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 CORAL GABLES, Fla., Dec. 30 /PRNewswire/ -- Equitrac Corporation (NASDAQ: ETRC) today reported revenues of $7,307,000 for its third quarter ended Nov. 30, 1993. Revenues for the same quarter last fiscal year were $7,304,000. Net income for the third quarter of the current fiscal year was $214,000 ($.06 per share on 3,786,000 common shares) compared to $716,000 ($.19 per share on 3,790,000 common shares) for the same quarter in the previous fiscal year.
 Revenues for the nine months ended Nov. 30, 1993 increased 10 percent to $21,979,000 from $20,011,000 in the first nine months of the previous fiscal year. Net income for the nine months ended Nov. 30, 1993 was $1,303,000 ($.35 per share on 3,774,000 common shares) compared to $1,871,000 ($.55 per share on 3,403,000 common shares).
 George Wilson, president and chief executive officer said, "Our core professional market revenues remained consistent with the comparative quarter of the previous fiscal year. Domestic revenues increased at a moderate level; however, this increase was offset by weaker international sales due to the sluggish European economy."
 Wilson indicated that the decrease in net income was partially attributable to the start up costs associated with the Commercial Market Sales Division, which was formed at the beginning of the third quarter and incurred $330,000 of expenses during the quarter. Wilson indicated that the company's investment in the Commercial Market Sales Division is expected to yield positive results beginning in the first quarter of next fiscal year.
 Equitrac Corporation is the leading provider of computer system solutions to law firms and other professional service firms for automated cost recovery and expense management of office equipment. Equitrac designs, develops, manufactures, markets and supports a fully integrated computer hardware and software communications network designed to automatically track, record and report usage of such items as photocopy machines, facsimile machines, laser printers, work processing terminals, telephones and postage meters. The company's systems allow users to bill incurred costs, maximize office equipment efficiency and contain overhead costs.
 Financial Highlights
 (in thousands, except earnings per share)
 Three Months Ended Nine Months Ended
 Nov. 30, Nov. 30,
 1993 1992 1993 1992
 System rental and
 maintenance 4,368 3,627 12,716 10,569
 System sales 2,455 3,223 7,966 8,154
 Installation and
 other 484 454 1,297 1,288
 Total revenues 7,307 7,304 21,979 20,011
 Cost of revenues 2,524 2,462 7,439 6,693
 Research and
 development 347 333 1,475 1,023
 Selling, general and
 administrative 4,165 3,401 11,191 9,418
 Total expenses 7,036 6,196 20,105 17,134
 Operating income 271 1,108 1,874 2,877
 Interest income
 (expense), net 62 47 158 76
 Income before
 income taxes 333 1,155 2,032 2,953
 Income taxes 119 439 729 1,082
 Net income 214 716 1,303 1,871
 Earnings per
 share $0.06 $0.19 $0.35 $0.55
 Weighted average
 common shares
 outstanding 3,786 3,790 3,774 3,403
 -0- 12/20/93
 /CONTACT: Scott J. Modist, chief financial officer of Equitrac Corporation, 305-442-2060/

CO: Equitrac Corporation ST: Florida IN: CPR SU: ERN

JB-SS -- FL004 -- 8061 12/30/93 12:32 EST
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Publication:PR Newswire
Date:Dec 30, 1993

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