Printer Friendly

TRANSNET CORPORATION ANNOUNCES PROFIT AND RECORD REVENUES IN YEAR-END RESULTS

 BRANCHBURG, N.J., Aug. 2 /PRNewswire/ -- TransNet Corporation (NASDAQ: TRNT) announced its results for the fourth quarter and fiscal year ended June 30, 1993.
 For the fourth quarter ended June 30, 1993, the corporation reported earnings of $60,361, or $0.01 per share, on the quarter's revenues of $7,269,891, as compared to earnings of $42,249 or $0.01 per share on revenues of $6,268,394 in the same period in the prior year.
 For the fiscal year ended June 30, 1993, TransNet reported earnings of $264,644 or $0.05 per share, on record revenues of $28,903,306, as compared with earnings of $80,785 or $0.02 per share on revenues of $28,791,420 for the fiscal year ended June 30, 1992.
 Commenting on the results, Steven J. Wilk, TransNet president, said, "We are pleased with our results for the fiscal year ended June 30, 1993. While revenue remained relatively unchanged, net income increased 226 percent to $264,644 from $80,785 due to the growth of our technical service and support programs. Revenues generated by service and support operations increased by approximately 100 percent compared to fiscal 1992. During fiscal 1993, we entered a number of agreements with large organizations for service and support of their personal computers, peripherals and networks. Of our service and support offerings, our TechNet program, which places manufacturer-trained technicians, systems engineers and certified network engineers at customer sites to provide immediate service and support of all personal computer and network related products, has been the most successful. In response to increased customer demand for our programs and our commitment to providing our customers with the services of the most talented people in the industry, we greatly expanded our technical support staff.
 "During fiscal 1993, TransNet concentrated our sales efforts on network and system integration products which yield higher profit margins. For the fiscal year ended June 30, 1993, profit margins increased to 16.2 percent from 15.7 percent in fiscal 1992. In addition, despite an increased number of technical support employees, our selling, general and administrative expenses remained unchanged from fiscal 1992, which is the result of strong cost controls and a dedication to quality control.
 "We are optimistic about TransNet's opportunities in fiscal 1994 and we look forward to pursuing all methods to increase shareholder value."
 TransNet Corporation is a leading dealer of personal computers, peripheral and related equipment, and a leading provider of technical support and service. In addition to the commercial sales and service operations conducted from its Branchburg, N.J. headquarters, TransNet operates a retail store and service center in Lebanon, N.J.
 TRANSNET CORPORATION AND SUBSIDIARIES
 Consolidated Statements Of Operations
 Three Months Ended June 30, 1993 1992
 Revenues $7,269,891 $6,268,394
 Earnings 60,361 42,249
 Earnings per share 0.01 0.01
 (Audited)
 Fiscal Year Ended June 30, 1993 1992
 Revenues $28,903,306 $28,791,420
 Earnings 264,644 80,785
 Earnings per share 0.05 0.02
 Weighted average number of
 common shares outstanding 5,041,804 5,041,804
 -0- 8/2/93
 /CONTACT: Steven J. Wilk of TransNet Corporation, 908-253-0500/
 (TRNT)


CO: TransNet Corporation ST: New Jersey IN: CPR SU: ERN

LD-MG -- NY005 -- 8146 08/02/93 08:02 EDT
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:Aug 2, 1993
Words:548
Previous Article:NEW TOP EXECUTIVES NAMED FOR BELDING HEMINWAY COMPANY
Next Article:MFS COMMUNICATIONS REPORTS 29 PERCENT GAIN IN SECOND QUARTER REVENUES DRIVEN BY 48 PERCENT GROWTH IN TELECOMMUNICATIONS SEGMENT
Topics:

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