CYCARE SYSTEMS REPORTS 1992 FIRST QUARTER NET INCOME
CYCARE SYSTEMS REPORTS 1992 FIRST QUARTER NET INCOME SCOTTSDALE, Ariz., April 16 /PRNewswire/ -- CyCare Systems Inc.
(NYSE: CYS) today reported net income of $327,000 or $.06 per share on revenues of $19.3 million. Last year first quarter net income was $432,000 or $.08 per share on revenues of $18.9 million.
The company also reported a significant improvement in system sales with a 42 percent increase over first quarter last year. On the expense side, research and development costs decreased from $1.3 million in 1991 to $691,000 in 1992 as a result of becoming more cost efficient through consolidation and improved focus on its core business. The company is now spending less and producing more. During the first quarter, the company took steps to further reduce its cost structure. Cost of services, research and development, and selling and administrative expenses have decreased approximately $500,000 since the fourth quarter of 1991. Further cost reduction should be achieved with the consolidation of its Woodland Hills, Calif., data center which was completed at the end of the first quarter. Jim Houtz, CyCare chairman and chief executive officer, states, "Although our results do not show a noted improvement over first quarter last year, it is a dramatic improvement over the last six months of 1991." CyCare is one of the nation's leading providers of computerized information processing systems and services to the healthcare industry with more than 4,800 clients, including medical group practices, physician and dental practices and hospital-based physicians. Headquartered in Scottsdale, the company's sales and service centers are located in Atlanta; Chicago; Dallas; Detroit; Dubuque, Iowa; Houston; Long Island, N.Y.; Minneapolis; Portland, Ore.; San Antonio; San Diego; and Woodland Hills. CYCARE SYSTEMS INC. Consolidated Results of Operations Periods Ended March 31, 1992 and 1991 (In thousands except per share data) First quarter Three months 1992 1991 Revenues: Services $16,478 $17,017 Systems 2,576 1,807 Interest and dividends 58 55 Other income 189 44 Total 19,301 18,923 Cost and expenses: Services 9,416 9,011 Systems 1,733 1,032 Software product amortization 639 537 Research and development 691 1,336 Selling and administrative 5,991 5,907 Interest 268 419 Total 18,738 18,242 Income before taxes 563 681 Income taxes 236 249 Net income $327 $432 Earnings per share $.06 $.08 Weighted average shares outstanding 5,661 5,603 -0- 4/16/92 /CONTACT: Mark Schonau, CFO, 602-596-4374, or Kathy Schauer, 602-596-4370, both of CyCare Systems/ (CYS) CO: CyCare Systems Inc. ST: Arizona IN: HEA CPR SU: ERN
DM-JL -- LA013 -- 9097 04/16/92 09:00 EDT
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|Date:||Apr 16, 1992|
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