SAZTEC INTERNATIONAL REPORTS THIRD QUARTER RESULTS
SAZTEC INTERNATIONAL REPORTS THIRD QUARTER RESULTS KANSAS CITY, Mo., May 15 /PRNewswire/ -- Saztec International Inc.
(NASDAQ: SAZZ) of Kansas City, today announced third quarter 1992 results. For the quarter ended March 31, the company incurred a net loss of $767,871 or 22 cents per share on revenues of $4,374,274. For the third quarter of fiscal 1991, the company reported net income of $420,258 or 12 cents per share on revenues of $7,993,732. Migration of Saztec's revenue base from a heavy dependency on the telephone industry to other sources of business contributed to the decline, according to Richard C. Thompson, president and chief operating officer.
For the nine month period ended March 31, 1992, the company reported a net loss of $1,479,611 or 43 cents per share on revenues of $14,798,913. For the like period in the prior year, the company reported net income of $714,181 or 19 cents per share on revenues of $21,476,137. "We are now experiencing revenue recovery in both the domestic and European markets," Thompson said. "This, together with aggressive cost reductions, will yield much improved financial performance in the current quarter, and we believe that fiscal 1993 will show a return to profitability," he added. Saztec also announced that it has acquired a 50 percent ownership of CFL Ltd., a Jamaican data conversion company. "This action gives us a stake in an established, profitable operation and expands our offshore resources beyond those of Saztec Philippines Inc., with whom we will continue our longstanding relationship," said Thompson. "With our partners in CFL, we plan to expand the operation from its present employment of 250 to approximately 500 over the next few years. This expansion will include tying CFL into our Information Conversion Express (ICE)(SM) network." At the same time, Saztec announced the divestiture of the assets and business of its medical transcription subsidiary, Chartnet Inc. of Dallas, to an unidentified buyer. Chartnet was established in 1991 when Saztec acquired the operation from Global Office Technologies. "In better times we might have been more patient with this business, but Chartnet has suffered from several negative events and contributed significantly to our 1992 losses," said Thompson. "We decided that it was prudent to cut our losses and focus on other developing opportunities." Saztec International, a world leader in information management, provides services for database construction and information conversion utilizing computer processing, electronic imaging, optical character recognition, data entry and other technologies. Saztec International is traded in the over-the-counter market and is quoted on NASDAQ under the symbol SAZZ. For more information, contact David W. Roberts, senior vice president and treasurer, Saztec International Inc., 6700 Corporate Dr., Kansas City, MO 64120, 816-483-6900. SAZTEC INTERNATIONAL INC. For The Quarter Ended March 31, 1992 1991 Revenue $4,374,274 $7,993,732 Gross profit 761,708 2,278,150 Net income (loss) (767,871) 420,258 Net income (loss) per share (.22) .12 Weighted average shares outstanding 3,424,051 3,612,758 For the Nine Months Ended March 31, 1992 1991 Revenue $14,798,913 $21,476,137 Gross profit 2,895,028 5,823,821 Net income (loss) (1,479,611) 714,181 Net income (loss) per share (.43) .19 Weighted average shares outstanding 3,452,934 3,716,625 -0- 5/15/92 /CONTACT: David W. Roberts of Saztec, 816-483-6900/ (SAZZ) CO: Saztec International Inc. ST: Missouri IN: CPR SU: ERN
BB -- DV007 -- 0916 05/15/92 16:20 EDT
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|Date:||May 15, 1992|
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