Printer Friendly

SUNGARD(R) DATA SYSTEMS ANNOUNCES FOURTH QUARTER 1991 EARNINGS

 SUNGARD(R) DATA SYSTEMS ANNOUNCES FOURTH QUARTER 1991 EARNINGS
 WAYNE, Pa., Feb. 6 /PRNewswire/ -- SunGard Data Systems Inc. (NASDAQ-NMS: SNDT) announced today that its net income for the year ended Dec. 31, 1991, was $21,467,000, up 4.8 percent over 1990 net income of $20,480,000.
 Primary earnings per common share for 1991 were $1.40, a 3.7 percent increase over 1990 primary earnings per common share of $1.35. For the quarter ended Dec. 31, 1991, net income was $6,119,000, 14.0 percent higher than 1990 fourth quarter net income of $5,367,000, and primary earnings per common share were $.40, an increase of 14.3 percent over primary earnings per common share of $.35 for the fourth quarter of 1990. Fourth quarter and full year 1990 results included a charge of $728,000 for costs associated with an acquisition, which was equivalent to earnings per common share of approximately $.05. Full year 1991 revenues were $283,550,000, an increase of 8.2 percent over 1990 revenues of $262,108,000, and fourth quarter 1991 revenues were $75,302,000, up 5.6 percent over 1990 fourth quarter revenues of $71,303,000.
 James L. Mann, SunGard's chairman, president and chief executive officer, said, "We are pleased that our 1991 results came in at the high end of our previously announced expectations. Each of our business groups performed well and contributed to that success. We expect that our 1992 earnings will increase at a higher rate -- one that is more representative of our historical growth rates. Accordingly, estimates of $1.52 to $1.59 for 1992 primary earnings per common share are appropriate.
 "In our investment support systems business, we closed many significant software sales during the fourth quarter, including a number of large sales of The Devon System(R) in Europe and the Far East, sales of INVEST ONE(R) to three major fund managers, sales of OmniPlan(TM) to a leading broker and a large oil company, and a multi-product sale including Omni GS(TM) to a major international bank. We also completed the installation of The Delaware Funds on INVESTAR(R). We believe that our investment support systems business is well situated to derive even greater benefits in 1992 from its consolidation efforts and its strong products and market positions.
 "For our disaster recovery group, 1991 was the best year ever for new contract signings. Although its results were somewhat dampened by continued data center consolidations and competitive pressure on renewals, its stellar reputation for service and innovation, combined with the consistent improvement of its facilities and equipment, should produce continued steady growth in its customer base."
 The company stated that its 1992 outlook, which may change, is based upon management's current assessment of both internal and external factors.
 SunGard also announced today it has entered into a letter of intent to acquire Shaw Data Services, Inc., the leading domestic provider of investment support systems to investment advisors, for approximately $20 million in cash plus a contingent payment of up to $15 million based upon Shaw Data's profits during the three years after closing. The acquisition, which is subject to certain conditions, is expected to close during the second quarter of 1992. In its last fiscal year, Shaw Data's revenues were approximately $30 million. SunGard stated that the acquisition is not expected to materially affect the company's financial results for 1992.
 SunGard Data Systems Inc. is the only large specialized provider of proprietary investment support systems to the financial services industry and is the pioneer and a leading provider of comprehensive computer disaster recovery services. Its common stock is reported on the NASDAQ National Market System under the symbol SNDT.
 SUNGARD DATA SYSTEMS INC.
 Consolidated Statements of Income
 (In thousands, except per-share amounts)
 Periods ended Year Three months
 Dec. 31 1991 1990 1991 1990
 (Unaudited)
 Revenues $283,550 $262,108 $75,302 $71,303
 Costs and expenses:
 Cost of sales and
 direct operating 140,541 127,508 36,919 33,530
 Sales, marketing and
 administration 59,638 55,297 15,600 14,557
 Product development 13,400 13,796 3,767 4,558
 Depreciation of property
 and equipment 15,165 13,231 3,847 3,519
 Amortization of intangible
 assets 12,315 11,218 3,245 3,089
 Merger costs --- 728 --- 728
 Total 241,059 221,778 63,378 59,981
 Income from operations 42,491 40,330 11,924 11,322
 Interest income 3,903 3,518 934 1,292
 Interest expense (8,060) (7,267) (1,932) (2,272)
 Income before income taxes 38,334 36,581 10,926 10,342
 Income taxes 16,867 16,101 4,807 4,975
 Net income 21,467 20,480 6,119 5,367
 Net income per common share:
 Primary $1.40 $1.35 $.40 $.35
 Fully diluted 1.36 1.34 .38 .34
 Supplemental Income Statement Information
 (Unaudited; in thousands)
 Periods ended Year Three months
 Dec. 31 1991 1990 1991 1990
 Revenues:
 Investment support systems $165,453 $151,682 $44,783 $42,380
 Disaster recovery services 83,540 74,774 22,287 19,833
 Computer services and other 34,557 35,652 8,232 9,090
 Total 283,550 262,108 75,302 71,303
 Income from operations:
 Investment support systems 36,029 33,697 9,942 9,923
 Disaster recovery services 8,016 7,373 3,246 2,388
 Computer services and other 4,417 3,973 977 969
 Corporate administration (5,971) (4,713) (2,241) (1,958)
 Total 42,491 40,330 11,924 11,322
 Operating margin (pct.):
 Investment support systems 21.8 22.2 22.2 23.4
 Disaster recovery services 9.6 9.9 14.6 12.0
 Computer services and other 12.8 11.1 11.9 10.7
 Total 15.0 15.4 15.8 15.9
 Consolidated Balance Sheets
 (In thousands)
 Dec. 31 1991 1990
 Assets:
 Current:
 Cash, equivalents and
 short-term investments $69,499 $71,489
 Accounts receivable, net 62,449 51,052
 Prepaid expenses and other
 current assets 8,671 7,215
 Deferred income taxes 4,278 3,069
 Total current assets 144,897 132,825
 Property and equipment, net 50,165 46,244
 Software products, net 24,439 28,644
 Goodwill and other intangible
 assets, net 93,958 94,974
 Total $313,459 $302,687
 Liabilities and Stockholders' Equity:
 Current:
 Notes payable and current
 portion of long-term debt $723 $21,875
 Accounts payable and accrued expenses 25,174 21,025
 Accrued income taxes 4,397 4,422
 Deferred revenues 29,737 22,323
 Total current liabilities 60,031 69,645
 Long-term debt 87,097 87,357
 Deferred income taxes 3,333 5,419
 Stockholders' equity 162,998 140,266
 Total $313,459 $302,687
 /delval/
 -0- 2/6/92
 CONTACT: David D. Gathman, 215-341-8709, or Richard C. Tarbox, 215-341-8743, both of SunGard Data Systems/ CO: SunGard Data Systems Inc. ST: Pennsylvania IN: CPR SU: ERN


