for the year increased 19.3 percent to $74,914,000 from $62,782,000 in 1991. Net earnings in 1992 increased 27.8 percent to $6,126,000 or 85 cents per share from $4,792,000 or 67 cents per share in 1991.
 Net sales for the fourth quarter of 1992 increased 10.4 percent to $17,820,000 from $16,148,000 for the fourth quarter of 1991. Net earnings for the fourth quarter of 1992 increased 21.1 percent to $1,250,000 or 17 cents per share from $1,032,000 or 14 cents per share for the fourth quarter of 1991. Earnings before taxes for the fourth quarter of 1992 increased 36.7 percent to $2,199,000 from $1,609,000 for the fourth quarter of 1991. Taxes for the fourth quarter of 1992 include a year to date adjustment of approximately $131,000 due primarily to the lapse of the federal research and development tax credit on July 1, 1992.
 As previously announced, certain parties failed to pay debt now totaling approximately $3,600,000 due to the company on Oct. 31, 1992. The unpaid debt primarily consists of remaining balances under promissory notes received by the company in connection with the disposition of its former OEM products business segment. The company has obtained a court judgment against the guarantors of the debt and holds various collateral to secure the debt. The company and the guarantors are discussing arrangements for the payment of the debt; however no payment schedule has been established. Although the company expects that it will ultimately receive the amount due under these notes, it is not certain of the timing of the required payments and has therefore continued to classify the amounts due as long term assets on its consolidated balance sheet.
 COSTAR CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF EARNINGS
 (Unaudited)
 For three months ended For twelve months ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Net Sales $17,820,000 $16,148,000 $74,914,000 $62,782,000
 Operating
 income 2,328,000 1,756,000 10,292,000 8,419,000
 Other income
 -expense)- net( 129,000) ( 170,000) ( 548,000) (1,129,000)
 Equity in earnings
 of affiliates --- 23,000 15,000 104,000
 Earnings before
 income taxes 2,199,000 1,609,000 9,759,000 7,394,000
 Income taxes 949,000 577,000 3,633,000 2,602,000
 Net earnings 1,250,000 1,032,000 6,126,000(a)4,792,000(b)
 Earnings per
 common and
 common equiv.
 share:
 Net earnings 17 cents 14 cents 85 cents 67 cents
 Common and
 common equiv.
 shares
 outstanding 7,205,234 7,200,050 7,212,829 7,166,331 Note(a): Includes a net gain of $82,000 for sale of the company's shares of Southern Biotechnology Associates, Inc., favorable settlement of patent infringement claim offset by expenses of the secondary public offering. Note(b) Includes a net charge of $243,000 for settlement of litigation offset by the gain of the sale of the company's shares of Data Packaging, Ltd.
 -0- 2/23/93
 /CONTACT: Francis H. Murphy, vice president- finance, 617-868-6200, of Costar Corporation/


CO: Costar Corporation ST: Massachusetts IN: SU: ERN

SJ -- NE007 -- 9388 02/23/93 11:51 EST
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:Feb 23, 1993
Words:590
Previous Article:STATESWEST ANNOUNCES FIRST QUARTER RESULTS
Next Article:WINDMERE CORPORATION REPORTS FOURTH QUARTER AND 1992 RESULTS
Topics:


Related Articles
COSTAR CORPORATION ANNOUNCES RESULTS FOR THE THIRD QUARTER 1992
COSTAR CORPORATION REPORTS DEFAULTS UNDER NOTES RECEIVABLE
COSTAR CORPORATION ANNOUNCES RESULTS FOR FIRST QUARTER 1993
CORNING INCORPORATED TO ACQUIRE COSTAR CORPORATION
CORNING INCORPORATED AND COSTAR CORPORATION SIGN DEFINITIVE AGREEMENT TO MERGE
COSTAR CORPORATION ANNOUNCES RESULTS FOR SECOND QUARTER 1993
EXCHANGE RATIO ESTABLISHED IN CORNING, COSTAR MERGER
CORNING COMPLETES MERGER WITH COSTAR CORPORATION
CoStar Group Enters Agreement to Acquire ARES Development Group.
Costar Enhances Online Commercial Property Database With iPIX Visual Content.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters