Printer Friendly

SERVING SOFTWARE REPORTS SECOND QUARTER RESULTS

 MINNEAPOLIS, Aug. 9 /PRNewswire/ -- Serving Software Inc. (NASDAQ: SERV) today announced a net loss of $106,000, equal to 2 cents per share, for its second quarter ended June 30, 1993. The results compare with net income of $76,000, or 2 cents per share, for the second quarter of 1992.
 Second quarter revenue was $2,850,000, compared with $2,926,000 last year. Revenue from existing clients for add-on sales and software support increased 43 percent for the quarter, from $636,000 to $908,000.
 Net loss for the six months was $191,000, or 4 cents per share, compared with net income of $159,000, equal to 4 cents per share, for the same period a year ago. Revenue for the first half of the year increased 11 percent to $6,092,000, compared with $5,509,000 last year.
 "Hospitals continue to delay large purchase decisions because of uncertainty about the possible impact of healthcare reform," said John Haugo, president and CEO. "As a result, second quarter sales were flat. However, we strongly believe that this environment is temporary, and that any reform will have long-term favorable effects on our business. Our second half is historically stronger, and we anticipate that trend will continue in 1993. In light of that and our long-term enthusiasm, we continue to spend aggressively on new product development, marketing, sales and support."
 Minneapolis-based Serving Software develops, markets and supports software systems for hospital resource management. The company currently has over 750 clients using its software on PC-based local area networks. Serving Software is a leading provider of surgery management systems in the United States and Canada and has distributors in Germany, Italy and Great Britain.
 SERVING SOFTWARE INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenue $2,850,350 $2,925,977 $6,091,849 $5,509,014
 Cost of sales 534,239 795,050 1,331,427 1,411,698
 Gross profit 2,316,111 2,130,927 4,760,422 4,097,316
 Software research 231,011 89,431 474,753 209,118
 Selling, general and
 administrative
 expenses 2,265,279 1,901,625 4,458,462 3,588,060
 Interest expense 2,751 12,443 5,798 34,604
 Income (loss) before taxes
 and cumulative effect of
 accounting change (182,930) 127,428 (178,591) 265,534
 Income tax expense (benefit)(76,743) 50,971 (75,008) 106,213
 Income (loss) before
 cumulative effect of
 accounting change (106,187) 76,457 (103,583) 159,321
 Cumulative effect of
 accounting change for
 income taxes -- -- (87,000) --
 Net income (loss) $(106,187) $76,457 $(190,583) $159,321
 Income (loss) per share
 before cumulative effect
 of accounting change $(.02) $.02 $(.02) $.04
 Cumulative effect of
 accounting change
 per share -- -- (.02) --
 Net income (loss) per
 share of common stock $(.02) $.02 $(.04) $.04
 Weighted average common
 shares outstanding 4,760,204 4,885,309 4,734,561 4,283,908
 -0- 8/9/93
 /CONTACT: Curt Swenson of Swenson/Falker Associates Inc., 612-371-0000, for Serving Software; John Haugo or Wes Schultz of Serving Software Inc., 612-623-4038/
 (SERV)


CO: Serving Software, Inc. ST: Minnesota IN: CPR SU: ERN

AL -- MN011 -- 0875 08/09/93 16:10 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:Aug 9, 1993
Words:547
Previous Article:RANGER OIL LTD. REPORTS RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 1993
Next Article:CYBERTEK GRANTED EARLY TERMINATION IN WAITING PERIOD OF MANAGEMENT SYSTEMS OFFER
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters