NATIONAL TECHTEAM, INC. REPORTS EARNINGS
NATIONAL TECHTEAM, INC. REPORTS EARNINGS DEARBORN, Mich., March 11 /PRNewswire/ -- National TechTeam, Inc.
(NASDAQ: TEAM) today announced that it earned net income of approximately $97,000, or $0.01 per share, on revenues of $2,066,000 for the fourth quarter ended Dec. 31, 1991. For the year ended Dec. 31, 1991, TechTeam earned $57,000, or $0.01 per share, on revenues of $7,905,000. The 1991 financial results represent a 9-percent increase in revenues and a 120-percent increase in earnings as compared to TechTeam's 1990 results.
TechTeam has also significantly strengthened its balance sheet by the planned reduction of debt and the acquisition of additional equity which will be used to assist in financing future expansion. TechTeam has reduced its total debt over the past two years by 45 percent from $2.75 million at the beginning of 1990 to $1.5 million as of Dec. 31, 1991. The reduction in debt has improved the company's liquidity as indicated by a $550,000 increase in working capital during the year ended Dec. 31, 1991. The company is now properly positioned to take advantage of the new business opportunities that have been secured for 1992. During 1991, an aggressive marketing campaign was very successful in developing new business opportunities and expanding existing business relationships. TechTeam expects demand for its services to escalate as corporate demand grows for increased productivity through the use of computers. The computer training, support, and contract placement services that TechTeam supplies have become more important than ever to large corporations and government agencies. "Recently announced major contracts with Chrysler Corporation, Loral Corporation, Blue Cross and Blue Shield of Michigan, along with new business opportunities with existing clients such as Ford Motor Company, Motorola, Computer Associates, U.S. Leasing, IBM, the Prosecuting Attorneys' Association of Michigan and the UAW, are expected to result in significant increases in both earnings and revenues for 1992," said William F. Coyro Jr., president and CEO of National TechTeam. It is the goal of National TechTeam to provide high-quality computer training, support, contract staffing, and corporate computer management services for major companies on a national scale. NATIONAL TECHTEAM, INC. Quarter Ended Dec. 31 1991 1990 Revenue $2,066,000 $2,124,000 Net income $97,000 $86,000 Net income per share $.01 $.01 Year Ended Dec. 31 1991 1990 Revenue $7,905,000 $7,246,000 Net income $57,000 $26,000 Net income per share $.01 $.01 -0- 3/11/92 /CONTACT: William F. Coyro Jr., president and CEO of National TechTeam, 313-277-2277/ (TEAM) CO: National TechTeam ST: Michigan IN: CPR SU: ERN
DH-ML -- DE005 -- 7197 03/11/92 09:07 EST
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|Date:||Mar 11, 1992|
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