THE FUTURE NOW, INC. ANNOUNCES 1991 RESULTS
THE FUTURE NOW, INC. ANNOUNCES 1991 RESULTS CINCINNATI, Feb. 3 /PRNewswire/ -- The Future Now, Inc.
(NASDAQ: FNOW) today reported net income of $3.0 million for the year ended Dec. 31, 1991, an increase of 88 percent over net income of $1.6 million reported for the year ended Dec. 31, 1990. Earnings per share totaled $1.01 for 1991 as compared with $.70 for 1990. Both earnings and earnings per share were record amounts for the company.
Revenues for 1991 totaled $138.7 million, an increase of 67 percent over the $83.2 million reported for 1990. Of the increase, $47.3 million, or 85 percent, was generated by sales offices operated by the company at year-end 1990, while $8.2 million, or 15 percent, was provided by operations acquired during 1991. Revenues reported for the year also were a record for the company. Net income for the 1991 fourth quarter totaled $1.0 million, or double the $500 thousand recorded for the fourth quarter of 1990. Revenues totaled $48.0 million during the 1991 fourth quarter as compared with $28.4 million for the comparable period in 1990. President and Chief Executive Officer Terry L. Theye commented, "The year 1991 was successful in terms of growth in sales and profitability for The Future Now. But more importantly, it was a year in which the company capitalized, and prepared itself to continue to capitalize, on the consolidation which is taking place in the industry. "During June we completed our initial public offering. The offering increased our net worth and borrowing capacity significantly, permitting the company to make several business acquisitions during the latter half of 1991 and early 1992. These included operations in Little Rock, Arkansas; Moline, Illinois; Davenport, Iowa; Lexington and Louisville, Kentucky; Cleveland, Ohio; Memphis, Tennessee and Milwaukee, Wisconsin. "Each of the operations acquired is providing synergies to the combined entity in terms of revenue enhancement and cost savings. In order to ensure smooth transition and the high quality of service to which these locations' customers have been accustomed, management of each of the operations acquired has remained intact. While these acquisitions mark The Future Now's initial presence in most of these marketplaces, it will be our long-standing emphasis on providing outstanding support and service that will help us expand our presence in these locations. "In addition to preparing financially for the growth we have experienced and anticipate, the company also added several key management personnel during the year. The Future Now also significantly upgraded its information system during the year in order to provide management with the increased data it needs to manage a multi-location operation of our size. "In summary, The Future Now is proud of its financial results for 1991; pleased with the quality of businesses acquired during the year; and confident that organizational changes and additions made during 1991 will serve us well. We look forward to 1992 and the opportunities the continuing industry consolidation will bring us." The Future Now sells, installs and services microcomputers, microcomputer software products and turn-key microcomputer systems for business, professional, educational and governmental customers. With more than 550 employees, the company has sales offices in Little Rock, Ark.; Moline, Ill.; Ft. Wayne and Indianapolis, Ind.; Davenport, Iowa; Lexington and Louisville, Ky.; Cincinnati, Cleveland, Columbus and Dayton, Ohio; Memphis, Tenn.; and Brookfield, Kenosha and Racine, Wis. THE FUTURE NOW, INC. INCOME STATEMENT SUMMARY DATA Year Ended December 31, 1991 1990 (In Thousands Except Per Share Data) Revenues $138,726 $83,191 Cost of Sales 115,211 69,227 Gross Profit 23,515 13,964 Operating Expenses 17,804 10,248 Income From Operations 5,711 3,716 Interest Expense, Net 614 1,063 Earnings Before Income Tax 5,097 2,653 Income Tax (A) 2,092 1,027 Net Income $3,005 $1,626 Per Share Data: Net Income $3,005 $1,626 Average Shares Outstanding 2,970 2,314 Earnings Per Share $1.01 $0.70 (A) -- Prior to its initial public offering on June 28, 1991, the company qualified as an S Corporation. As such, the company's shareholders were personally liable for their proportionate share of the company's taxable income, and the company accrued and paid no income taxes. For purposes of this presentation, income taxes for 1990 and for the period in 1991 before the company's public offering have been adjusted on a pro forma basis as though the company were a C Corporation, and thus accrued and paid taxes for all of 1991 and 1990. -0- 2/3/92 /CONTACT: David L. Durham of The Future Now, Inc., 513-771-7110/ (FNOW) CO: The Future Now, Inc. ST: Ohio IN: CPR SU: ERN
KK -- CL003 -- 6094 02/03/92 10:52 EST
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|Date:||Feb 3, 1992|
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