Printer Friendly

SULCUS COMPUTER REPORTS NINE MONTH REVENUES, OPERATING PROFITS EXCEED TOTAL 1992 RESULTS; STARTS NEW REVENUE MANAGEMENT SYSTEMS SUBSIDIARY

 GREENSBURG, Pa., Nov. 15 /PRNewswire/ -- Sulcus Computer Corporation (AMEX: SUL) announced today that for the nine months ended September 30, 1993 total revenues and net income after taxes and before 1992 accounting changes exceeded the totals reported for the full year 1992. For the full year 1992, Sulcus reported revenues of $38,280,177 and net income after taxes and before 1992 accounting changes of $3,718,372.
 Current nine month revenues amounted to $39,228,900 compared with $27,638,357 in the nine months of 1992. Net income after taxes before 1992 accounting changes for the nine months of 1993 amounted to $4,008,197, or $.29 per share on 14,017,506 shares outstanding against $3,292,895, or $.27 per share on 12,249,681 shares outstanding in the same period the year before. Net income totaled $4,008,197, or $.29 per share, versus $4,515,356, or $.37 per share, in last year's nine months which included $1,222,461, or $.10 per share, of income due to the Company's 1992 adoption of FAS 109, "Accounting for Income taxes."
 For the third quarter ended September 30, 1993 revenues amounted to $14,630,461 against $11,933,450 in the comparable period the year before. Net income after taxes before 1992 accounting changes amounted to $1,235,403 compared with $1,383,218 in the third quarter last year. Net income for the third quarter of 1993 amounted to $1,235,403, or $.09 per share, against $2,015,631, or $.16 per share, in last year's comparable quarter, which included $632,413, or $.05 per share, of income due to the Company's 1992 adoption of FAS 109 "Accounting for Income Taxes."
 Paul E. Hammar, Managing Director, said, "We are pleased with the results from operations through the third quarter especially in a period when the Company is positioning itself to do more transaction-based recurring revenue contracts similar to the recently announced Holiday Inn Worldwide Agreement. This type of agreement results in sacrifices of short-term revenue recognition, but a gain in recurring revenues with increased margins in the future."
 Jeffrey S. Ratner, Chairman, reported that Sulcus Computer had activated a new subsidiary, Revenue Management Systems, Inc. (RMS) "to complete, introduce and market the Company's yield management software and executive information management systems." Gary Campbell, recently appointed as president of RMS, has 20 years of information technology experience with such companies as Memorex, SBC/IBM and Control Data and, most recently as president of Revenue Technology Services, an airline industry leader in revenue management systems. Scott Shade, Director of Development of RMS, has developed revenue/yield management systems for the last eight years on platforms ranging from mainframe to PC.
 In addition, Mr. Ratner said that Sulcus acquired Lodgistix Scandinavia A.S., an automator of hotel systems in Norway, Sweden and Denmark. Founded in 1987, Lodgistix Scandinavia, previously a distributor, has a clientbase in excess of 130 hotels and is one of Scandinavia's leading suppliers of turn-key automated systems for the hospitality industry. The product line will be augmented by the full range of Sulcus products including Squirrel restaurant point-of-sale systems, NRG in-room management systems, Compusolve UNIX-based Property Management Systems, and RMS yield and executive management systems.
 Sulcus Computer Corporation is a leading developer of automated systems for the hospitality, legal and real estate markets. Sulcus systems have been installed in more than an estimated 6,000 hotels, restaurants, title insurance companies, banks, law firms, country clubs, resorts and others on six continents. Customers include such names as Sheraton, Marriott, Applebee's, Promus, Radisson, ANA, Embassy Suites, Nikko, Holiday Inn, Chi Chi's, Sfuzzis, Houlihan's, the Department of the Navy, Canadian Pacific, Interstate, UCLA, CitiCorp, First American Title, Clubhouse Inns, Park Lane and Novotel.
 SULCUS COMPUTER CORPORATION
 Earnings Summary
 Nine Months Ended Three Months Ended
 September 30, 1993 September 30, 1993
 1993 1992 1993 1992
 Total revenue $39,228,900 $27,638,357 $14,630,461 $11,933,450
 Income before
 taxes & accounting
 changed 4,118,851 4,382,956 1,261,204 1,971,431
 Tax expense 110,654 1,090,061 25,801 588,213
 Net income after
 tax expense 4,008,197 3,292,895 1,235,400 1,383,218
 Cumulative
 effect of accounting
 changes 0 1,222,461 0 632,413
 Net income 4,008,197 4,515,356 1,235,403 2,015,631
 Shares
 outstanding 14,017,506 12,249,681 14,319,332 12,867,191
 Net income per
 share after
 taxes $0.29 $0.27 $0.09 $0.11
 Cumulative
 effect of accounting
 changes $0.00 $0.10 $0.00 $0.05
 Net income per
 share $0.29 $0.37 $0.09 $0.16
 (a) Cumulative effect of an accounting change to FAS 109,
 "Accounting for income Taxes"
 -0- 11/15/93
 /CONTACT: William McLay, managing director of Sulcus Computer,
 412-836-2000/
 (SUL)


CO: Sulcus Computer ST: Pennsylvania IN: CPR SU: ERN

WB -- NY134 -- 4762 11/15/93 18:49 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:Nov 15, 1993
Words:831
Previous Article:VENTURE STORES, INC. DECLARES QUARTERLY DIVIDENDS
Next Article:SOFTNET SYSTEMS ACQUIRES MEDICAL COST CONTAINMENT FIRM
Topics:

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