SCIENTIFIC SOFTWARE-INTERCOMP ANNOUNCES RESULTS
SCIENTIFIC SOFTWARE-INTERCOMP ANNOUNCES RESULTS DENVER, Nov. 9 /PRNewswire/ -- Scientific Software-Intercomp Inc.
(NASDAQ: SSFT) today announced revenues of $7,690,000 and net income of $411,000, or 8 cents per share, for the quarter ended Sept. 30, 1992. This is the company's seventh consecutive profitable quarter. Revenues increased 33 percent over third quarter 1992 revenues of $5,788,000, when the company reported net income of $314,000, or 7 cents per share. For the nine months ended Sept. 30, 1992, the company reported revenues of $21,430,000 and net income of $985,600, or 20 cents per share, as compared to revenues of $17,921,000 and net income of $378,000, or 8 cents per share, during the nine months ended Sept. 30, 1991. Year-to-date net income increased by more than 260 percent.
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 consulting revenue from the company's new contracts obtained by the company's United States and United Kingdom subsidiaries. Revenues from the company's new Sammi(TM) and WorkBench products increased over 80 percent and totaled approximately $3,800,000 during the nine months ended Sept. 30, 1992, compared to approximately $2,100,000 during the nine months ended Sept. 30, 1991. The company expects further increases in market penetration of these new products in future quarters. R. J. Hottovy, chief financial officer, said that during the quarter, the company completed financing and loan agreements which provide major steps to strengthen the company's balance sheet and provide capital to continue its growth. The company placed a $2,500,000 convertible debenture with Renaissance Capital Partners II Ltd. of Dallas. The company also obtained an additional extension of the loan agreement with its primary bank through June 30, 1993. The aggregate amount of the credit facility remains at $5,500,000. The company has also reached an agreement for a $800,000 (Cdn) credit facility for its Calgary, Alberta, Canada subsidiary. Scientific Software-Intercomp has major offices in Denver, Houston, Calgary and London, and smaller offices in Bakersfield, Santa Clara, Dallas, Boston, Caracas, Cairo, Abu Dhabi, Paris and Beijing. SCIENTIFIC SOFTWARE-INTERCOMP INC. Consolidated Statement of Operations (In thousands, except per share amounts) For the Three Months For the Nine Months Sept. 30, Sept. 30, 1992 1991 1992 1991 Revenues $7,690 $5,788 $21,430 $17,921 Costs and expenses 7,160 5,153 20,233 17,019 Income from operations 530 635 1,197 902 Other expense, net (29) (234) (25) (419) Income before income taxes 501 401 1,172 483 Income taxes 90 87 187 105 Net income $411 $314 $985 $378 Income per share $0.08 $0.07 $0.20 $0.08 Consolidated Balance Sheets (In thousands) Sept. 30, Dec. 31, 1992 1991 Current assets: Cash and cash equivalents $2,618 $509 Other current assets 14,347 11,644 Total current assets 16,965 12,153 Software, net 25,692 24,134 Property & equipment, net 1,467 1,655 Other assets 1,348 1,473 $45,472 $39,415 Current liabilities: Notes payable to bank $4,497 $3,960 Other current liabilities 14,632 13,149 Total current liabilities 19,129 17,109 Convertible debenture 2,500 --- Long term obligations 2,124 2,490 Redeemable preferred stock 4,000 4,000 Stockholders' equity 17,719 15,816 $45,472 $39,415 -0- 11/9/92 /CONTACT: R. J. Hottovy of Scientific Software-Intercomp, 303-292-1111/ (SSFT) CO: Scientific Software-Intercomp Inc. ST: Colorado IN: CPR OIL SU: ERN
MC-BB -- DV002 -- 8721 11/09/92 12:50 EST
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|Date:||Nov 9, 1992|
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