SYSTEMS CENTER REPORTS YEAR-END RESULTS
SYSTEMS CENTER REPORTS YEAR-END RESULTS RESTON, Va., Feb. 10 /PRNewswire/ -- Systems Center, Inc.
(NYSE: SMX), today reported record revenues of $125,845,295 for the year ended Dec. 31, 1991, up 19 percent from $105,498,176 for the same period in 1990. Net income for 1991 was $6,253,382 (53 cents per share on a fully diluted basis), compared to a net loss for 1990 of $27,917,905 ($2.79 per share), after one-time charges totalling $29,741,000 and income tax benefits of $852,000.
Revenues for the fourth quarter ended Dec. 31, 1991 were $38,369,023, compared to $36,451,849 for the same period in 1990. Net income for the quarter was $3,918,552 (31 cents per share on a fully diluted basis), compared with a net loss of $25,113,595 ($2.50 per share) in 1990, after a one-time pre-tax charge of $26,700,000 resulting primarily from a write-down of the value of the company's NET/MASTER marketing rights acquired in the first quarter of 1990. In making the announcement, Chairman and Chief Executive Officer Robert E. Cook stated: "The company is pleased to close 1991 with record revenues and strengthening profitability, particularly amidst a weak economic environment worldwide. As Systems Center enters 1992, it does so with products for high-growth markets, strong channels of distribution, and continued fiscal control." Systems Center, Inc., develops, markets and supports systems and network software. The company's products assist in the automation and control of mixed computing environments, and are marketed in 55 countries worldwide. SYSTEMS CENTER, INC. Condensed Consolidated Income Statements Three Months Ended Dec. 31, 1991 1990 (Unaudited) Revenue $38,369,023 $36,451,849 Operating expenses 33,771,357 60,699,565 Operating profit (loss) 4,597,666 (24,247,716) Interest expense, net (541,212) (865,879) Gain on sale of product line -- -- Income (loss) before income taxes 4,056,454 (25,113,595) Income taxes (137,902) -- Net income (loss) $3,918,552 $(25,113,595) Net income (loss) per common share, primary $0.34 $(2.50) Net income per common share, fully diluted $0.31 N/A Twelve Months Ended Dec. 31, 1991 1990 Revenue $125,845,295 $105,498,176 Operating expenses 116,382,569 132,441,129 Operating profit (loss) 9,462,726 (26,942,953) Interest expense, net (2,868,354) (2,737,978) Gain on sale of product line -- 910,848 Income (loss) before income taxes 6,594,372 (28,770,083) Income taxes (340,990) 852,178 Net income (loss) $6,253,382 $(27,917,905) Net income (loss) per common share, primary $0.55 $(2.79) Net income per common share, fully diluted $0.53 N/A -0- 2/10/92 /NOTE: NET/MASTER is a trademark of Systems Center, Inc., and/or its subsidiaries./ /CONTACT: Kevin McNerney of Systems Center, Inc., 703-264-8000/ (SMX) CO: Systems Center, Inc. ST: Virginia IN: CPR SU: ERN
SB-MK -- DC034 -- 8532 02/10/92 18:08 EST
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|Date:||Feb 10, 1992|
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