Printer Friendly

STATE OF THE ART INC. REPORTS SECOND QUARTER REVENUE AND EARNINGS GAINS

                    STATE OF THE ART INC. REPORTS
              SECOND QUARTER REVENUE AND EARNINGS GAINS
    IRVINE, Calif., July 17 /PRNewswire/ -- Accounting software developer State Of The Art Inc. (NASDAQ: SOTA) today reported that net income for the three months ended June 30, 1992, increased 12 percent to $1,129,000, equal to $0.12 per share, compared with $1,004,000, or $0.12 per share, in the second quarter of the previous year.  Revenue for the same period increased 12 percent to $4,953,000 for the quarter, while pretax income increased 13 percent reaching $1,863,000, representing a 38 percent pretax profit.
    "While comparing real quarterly revenue growth from year to year is difficult due to the timing of new product releases, product upgrade offers, and special marketing programs, which may not occur in the same quarter of every year, it should clearly be noted that our increase in revenue this quarter represents the seventh consecutive year in which second quarter revenues have increased over the previous year's second quarter revenues," said David S. Samuels, chairman and chief executive officer.
    Contributing to the company's growth this quarter was the release of its 16th M-A-S 90(R) EVOLUTION/2(TM) accounting software module -- the second of its specialized vertical market applications for the manufacturing industry -- Work Order Processing, which began shipping to the company's national network of Authorized Resellers and Software Consultants during the last two weeks of the quarter.
    On the earnings side, Samuels said, "Our focus on expense controls remains entirely intact as evidenced by our 38 percent pretax profit -- the sixth consecutive year in which second quarter earnings outpaced the previous year's second quarter earnings."
    Year-to-date revenues for the six months ended June 30, 1992, were $9,655,000 with a 40 percent pretax margin of $3,871,000 representing a 30 percent increase over the same period last year. Comparatively, net income after taxes was up 29 percent over the same period last year.
    Founded in 1981, State Of The Art develops and markets high-end accounting software for microcomputers.  The company's product line, M-A-S 90 EVOLUTION/2, can be integrated into a comprehensive accounting solution for virtually any size or type of business and is available in all three industry standard operating environments: single-user DOS, DOS network and UNIX.  The company's Authorized Resellers and Software Consultants, located throughout the United States and Canada, are comprised of more than 4,900 public accounting firms and 700 professional value-added resellers (VARs).  End-user list prices for most of the company's general accounting and vertical market applications begin at $799 to $999.
    The company was recently ranked No. 7 out of "The 200 Best Small Companies in America" by Forbes, and BusinessWeek ranked it No. 16 among the nation's "Top 100 Best Small Growth Companies."
    The State Of The Art stock is traded on the NASDAQ National Market System under the symbol SOTA.
                        STATE OF THE ART INC.
                        Corporate Fact Sheet
                            July 17, 1992
    Description of business:     Develops, produces, markets and
                                 supports high-end microcomputer
                                 accounting software.
    Corporate address:           56 Technology
                                 Irvine, CA  92718
    Telephone:                   714-753-1222
    Trading information:         (NASDAQ: SOTA)
                                 -- 9,244,513 shares outstanding
                                 -- Year-to-date volume: 11,558,000
                                     shares as of June 30, 1992
                                 -- Year-to-date price range: $7.50
                                     to $16.50 as of June 30, 1992
                                 -- Current price: $9
    Key ratios:                  Current ratio:  15.4,
                                 ROE: 18 pct.
                                 ROA: 16 pct.
    Officers:                    Chairman and Chief Executive
                                 Officer:  David S. Samuels;
                                 Vice President Finance and
                                 Chief Financial Officer,
                                 Joseph R. Armstrong
                        STATE OF THE ART INC.
                          Income Statement
                (In thousands, except per share data)
                             Three months ended
                              Second Quarter     Six months ended
                                 June 30,             June 30,
                              1992      1991       1992      1991
    Revenue                 $4,953    $4,411     $9,655     $8,092
    Cost of revenues           869       831      1,637      1,459
    Gross profit             4,084     3,580      8,018      6,633
    Operating expenses       2,447     2,072      4,595      3,899
    Operating income         1,637     1,508      3,423      2,734
    Other income               226       147        448        255
    Income before taxes      1,863     1,655      3,871      2,989
    Income taxes               734       651      1,527      1,175
    Net income              $1,129    $1,004     $2,344     $1,814
    Earnings per share       $0.12     $0.12      $0.25      $0.22
    Weighted average common
     shares and equivalents  9,437     8,508      9,437      8,193
                              STATE OF THE ART INC.
                                 Balance Sheets
                                 (In thousands)
                                 June 30,  Dec. 31,
                                  1992       1991
      Assets:
    Cash and cash equivalents    $23,818   $22,676
    Accounts receivable            1,370       971
    Inventory                        789       670
    Other current assets             841       195
    Total current assets          26,818    24,512
    Equipment                      1,418     1,376
    Capitalized costs              1,743     1,188
    Other assets                     186       232
    Total                        $30,165   $27,308
      Liabilities and
       Shareholders' equity:
    Current liabilities           $1,745    $2,162
    Non-current liabilities        1,051       811
    Total liabilities              2,796     2,973
    Shareholders' equity          27,369    24,335
    Total                        $30,165   $27,308
     -0-                      7/17/92
    /CONTACT:  Joseph R. Armstrong, CFO of State Of The Art, 714-753-1222/
    (SOTA) CO:  State Of The Art Inc. ST:  California IN:  CPR SU:  ERN EH-JL -- LA003 -- 0105 07/17/92 09:31 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 17, 1992
Words:851
Previous Article:RECORD SETTING YEAR FOR SHASTA & FAYGO PARENT
Next Article:KELLOGG COMPANY REPORTS RECORD SECOND-QUARTER RESULTS
Topics:


Related Articles
STATE OF THE ART INC. FOURTH QUARTER EARNINGS INCREASE 102 PERCENT
STATE OF THE ART INC. REPORTS SECOND QUARTER REVENUE AND EARNINGS GAINS
CASH AMERICA INTERNATIONAL ANNOUNCES SECOND QUARTER EARNINGS
QUEST MEDICAL, INC. (NASDAQ) SECOND QUARTER OPERATING EARNINGS ADVANCE 78 PERCENT ON 43 PERCENT REVENUE GAIN
VISTA RESOURCES REPORTS RECORD REVENUES AND EARNINGS FOR THE SECOND QUARTER
RYDER REPORTS EARNINGS IMPROVEMENTS IN SECOND QUARTER AND FIRST HALF OF 1992
KODAK REPORTS RECORD SALES, HIGHER EARNINGS FOR 1992 SECOND QUARTER
TRANSPORT AMERICA REPORTS 18 PERCENT GROWTH IN SECOND QUARTER REVENUES
Kyodo economic news summary.
Kyodo economic news summary.

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