Printer Friendly


 LIVERMORE, Calif., Oct. 22 /PRNewswire/ -- Triad Systems Corp. (NASDAQ: TRSC) today reported fiscal 1993 revenues of $152.8 million and net income of $5.9 million, favorably impacted by the expansion of its new automotive Service Dealer operations, the unprecedented early success of its new PRISM (TM) automotive jobber platform and record Retail Hardgoods systems sales.
 Revenues for the year ended Sept. 30 were slightly above the record $152.6 million of the previous year. Net income for 1993 was $5.9 million, 67 percent above the $3.5 million of a year ago. Fiscal 1993 earnings per share of 35 cents were a 30 percent improvement over the 27 cents per share in 1992. An extraordinary charge related to Triad's August 1992 refinancing reduced earnings for that year to 17 cents.
 Fourth quarter 1993 revenues were $44.1 million, 9 percent above the $40.5 million in the same quarter of 1992, with net income improving 79 percent over the same quarter of 1992 to $2.9 million from $1.6 million. Earnings per share in the quarter were 17 cents on 17 million common shares and equivalents, a 55 percent improvement over the 11 cents per share in the fourth quarter of 1992, based on 15.7 million common shares and equivalents.
 Fourth quarter Service Dealer revenues were $1.8 million, a 22 percent gain over the third quarter, as Triad continued to expand its presence in the automotive repair segment. Service Dealer revenues rose 58 percent to $5.1 million in 1993 from $3.2 million in 1992, its first year of offering systems and services to the segment.
 Sales of the first phase of its PRISM system introduced last July far exceeded expectations, with 205 systems sold in the quarter. The success of PRISM helped increase fourth quarter automotive revenues to $13.1 million, compared to $10.8 million in the same quarter of 1992. Overall automotive systems sales of $38.1 million fell short of 1992's $40.9 million, but were about $5 million better than the 1991 total.
 Triad's Information Services Division had fourth quarter revenues of $5.6 million, 16 percent above the same period of the prior year, for a 1993 total of $20.6 million, or 14 percent better than 1992. Fourth quarter Customer Support revenues were up slightly from the preceding quarter at $14 million,a?lthough lower than the same quarter of 1992.
 Fourth quarter Retail Hardgoods sales of $7.7 million were a 9 percent improvement over the same period of 1992, reflecting a growing market acceptance of the company's Eagle system for hardware outlets and its Eagle LS system for the lumber and building supply segment. Retail Hardgoods sales for 1993 were a record $25.6 million, 14 percent above the previous record of $22.4 million in 1992.
 "We ended 1993 on a strong note, with good momentum in our systems business," said President and Chief Executive Officer James R. Porter. "Our growth businesses -- Information Services, Service Dealer and Retail Hardgoods -- made steady progress, and our more mature automotive jobber business showed good strength due to the early success of the first phase of our PRISM platform.
 "We continue to invest in our growth businesses, which include our VISTA point of sale movement service for the retail hardgoods market that we introduced in the fourth quarter. At this early date, it's receiving an enthusiastic response from product manufacturers, and we look for expansion of this service in 1994, creating another new source of recurring revenues.
 "We're pleased with our progress in building our growth businesses," Porter said, "and anticipate that revenues from those operations will for the first time surpass those of our more mature businesses around the fourth quarter of fiscal 1994."
 Porter added that the sale of 15.3 acres in Triad Park to Costco Wholesale Corp. for a membership warehouse outlet was completed on schedule, contributing 3 cents in earnings per share for the fourth quarter and year.
 Triad creates business and information management solutions for the automotive aftermarket and the retail hardgoods industry, providing approximately 13,000 customers worldwide with automated efficiencies, comprehensive support and financing.
 Condensed Consolidated Statements of Income
 for the Three and Twelve Month Periods
 Ended September 30, 1993 and 1992
 Three Months Ended Twelve Months Ended
 September 30, September 30,
 (Amounts in thousands 1993 1992 1993 1992
 except per share data)
 Services $ 20,656 $ 20,155 $ 80,095 $ 79,190
 Systems 20,943 18,024 64,069 63,820
 Finance 2,459 2,283 8,654 9,562
 Total 44,058 40,462 152,818 152,572
 Costs and expenses
 Services 11,639 11,740 46,606 46,197
 Systems 10,126 8,946 30,687 32,029
 Marketing and finance 11,434 10,592 40,149 39,347
 Product development 2,056 1,943 8,118 7,483
 General and administrative 3,177 2,343 11,436 9,503
 Total 38,432 35,564 136,996 134,559
 Operating income 5,626 4,898 15,822 18,013
 Interest and other expense
 including gain from
 land sale 1,555 2,432 7,676 12,513
 Income before income taxes
 and extraordinary charge 4,071 2,466 8,146 5,500
 Provision for income taxes 1,140 827 2,281 1,980
 Income before extra-
 ordinary charge 2,931 1,639 5,865 3,520
 Extraordinary charge on
 repurchase of debt,
 net of taxes -- 1,423 -- 1,423
 Net income $ 2,931 $ 216 $ 5,865 $ 2,097
 Earnings per share
 Income before extra-
 ordinary loss $ 0.17 $ 0.11 $ 0.35 $ 0.27
 Net income 0.17 0.02 0.35 0.17
 Fully diluted:
 Income before extra-
 ordinary loss $ 0.17 $ 0.11 $ 0.35 $ 0.27
 Net income 0.17 0.02 0.35 0.17
 -0- 10/22/93
 /CONTACT: Tim Mehren of Triad Systems Corp., 510-449-0606/

CO: Triad Systems Corp. ST: California IN: CPR AUT SU: ERN

CJ-BR -- SF002 -- 5528 10/22/93 06:03 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:Oct 22, 1993

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