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TMS, INC. ANNOUNCES FOURTH QUARTER RESULTS AND YEAR END PROFITS

    TMS, INC. ANNOUNCES FOURTH QUARTER RESULTS AND YEAR END PROFITS
    STILLWATER, Okla., Nov. 5 /PRNewswire/ -- TMS, Inc. today reported that net income for fiscal year ended Aug. 31, 1991 was $104,127 compared to a net loss for the previous year of $573,674.  The improved performance was due to an increase in revenue of six percent and a decrease in operating costs of 17 percent.
    Revenue for fiscal 1991 was $2,694,740 compared to $2,543,704 for fiscal 1990.  Revenue for the fourth quarter ended Aug. 31, 1991 was $696,744 compared to $677,913 for the fourth quarter of fiscal 1990. Revenue from services continued to decline in the fourth quarter as expected.  Licensing and royalties revenue for fiscal 1991 was $1,850,151 compared to $1,117,467 for fiscal 1990 -- an increase of $732,684 or 66 percent.
    Licensing and royalties revenue for the fourth quarter was $644,668 compared to $176,634 for the fourth quarter last year, an increase of 265 percent.
    "The strength in licensing and royalties is a clear indication that some of our customers are distributing their data with TMS's software products to new internal or third party users," commented TMS president, J. Richard Phillips. This growth is occurring in both the CD-ROM publishing industry and the imaging industry.  Though total revenues from imaging products represents less than 50 percent of total revenues for the year, it is the fastest growing because it fulfills a basic industry need and can be marketed at a lower price and higher volume to application developers and to companies building applications for use internally.
    Operating costs and expenses for fiscal 1991 were $2,545,959 compared to $3,081,877 for fiscal 1990.  Operating costs for the fourth quarter dropped from $829,806 in fiscal 1990 to $621,894 in fiscal 1991. Because of the decline in service revenue, the cost of software development services provided to customers decreased by 32 percent for fiscal 1990 when compared to last year.  As a result of this decline more resources were devoted to research and development.  R&D expenses increased by $171,929 for fiscal 1991 over fiscal 1990.  "This increase in R&D expenses will result in the release of new products during fiscal 1992," Dr. Phillips said.
    Selling and general and administrative expenses were down by $13,823 for the quarter but increased by $81,688 for the year when compared to fiscal 1990.
    TMS markets proprietary software and services to businesses and governmental agencies for use in retrieving large volumes of textual and image information on personal computers.
    TMS is a public company and its common stock is traded in the over-the-counter market.
    -0-      11/5/91
    /CONTACT:  Dale May, vice president finance & administration of TMS, 405-377-0880/ CO:  TMS, Inc. ST:  Oklahoma IN:  CPR SU:  ERN JT -- NY092 -- 1468 11/05/91 18:49 EST
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Publication:PR Newswire
Date:Nov 5, 1991
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