Printer Friendly

NETWORK IMAGING REPORTS FIRST QUARTER RESULTS WITH PRO FORMA EFFECT OF OPTIX ACQUISITION

 HERNDON, Va., June 2 /PRNewswire/ -- Network Imaging Corporation (NIC) (NASDAQ: IMGX) said today consolidated pro forma revenue for the first quarter ended March 31, 1993 (including the planned acquisition of Optix SA of Paris, France) totaled $20.6 million. Operating income for the period totaled $4.2 million and after tax net income was $2.4 million, or 22 cents a share, on a fully diluted basis.
 A definitive agreement to purchase Optix was announced yesterday, with the closing expected to be completed during the second quarter of 1993.
 Network officials said the quarter's results benefited from extremely strong sales at Optix, which is typical for the reported period.
 Revenue from current operations for the first quarter was $6.2 million, up from $4.7 million in the fourth quarter of 1992, representing a 35 percent internal growth in revenue for the quarter. Current operations produced an operating loss of $56,000 and a net after tax loss of $289,000, or 6 cents a share, primarily attributable to non- recurring expenses associated with the acquisition of MicroSouth and Optix SA.
 According to Robert P. Bernardi, president of Network Imaging, "the acquisition of Optix SA makes Network Imaging a major player in the document imaging and optical storage market in Europe and puts us well on the way to becoming one of the largest providers of document imaging and optical storage solutions worldwide."
 Network Imaging designs, integrates and markets document imaging systems and optical storage products. NIC's flagship product, ImageXchange(TM), provides businesses with an automated method of electronically processing, storing and retrieving large quantities of documents such as insurance forms, credit card receipts, checks and legal records. NIC's other flagship product, the SPANServer(TM), provides a complete plug-and-play optical disk storage solution on UNIX- based and now Novell-based networks.
 Optix SA, through its subsidiaries, Dorotech France SA and ATG Gigadisc France SA, designs and integrates document imaging systems and optical storage products in Europe. Dorotech designs and develops document imaging and optical storage software under UNIX. Dorotech's products include: Dorodisc, Dorofile, Dorodoc, Dorokey, Dorospace and Dorosave. ATG designs and manufactures 12-inch optical disks and optical storage devices. Its optical storage products are distributed both directly and through a network of specialized resellers.
 NETWORK IMAGING CORPORATION
 First Qiuarter Operating Results
 with Proforma Effect of Optix Acquisition
 (in thousands)
 Quarter ended March 31, 1993 NIC OPTIX Combined
 Proforma
 Revenues $6,244 $14,354 $20,598
 Costs and expenses 6,300 10,061 16,361
 Operating profit (loss) (56) 4,293 4,237
 Interest, net 9 (596) (567)
 Non-recurring charges (239) (574) (813)
 Net before taxes and minority
 interest (286) 3,123 2,837
 Income taxes and minority interest (3) (485) (488)
 Net income (loss) (289) 2,638 2,349
 Proforma weighted average primary
 & fully diluted shares 6,594,293 4,333,333 10,927,826
 Proforma earnings (loss) per share
 Primary and fully diluted $(0.04) N/A $0.22
 Historic weighted average shares 5,168,186 4,333,333 9,501,519
 Reported earnings (loss) per share $(0.06) N/A $0.25
 -0- 6/2/93
 /CONTACT: Robert P. Bernardi, president of Network Imaging Corporation, 703-478-2260; or Thomas Redington of Redington, Inc., 203-222-7399, or 212-926-1733, for Network Imaging Corporation/
 (IMGX)


CO: Network Imaging Corporation; Optix SA ST: Virginia IN: SU: ERN

WB-OS -- NY026 -- 4394 06/02/93 10:50 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:Jun 2, 1993
Words:561
Previous Article:BROWNING-FERRIS DECLARES REGULAR QUARTERLY DIVIDEND
Next Article:UNITED MERIDIAN CORPORATION FILES FOR INITIAL PUBLIC OFFERING
Topics:


Related Articles
WAINOCO FILES FORM EIGHT AND PRO FORMA ACQUISITION RESULTS
NETWORK IMAGING IN AGREEMENT TO ACQUIRE OPTIX SA FOR $39 MILLION IN STOCK
PHYSICIANS CLINICAL LABORATORY REPORTS RECORD FIRST QUARTER REVENUE AND INCOME
SECURITY-CONNECTICUT CORPORATION REPORTS STRONG FIRST QUARTER EARNINGS
RALCORP HOLDINGS, INC. THIRD QUARTER EARNINGS
SECURITY-CONNECTICUT CORPORATION THIRD QUARTER EARNINGS UP 31 PERCENT
TERRA INDUSTRIES REPORTS RECORD SECOND QUARTER AND FIRST HALF RESULTS
MOOVIES, INC. REPORTS FOURTH QUARTER AND FULL-YEAR RESULTS
Network Long Distance Reports First Quarter Results; Record Revenues; Pro Forma EPS Before Non-Recurring Charges $0.01.
Viacom Reports Record First Quarter 2001 Results.

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