Printer Friendly

INFORMATION AMERICA REPORTS FIRST QUARTER RESULTS

 ATLANTA, April 20 /PRNewswire/ -- Information America, Inc. (NASDAQ: INFO) reported today that revenue, including Hylind infoQuest, for the first quarter ended March 31, increased 18 percent to $5,561,000, compared with $4,722,000 for the same period last year.
 Net earnings from operations (before a restructuring charge) were $0.03 per share. On March 30, the company had announced that it would take a one-time restructuring charge during the first quarter and that it expected to report net earnings from operations (before the restructuring charge) of $.03-$.04 per share. The restructuring is anticipated to result in quarterly savings of $225,000 for the balance of fiscal 1993. Fully taxed net income for the quarter, before changes in accounting principles, was $18,000, or $.00 per share, compared with $264,000, or $.05 per share, for the first quarter of 1992. During the first quarter, the company changed its method of accounting for income taxes in accordance with SFAS No. 109 and recognized a benefit of $400,000, or $.08 per share, which is reflected as a change in accounting principles.
 "Hylind infoQuest, which we acquired in February 1993, has met the company's financial projections, and management is very pleased with its ongoing performance," stated Mary A. Madden, president of Information America. "The company has already begun to notice the benefit of the cross-selling program initiated by the sales force which offers Information America products and services to Hylind infoQuest customers," said Madden.
 During the first period, Hylind only had a seven-week contribution to quarterly revenue, but the second quarter will receive the full impact of the revenue generated by Hylind.
 Commenting on the previously announced corporate restructuring, Madden said: "The restructuring in the first quarter will result in significant quarterly savings without affecting the company's ability to produce or sell its products. We continue to look to areas outside of the law market for revenue growth and we are optimistic that purchase orders already received this quarter will positively influence second quarter revenues."
 Information America provides attorneys, other legal professionals, banks, government entities and private investigative firms with online information designed to satisfy needs arising from commercial transactions and business litigation. The company's information products and services are used to search for background data about businesses, determine the existence of liens on real estate, locate assets of all kinds, obtain government records and resolve many other transaction-related issues. The company serves 97 of the 100 largest law firms in the United States.
 INFORMATION AMERICA
 Unaudited Financial Highlights
 (in thousands, except per share amounts)
 3 mos. ended March 31 1993 1992
 Revenues $ 5,561 $ 4,722
 Income from operations(a) (57) 517
 Income before income taxes, change in
 accounting principle and extraord. item 28 436
 Income before change in accounting
 principle and extraord. item 18 264
 Income before extraord. item 418 264
 Net income $ 418 $ 427
 Net income per common share:
 Income before change in accounting
 principle and extraord. item $0.00 $0.05
 Income before extraord. item 0.08 0.05
 Net income per share $0.08 $0.08
 Weighted average shares outstanding 5,240 5,450
 (a) Income before interest expense, taxes, change in accounting principle and extraordinary item.
 -0- 4/20/93
 /CONTACT: Mary A. Madden, president of Information America, 404-892-1800, or Janice J. Kuntz of A. Brown-Olmstead Associates, 404-659-0919, for Information America/
 (INFO)


CO: Information America, Inc. ST: Georgia IN: CPR SU: ERN

BN-AW -- AT003 -- 7780 04/20/93 08:22 EDT
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:Apr 20, 1993
Words:578
Previous Article:TREADCO ANNOUNCES FIRST QUARTER 1993 OPERATING RESULTS
Next Article:GEORGIA GULF REPORTS FIRST QUARTER EPS OF $0.24
Topics:


Related Articles
INFORMATION AMERICA REPORTS THIRD QUARTER LOSS DUE TO TERMINATION OF PARAMOUNT TRANSACTION
EQUIFAX POSTS 37 PERCENT INCREASE IN FIRST QUARTER EARNINGS PER SHARE
AMERICA WEST AIRLINES REPORTS RECORD FIRST QUARTER 1994 NET INCOME
INFORMATION AMERICA REPORTS FIRST QUARTER RESULTS; APPOINTS NEW VICE PRESIDENT OF SALES AND MARKETING
INFORMATION AMERICA REPORTS SECOND QUARTER RESULTS
First Banks America, Inc. Announces First Quarter 1997 Results
TEAM America Reports First Quarter Results
American Business Information, Inc. Restates 1995 and First Quarter 1997 Financial Statements
WPP Quarterly Trading Update; Like-For-Like Revenues Flat; First Quarter Operating Margins in Line With Budget.
The First American Corporation Sets Earnings Release Dates for 2007.

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