MAI SYSTEMS REPORTS RESULTS
MAI SYSTEMS REPORTS RESULTS TUSTIN, Calif., Feb. 17 /PRNewswire/ -- MAI Systems Corporation
(NYSE: MCO) today reported operating income of $3.1 million and a net loss of $2.0 million for the fiscal quarter ended Dec. 31, 1991, as against an operating loss of $10.4 million and a net loss of $17.9 million for the comparable 1990 period. Revenue in the current period declined to $76.9 million from $84.6 million in the 1990 quarter.
The company attributed the improved operating results primarily to cost savings arising from the restructuring of its U.S. and Canadian sales and service organizations. Reduced revenues resulted primarily from lower sales in Canada and by the company's hospitality industry business unit, a reduced maintenance base in certain markets, and an unfavorable dollar exchange rate against European currencies. MAI offers multi-user, mid-range computer systems and related operating systems software, network products, horizontal software and maintenance services and, in certain target markets, industry specific applications software. There are approximately 25,000 MAI systems currently in use by customers throughout the world. MAI SYSTEMS CORPORATION Condensed Consolidated Statements of Operations (unaudited) (dollars in thousands, except per share data) For the Three Months Ended Dec. 31 1991 1990 Revenue: Net sales $44,514 $49,240 Service fees 32,370 35,380 Total revenue 76,884 84,620 Direct costs: Cost of sales 27,524 33,950 Cost of service 18,641 21,170 Total direct costs 46,165 55,120 Gross profit 30,719 29,500 Selling, general and admin. expenses 24,723 35,778 Research and development costs 1,471 2,912 Goodwill amortization 1,414 1,239 Operating inc. (loss) 3,111 (10,429) Interest income (276) (324) Interest expense 5,417 6,550 Loss bef. provision for taxes (2,030) (16,655) Provision for taxes -- 1,245 Net loss $ (2,030) $ (17,900) Primary and fully diluted loss per share of common stock $ (.10) $ (.55) -0- 2/17/92 /CONTACT: Robert J. Amman of MAI Systems, 714-730-2200/ (MCO) CO: MAI Systems Corporation ST: California IN: CPR SU: ERN SB -- NYON1 -- 9696 02/17/92 20:47 EST
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|Date:||Feb 17, 1992|
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