THE FAILURE GROUP ANNOUNCES 1992 RESULTS
THE FAILURE GROUP ANNOUNCES 1992 RESULTS MENLO PARK, Calif., June 26 /PRNewswire/ -- The Failure Group Inc.
(NASDAQ-NMS: FAIL) reported today net income of $4.5 million for the year ended May 29, 1992 compared to $6.4 million in 1991, representing a decrease of 29.9 percent. Revenues in 1992 grew 1.0 percent to $70.3 million from $69.6 million in 1991 and professional fees of $59.9 million in 1992 increased 4.0 percent from $57.7 million in 1991. Net income per share of 56 cents for 1992 was 31.7 percent lower than net income per share of 82 cents in 1991.
Revenues for the fourth quarter ended May 29, 1992, were $16.6 million compared to revenues of $17.6 million in 1991, representing a decrease of 5.8 percent. Professional fees of $14.2 million in the fourth quarter of 1992 were the same as professional fee revenue for the same quarter of 1991. Net income of $956,000 for the fourth quarter decreased 30.8 percent compared to $1.4 million for the same quarter last year. Net income per share for the fourth quarter decreased to 12 cents per share compared to 16 cents per share for the fourth quarter last year. Dr. Roger L. McCarthy, chairman, president and chief executive officer, stated "We are encouraged that annual revenues reflected moderate growth despite the continued weakness which we experienced in the demand for our services in certain of our technical disciplines and in certain regions of the country. And , we are pleased that measures we recently placed in effect to control operating expenses are taking effect, as operating expenses in the fourth quarter are lower than in previous quarters of the year." The Failure Group Inc., through its principal operating subsidiary, Failure Analysis Associates Inc., is a leading independent consulting firm devoted primarily to the investigation, analysis, and prevention of failures of an engineering or scientific nature. Founded in 1967, the company operates nine domestic and three international offices and is headquartered in Menlo Park. THE FAILURE GROUP INC. Operations Summary (in thousands, except per share data) 3 months ended 12 months ended May 29, May 31, May 29, May 31, 1992 1991 1992 1991 Revenues $16,569 $17,597 $70,289 $69,582 Operating income 1,885 2,461 8,067 11,997 Net income 956 1,382 4,479 6,389 Net income per share $0.12 $0.16 $0.56 $0.82 Weighted average shares outstanding 7,931 8,382 7,998 7,760 -0- 6/26/92 /CONTACT: Josephine Minola of The Failure Group, 415-326-9400/ (FAIL) CO: The Failure Group Inc. ST: California IN: SU: ERN
MM-MC -- SJ001 -- 4081 06/26/92 08:30 EDT
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|Date:||Jun 26, 1992|
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