Printer Friendly

DELPHI REPORTS THIRD QUARTER RESULTS

 DELPHI REPORTS THIRD QUARTER RESULTS
 WESTLAKE VILLAGE, Calif., Feb. 4 /PRNewswire/ -- Delphi


Information Systems Inc. (NASDAQ: DLPH) reported that revenues increased 105 percent in its third quarter ended Dec. 31, 1991, over the same quarter the prior year. Revenues were $12.3 million for the third quarter, compared to revenues of $6.0 million for the quarter ended Dec. 31, 1990. Delphi's January 1991 acquisition of McCracken Computer Inc. and Dec. 16, 1991 acquisition of Redshaw Inc. accounted for the increase in revenues for the quarter.
 Delphi reported net income for the third quarter ended Dec. 31, 1991, of $33,000 or $.01 per share, compared to net income of $145,000 or $.03 per share for the same quarter the prior year. The third quarter 1991 net income showed improvement over the second quarter 1991 net loss of ($119,000) as a result of cost savings programs which have been implemented to reduce redundant expenses related to the McCracken acquisition. Comparisons of net income to the prior year are adversely affected by the amortization of goodwill related to the acquisitions of McCracken and Redshaw which totaled $281,000 in the current quarter. Further, the weak U.S. economy, combined with a soft property and casualty insurance premium market, continue to adversely effect profitability.
 Richard Janssen, chairman of the board of Delphi, stated, "Our acquisition of Redshaw during this quarter further strengthens our position as the leading supplier in our market as our customers represent close to 50 percent of the terminals and workstations installed in independent property and casualty insurance agencies and brokerages. We believe this valuable customer base will provide for significant revenues in the future."
 David J. Torrence, Delphi's recently appointed president and chief executive officer, stated, "Delphi is well positioned to take advantage of its growth and profit opportunities and should see continued profit growth in our next fiscal year." Torrence joined Delphi in December and was formerly a senior executive of Automatic Data Processing (ADP) where during his tenure as a corporate vice president and president of ADP's Dealer Service Division, he was responsible for its rapid and profitable growth from $30 million to more than $160 million in revenues. Additionally, he managed the majority of ADP's Regional Payroll Processing Centers in the United States and Canada.
 Revenues for the first nine months of fiscal 1992 were $30.5 million or 72 percent higher than the first nine months of the prior fiscal year substantially as a result of the acquisition of McCracken and Redshaw. The loss for the first nine months of fiscal 1992 of ($745,000) or ($.13) per share, compared to net income of $1,308,000 or $.30 per share the first nine months of fiscal 1991 is attributed to the weak economic conditions noted above and the amortization of goodwill related to the McCracken and Redshaw acquisitions of $819,000. The goodwill amortization has not yet been fully offset by cost savings programs that have been implemented to reduce redundant costs as a result of the mergers. Furthermore, revenues and income in the prior year's first nine months ended Dec. 31, 1990 benefited significantly from a change in accounting methods during the company's fiscal year ended March 31, 1990, which increased revenues and correspondingly net income in the prior year's first quarter.
 Headquartered in Westlake Village, Delphi is the leading vendor of automation systems and services for independent property and casualty insurance agencies and brokers in North America. The company develops, markets and supports computer applications software systems which automate independent agencies and brokers encompassing the areas of sales management, policy and claims administration, accounting, financial reporting and electronic interface with the computers of insurance carriers. The company also markets and supports the hardware necessary to operate its proprietary software systems.
 DELPHI INFORMATION SYSTEMS INC.
 Third Quarter and Nine-Month Financial Highlights
 (In thousands, except per share data)
 (Unaudited)
 Three months ended
 Dec. 31,
 1991 1990
 Revenues $12,278 $6,001
 Costs and expenses 11,850 5,829
 Amortization of goodwill and
 non-compete agreements 281 ---
 Operating income (loss) 147 172
 Interest expense, net 90 12
 Income (loss) before taxes 57 160
 Income tax (benefit) provision 24 15
 Net income (loss) $33 $145
 Income (loss) per common share:
 Net income (loss) $.01 $.03
 Shares used in computing
 per share data 6,408 4,416
 Nine months ended
 Dec. 31,
 1991 1990
 Revenues $30,499 $17,723
 Costs and expenses 30,273 16,242
 Amortization of goodwill and
 non-compete agreements 819 ---
 Operating income (loss) (593) 1,481
 Interest expense, net 267 34
 Income (loss) before taxes (860) 1,447
 Income tax (benefit) provision (115) 139
 Net income (loss) ($745) $1,308
 Income (loss) per common share:
 Net income (loss) ($.13) $.30
 Shares used in computing
 per share data 5,808 4,438
 -0- 2/4/92
 /CONTACT: Terance A. Kinninger, VP and CFO of Delphi Information Systems Inc., 818-706-8989/
 (DLPH) CO: Delphi Information Systems Inc. ST: California IN: CPR SU: ERN


JL-SD -- LA018 -- 6824 02/04/92 15:40 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 4, 1992
Words:837
Previous Article:EVERLAST FILTRATION ANNOUNCES AGREEMENT WITH BRANSON HILLS ASSOCIATES
Next Article:HYUNDAI REPORTS JANUARY SALES
Topics:


Related Articles
DELPHI REPORTS THIRD QUARTER RESULTS
DELPHI REPORTS FOURTH QUARTER RESULTS
DELPHI REPORTS FIRST QUARTER RESULTS
DELPHI REPORTS SECOND QUARTER RESULTS
DELPHI REPORTS THIRD QUARTER RESULTS
DELPHI REPORTS FOURTH QUARTER RESULTS, RESTATES THIRD QUARTER
DELPHI REPORTS NET LOSS FOR SECOND QUARTER; REVISES OUTLOOK FOR THIRD QUARTER
DELPHI REPORTS THIRD QUARTER RESULTS
Delphi Reports Second Consecutive Profitable Quarter
Delphi Reports Profitable First Quarter And Revenue Growth

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