Printer Friendly

SCT ANNOUNCES FISCAL 1993 FIRST QUARTER RESULTS

 MALVERN, Pa., Jan. 20 /PRNewswire/ -- Systems & Computer Technology Corporation (NASDAQ: SCTC) (SCT) today announced its unaudited financial results for the first quarter 1993, which ended Dec. 31, 1992.
 Revenue for the quarter increased to $26,907,000, compared with $19,777,000 in the first quarter of fiscal 1992. Income before taxes and extraordinary item was $1,447,000, compared with $1,905,000 for the first quarter of fiscal 1992. Net income for the period was $1,242,000, versus net income of $1,504,000 for the same period last year. The first quarter 1993 results include the operations of Information Associates (IA), which was acquired in June 1992.
 First quarter earnings per share before utilization of net operating loss carryforwards were $.07, and earnings per share were $.10. For the same quarter last year, earnings per share before the extraordinary item were $.09, and earnings per share were $.12.
 The company's backlog of business under contract at the end of the first quarter was at a record level, in excess of $232,000,000. This total compares with approximately $126,000,000 in backlog a year ago.
 During its fiscal 1993 first quarter, SCT introduced BANNER Customer Information System (CIS) -- a new offering in its BANNER Series of advanced software. BANNER CIS is geared specifically to utility customers.
 In addition, during the month of November, the Company's Information Resource Management (IRM) unit signed a seven-year, $35 million agreement with Dallas County, Texas -- the largest local government contract in SCT's quarter-century history. "We began our 1993 fiscal year on a very high note with the signing of Dallas County," said Michael J. Emmi, SCT chairman and chief executive officer. The IRM group will provide the County with OnSite services, operating and managing the jurisdiction's computing systems in support of its 1.85 million citizens.
 "The company entered the quarter with an excellent list of prospects for its higher education software products as well," he continued. "Yet the economy, and other market factors following our acquisition of IA, caused some new business to take longer to contract than anticipated.
 In addition, clients have shown greater restraint in their purchasing, selecting the systems for which they have a very immediate need and placing others on the back burner for future acquisition." According to Emmi, these factors contributed to the nearly million- dollar decline in software revenues ($16,003,000 vs. $15,008,000) experienced by the company between its fiscal 1992 fourth quarter and the first quarter of its 1993 fiscal year.
 "However," he noted, "despite the decline in higher education software licensing during our first quarter of '93, SCT nevertheless achieved operating results much the same as those recorded in our last quarter of '92. These results can be attributed to carefully controlled expenses, as well as a better performance by our government software business. We remain positive about the outlook for SCT's business for the year."
 SCT is a leading provider of applications software products and OnSite computing management services for educational institutions, government jurisdictions, and utilities nationwide. The company is headquartered at 4 Country View Road, Malvern.
 SYSTEMS & COMPUTER TECHNOLOGY CORPORATION AND SUBSIDIARIES
 CONSOLIDATED RESULTS OF OPERATIONS
 (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
 Three Months Ended Dec. 31 1992 1991
 OnSite services $11,788 $9,729
 Software and hardware sales
 and services 15,008 9,648
 Interest and other revenue 111 400
 Total Revenues 26,907 19,777
 Expenses:
 Cost of OnSite services 9,800 7,848
 Cost of software and hardware
 sales and services 8,727 5,327
 Selling, general and admin. 6,724 4,659
 Interest expense 209 38
 Total Expenses 25,460 17,872
 Income (loss) before income taxes,
 extraordinary item 1,447 1,905
 Provision for federal and state
 income taxes 553 800
 Income (loss) before extraordinary 894 1,105
 Extraordinary Item:
 Utilization of net operating loss
 carryforwards 348 399
 Net income (loss) 1,242 1,504
 Earnings (loss) per common share
 before extraordinary item 0.07 0.09
 Net income (loss) per common share 0.10 0.12
 Weighted Avg. shares outstanding 12,724 12,692
 CONDENSED CONSOLIDATED BALANCE SHEETS
 Dec. 31, Sept. 30,
 1992 1992
 Cash & marketable securities 1,818 4,299
 Receivables 34,478 29,875
 Prepaid expenses 5,095 5,188
 Property & equipment 12,535 12,632
 Capitalized software 2,454 2,502
 Cost in excess of fair value of
 Net assets acquired 6,720 6,628
 Covenants-Not-To-Compete 4,571 4,861
 Other assets & deferred charges 6,925 6,502
 TOTAL ASSETS 74,596 72,487
 Current liabilities 18,932 19,203
 Long-term debt 13,569 12,610
 Shareholders' equity 42,095 40,674
 TOTAL LIABILITIES & EQUITY 74,596 72,487
 /delval/
 -0- 1/20/93
 /CONTACT: Eric Haskell, senior vice president-finance & administration of SCT, 215-640-5175/
 (SCTC)


CO: Systems & Computer Technology Corporation ST: Pennsylvania IN: CPR SU: ERN

MK -- PH006 -- 6745 01/20/93 09:12 EST
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:Jan 20, 1993
Words:818
Previous Article:FLORIDA RV SUPERSHOW SALES DOUBLED FOR WINNEBAGO INDUSTRIES
Next Article:APL & TRANSAMERICA LEASING TO INTRODUCE NEW CONTAINER DESIGN; FIRST 110-HIGH CONTAINER TO BE COMPATIBLE WITH INTERMODAL SYSTEM
Topics:


Related Articles
SCT ANNOUNCES FISCAL 1992 FIRST QUARTER RESULTS
SCT ANNOUNCES FISCAL 1992 THIRD QUARTER RESULTS, ONE-TIME WRITE-OFF OF PURCHASED R&D
SCT ANNOUNCES FISCAL 1993 THIRD QUARTER RESULTS; POSTS RECORD OPERATING RESULTS
SCT ANNOUNCES FISCAL 1994 FIRST QUARTER RESULTS
SCT ANNOUNCES FISCAL 1994 SECOND QUARTER RESULTS
SCT ANNOUNCES 4TH QTR. AND FY94 RESULTS; CAPS YEAR WITH MAJOR CONTRACTS
SCT ANNOUNCES FISCAL 1995 FIRST QUARTER RESULTS; SETS FIRST QUARTER RECORDS
SCT ANNOUNCES FISCAL 1995 FIRST QUARTER RESULTS; SETS FIRST QUARTER RECORDS
SCT ANNOUNCES RECORD EARNINGS BEFORE ONE-TIME PURCHASED R&D CHARGE OF $8.7 MILLION FOR FISCAL 1995 THIRD QUARTER
SCT ANNOUNCES FINANCIAL RESULTS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF FISCAL 1996

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