MK-JS -- PH029 -- 7872 02/06/92 16:06 EST
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:Feb 6, 1992
Words:1167
Previous Article:ELMWOOD FEDERAL REPORTS FAVORABLE FOURTH QUARTER
Next Article:IMF TERMINATES PANAMA'S INELIGIBILITY TO USE FUND
Topics:


Related Articles
SUNGARD DATA SYSTEMS INC. ANNOUNCES FIRST QUARTER 1993 RESULTS AND CONVERTIBLE DEBENTURE CALL
SUNGARD DATA SYSTEMS INC. ANNOUNCES THIRD QUARTER 1993 RESULTS
SUNGARD DATA SYSTEMS ANNOUNCES 1993 RESULTS
SUNGARD DATA SYSTEMS INC. ANNOUNCES FIRST QUARTER 1994 RESULTS
SUNGARD DATA SYSTEMS INC. ANNOUNCES SECOND QUARTER 1994 RESULTS
SUNGARD DATA SYSTEMS INC. ANNOUNCES THIRD QUARTER 1994 RESULTS AND INCLUSION IN NEW S&P INDEX
SUNGARD DATA SYSTEMS INC. ANNOUNCES SECOND QUARTER 1995 RESULTS AND ACQUISITION OF BITECH SOFTWARE, INC.
SUNGARD DATA SYSTEMS INC. ANNOUNCES SECOND QUARTER 1996 RESULTS
SunGard Data Systems Inc. Announces First Quarter 1997 Results
SunGard Data Systems Inc. Announces Second Quarter 1997 Results

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