Printer Friendly

TELESCAN REPORTS CONTINUED STRONG GROWTH IN 3RD QUARTER REVENUES AND EARNINGS

 HOUSTON, Nov. 9 /PRNewswire/ -- Telescan, Inc. reported today that its revenues for the quarter ended Sept. 30, 1993 showed continued strong growth, increasing 80 percent to $1,760,967 from $978,042 for the same period in 1992, primarily due to its growing on-line financial services database business and the increased sales of software and related products. Third quarter 1993 net income was $3,336, compared to a net loss of $283,882 for the same period in 1992. The 1993 third quarter's net income includes a loss of approximately $32,000 related to Knowledge Express, L.C., a majority-owned subsidiary providing on-line database services to the technology transfer and research fields.
 For the nine months ended Sept. 30, 1993, revenues increased 74 percent to $4,948,656 from $2,846,809 for the same period in 1992, principally as the result of higher financial services on-line revenues. Net income for the nine months ended Sept. 30, 1993 was $76,663, an earnings gain of $306,490 compared to net loss of $229,827 for the corresponding 1992 period. Included in net income for the first nine months of 1993 is a loss of approximately $89,000 related to the company's share of Knowledge Express L.C.'s loss for that period.
 Telescan, Inc. (NASDAQ: TSCN), a Houston-based public company, is a leading provider of interactive on-line information technology. The company is best known for its in-depth financial services utilized by vendors such as Fidelity Investments Retail Services, Chas. Schwab & Co. other members of the financial community and over 80,000 subscribers. In recent years, the company has expanded the use of its technology through joint ventures with the American Institute of Architects (AIA Online), Editor & Publisher Online, BPI Communications (Hollywood Reporter Online, Billboard Magazine Online and others), and Entrepreneurs Online. In addition, the company's Computer Sports Network unit provides on-line entertainment in the sports field through baseball leagues and tournament golf. The Knowledge Express subsidiary is the leading technology transfer on-line system and is utilized by major universities and the federal government.
 The company's innovative network services feature its proprietary relevant/optimal search technology. The technology enables a user to make a simple English language request of a database to quickly receive the information most pertinent to the inquiry. This capability represents the most powerful searching and screening tools in the on- line industry.
 TELESCAN, INC.
 Selected Results of Operations
 (In thousands of dollars except for per share amounts)
 Periods ended Quarter Year to Date
 Sept. 30: 1993 1992 1993 1992
 Revenues 1,761 978 4,949 2,847
 Costs of revenues 828 471 2,347 1,219
 Selling, general and admin.
 expense 955 724 2,518 1,770
 Net income (loss) 3 (284) 77 (230)
 $ per common share and
 equivalents:
 Net income (loss) 0.00 (0.04) 0.01 (0.04)
 -0- 11/9/93
 /CONTACT: David L. Brown, chairman of the board and CEO, or R.A. Schultz, chief financial officer both of Telescan, Inc., 713-952-1060/
 (TSCN)


CO: Telescan, Inc. ST: Texas IN: CPR SU: ERN

LG -- NY068 -- 3666 11/09/93 11:56 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 9, 1993
Words:518
Previous Article:BOSTON CHICKEN COMPLETES SALE OF 2.8 MILLION SHARES OF COMMON STOCK IN IPO AND CONCURRENT PRIVATE PLACEMENT
Next Article:HALLIBURTON 1993 FOURTH QUARTER DIVIDEND
Topics:

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