SULCUS COMPUTER REPORTS RESULTS
SULCUS COMPUTER REPORTS RESULTS GREENSBURG, Pa., Oct. 22 /PRNewswire/ -- Sulcus Computer Corp.
(AMEX: SUL) "increased net income 260 percent to a third quarter record of $2,016,000 in the period ended Sept. 30, 1992 compared with $560,000 in the third quarter of last year while revenues rose to $11,933,000, also a record for the third quarter and an increase of 173 percent over revenues of $4,374,000 in the third quarter of 1991," Jeffrey S. Ratner, chairman and chief executive officer announced today. "Earnings per share of $.16 for the current third quarter is computed on the basis of 12,867,000 weighted average shares, more than double the 5,713,000 weighted average shares of last year's third quarter when earnings per share were $.10."
For the nine months of 1992, record net income was $4,515,000, up 218 percent from $1,420,000 last year. Nine months earnings per share of $.37 on 12,250,000 weighted average shares in 1992 compares with $.26 per share on 5,559,000 weighted average shares in the nine months of 1991. Comparative revenues for the nine months were $27,638,000 in 1992, an increase of 107 percent over $13,378,000 in 1991. Mr. Ratner noted that Sulcus' service and support revenues increased 72 percent in the nine months to $9,100,000 from $5,591,000 in last year's nine months. "Ongoing revenues from a broadened customer base and our recurring revenue installations provides continuity and stability oF earnings. The growth of this income speaks of our customers' satisfaction with Sulcus products and services." Sulcus Computer Corporation is a leading developer of automated systems of the hospitality, legal and real estate markets. Sulcus Hospitality systems are in operation in more than an estimated 4,500 hotels, restaurants and country clubs on six continents. Customers include such names as Sheraton, Marriott, Radisson, ANA, Embassy Suites, Nikko, Holiday Inn, Chi Chi's, Four Seasons, Canadian Pacific, Interstate, Clubhouse Inns, Sfuzzis, Regent and Novatel. SULCUS COMPUTER CORPORATION Summary Income Statement (unaudited) Three months ended Sept. 30 1992 1991 Pct. Change Total revenues $11,933,450 $4,373,973 173 Support and services 3,631,204 2,106,402 72 Net income 2,015,631 560,312 260 Earnings per common share and common share equivalents 0.16 0.10 60 Weighted average number of common shares 12,867,191 5,712,727 125 Nine months ended Sept. 30 1992 1991 Pct. Change Total revenues $27,638,357 $13,377,791 107 Support and services 9,099,997 5,591,427 63 Net income 4,515,356(A)1,420,147 218 Earnings per common share and common share equivalents 0.37 0.26 42 Weighted average number of common shares 12,249,681 5,559,051 120 (A) Includes a prior period adjustment of $132,400 due to the company's adoption of the Financial Accounting Standards Board (FASB) Statement 109. -0- 10/22/92 /CONTACT: Jeffrey S. Ratner, chairman and CEO of Sulcus Computer Corp., 412-836-2000/ (SUL) CO: Sulcus Computer Corp. ST: Pennsylvania IN: LEI SU: ERN
KD-LR -- NY094 -- 3625 10/22/92 12:46 EDT
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|Date:||Oct 22, 1992|
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