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STERLING SOFTWARE ANNOUNCES HIGHER EARNINGS FOR THIRD QUARTER AND FIRST NINE MONTHS

 STERLING SOFTWARE ANNOUNCES HIGHER EARNINGS
 FOR THIRD QUARTER AND FIRST NINE MONTHS
 DALLAS, July 31 /PRNewswire/ -- Sterling Software, Inc. (NYSE: SSW) announced today results for its third fiscal quarter ended June 30, 1992. Revenue for the quarter rose 21 percent to $66.3 million from $55.0 million a year ago. Earnings per share increased 35 percent to 31 cents, up from 23 cents last year.
 For the first nine months of fiscal 1992, revenue was $184.7 million compared to $157.9 million in fiscal 1991. Earnings per share for the first nine months was 83 cents compared to 57 cents in fiscal 1991.
 Sterling stated that each of its three operating groups met expectations for the period. A major achievement during the quarter was the Federal Systems Group win of a $174 million contract at the NASA Ames Research Center.
 Sterling Software, headquartered in Dallas, specializes in EDI, systems software, and in professional services to the U.S. government.
 STERLING SOFTWARE, INC.
 Results of Operations
 (In thousands, except per share data)
 (Unaudited)
 Three Months Ended Nine Months Ended
 June 30 June 30
 1992 1991(A) 1992 1991(A)
 Revenue $ 66,310 $ 55,026 $184,674 $157,880
 Income bef. extraordinary gain 3,689 2,836 9,426 7,106
 Extraordinary gain (B) -- -- -- 396
 Net income 3,689 2,836 9,426 7,502
 Preferred dividends (49) (861) (343) (2,542)
 Earnings to common 3,640 1,975 9,083 4,960
 Earnings per share
 Before extraordinary gain $.31 $.23 $.83 $.57
 After extraordinary gain .31 .23 .83 .61
 Average shares outstanding (000s) 9,481 6,061 8,712 6,025
 (A) The results of operations for the three months and nine months ended June 30, 1991, have been restated in accordance with AICPA SOP 91-1 titled "Software Revenue Recognition" adopted Oct. 1, 1991, and applied retroactively.
 (B) Represents the tax effected net gain from the early retirement of $2,000,000 face amount of the company's 8 percent convertible debentures which were repurchased at a discount during the nine months ended June 30, 1991. The company purchased $4,523,000 face amount of the 8 percent convertible debentures during the three and nine months ended June 30, 1992, resulting in no material gain or loss.
 -0- 7/31/92
 /CONTACT: Anne Vahala of Sterling Software, 214-891-8600/
 (SSW) CO: Sterling Software Inc. ST: Texas IN: CPR SU: ERN


PS -- NY021 -- 5505 07/31/92 10:26 EDT
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Publication:PR Newswire
Date:Jul 31, 1992
Words:408
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