SCIENTIFIC SOFTWARE-INTERCOMP ANNOUNCES RESULTS
SCIENTIFIC SOFTWARE-INTERCOMP ANNOUNCES RESULTS DENVER, Aug. 18 /PRNewswire/ -- Scientific Software-Intercomp Inc.
(NASDAQ: SSFT) today announced revenues of $7,067,000 and net income of $223,000, or 5 cents per share, for the quarter ended June 30, 1992. This is the company's sixth consecutive profitable quarter. Revenues increased 19 percent over second quarter 1991 revenues of $5,955,000, when the company reported net income of $37,000, or 1 cent per share. For the sixth months ended June 30, 1992, the company reported revenues of $13,740,000 and net income of $574,000, or 12 cents per share, as compared to revenues of $12,133,000 and net income of $64,000, or 1 cent per share, during the six months ended June 30, 1991.
Dr. E. A. Breitenbach, chairman of the Denver-based provider of proprietary software and consulting services, said that the revenue increase for the current quarter over the comparable quarter of last year resulted primarily from increased software licenses and consulting revenue in the company's pipeline and facilities division. The primary reason for the increased pipeline and facilities software licenses was increased worldwide acceptance of the company's Interact product, an interactive pipeline simulation tool. The company believes that demand for its Interact product will continue to grow. Exploration and production consulting revenue also increased, principally related to work under new consulting contracts to assist Kuwait Oil Co. in quantifying the losses of oil and gas from multiple reservoirs in four fields due to damage caused by the Iraqi army, and to provide guidelines for modifications and enhancements to field development programs. During the second quarter, the company also announced the award of a contract to provide application software and to assist in the management of CAMPSA's 4,500 mile pipeline network in Spain. The total value of the new contracts is $5,200,000. Revenues from the company's new Sammi and WorkBench products totaled approximately $2,100,000 during the six months ended June 30, 1992, compared to approximately $1,300,000 during the six months ended June 30, 1991. The company expects further increases in market penetration of these new products in future quarters. Breitenbach said that the company is continuing to make progress in its recovery from cash flow difficulties that occurred in the first half of 1991 due to cash flow from operations being less than required expenditures for research and development for new products and development of marketing staff. Scientific Software-Intercomp has major offices in Denver; Houston; Calgary and London; and smaller offices in Santa Clara, Calif.; Dallas; Boston; Caracas and Cairo. SCIENTIFIC SOFTWARE-INTERCOMP INC. Consolidated Statement of Operations (In thousands, except per share amounts) For the Three Months For the Six Months June 30, June 30, 1992 1991 1992 1991 Revenues $7,067 $5,955 $13,740 $12,133 Costs and expenses 6,822 5,813 13,073 11,866 Income (loss) from operations 245 142 667 267 Other income (expense), net (1) (95) 4 (185) Income before income taxes 244 47 671 82 Income taxes 21 10 97 18 Net income (loss) $223 $37 $574 $64 Income (loss) per share $0.05 $0.01 $0.12 $0.01 Consolidated Balance Sheets (In thousands) June 30, Dec. 31, 1992 1991 Current assets: Cash and Cash equivalents $202 $509 Other current assets 12,786 11,644 Total current assets 12,988 12,153 Software, net 25,432 24,134 Property & Equipment, net 1,520 1,655 Other assets 1,383 1,473 $41,323 $39,415 Current liabilities: Notes payable to bank $4,060 $3,960 Other current liabilities 13,917 13,149 Total current liabilities 17,977 17,109 Long term obligations 2,293 2,490 Redeemable preferred stock 4,000 4,000 Stockholders' equity 17,053 15,816 $41,323 $39,415 -0- 8/18/92 /CONTACT: R.J. Hottovy of Scientific Software-Intercomp, 303-292-1111/ (SSFT) CO: Scientific Software-Intercomp ST: Colorado IN: CPR OIL SU: ERN
BB -- DV002 -- 0947 08/18/92 12:14 EDT
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|Date:||Aug 18, 1992|
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