UNIQUEST ANNOUNCES THIRD QUARTER RESULTS
UNIQUEST ANNOUNCES THIRD QUARTER RESULTS JACKSONVILLE, Fla., March 26 /PRNewswire/ -- UNIQUEST, Inc.
(NASDAQ: UQST) today announced its financial results for the third quarter and nine month period of fiscal 1992 ending Feb. 29, 1992. The company reported a net loss of $208,637 ($.01 per common and common equivalent share) for the third quarter of fiscal 1992 as compared to a net loss of $314,972 ($.04 per common and common equivalent share) for the third quarter of fiscal 1991. The company reported a net loss of $373,891 ($.02 per common and common equivalent share) for the nine months ended Feb. 29, 1992 as compared to a net loss of $50,169 ($.01 per common and common equivalent share) for the same period of the prior fiscal year.
Revenue for the third quarter of fiscal 1992 was $3,103,921 as compared to $633,546 for the fiscal 1991 third quarter. Fiscal year to date 1992 revenues were $8,439,132 as compared to $2,347,391 for the same period in fiscal 1991. The significant comparative increase in revenue for the current quarter (390 percent) and year to date (260 percent) period includes the revenue of the company's acquisitions in the third and fourth quarters of fiscal 1991 as well as the revenue of System Innovators Inc. which was acquired in the second quarter of the current fiscal year. August P. Klein, president and CEO of UNIQUEST, Inc. stated: "The current financial results report our third successive quarter of increased revenues. We have achieved the projections which are the foundation of our growth objective and perceive the strength of our target markets to be sound. UNIQUEST is committed to realizing the opportunities available to improve overall profitability through strategic consolidation of its rapidly growing enterprise. Consequently, the company has incurred certain one time charges associated with consolidation of its acquisitions to date which have impaired both short term results and available cash flow. The consolidation is now virtually complete and positions UNIQUEST for future generation of both operating profit and cash flow." UNIQUEST, Inc. is a leading provider of application software and systems used for service management, general accounting, point of sale, cashiering, time and attendance, security, access control, job costing, labor distribution, scheduling and communications. The industries served are health care, hospitality, restaurant, mechanical contracting, super markets, utilities, government and other consumer related businesses. UNIQUEST, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE NINE MONTHS ENDING FEB. 29, 1992 AND 1991 Three Months Ended Nine Months Ended Feb. 29, Feb. 29, 1992 1991 1992 1991 Revenues $3,103,921 $633,546 $8,439,132 $2,347,391 Cost of Revenues 1,707,276 323,211 4,095,133 881,586 Gross Profit 1,396,645 310,335 4,343,999 1,465,805 Operating Expenses: General and Administrative 465,091 291,333 1,585,276 595,939 Selling and Marketing 745,236 170,009 1,957,115 485,079 Research and Development 349,263 142,900 979,262 340,074 Total operating expenses 1,559,590 604,242 4,521,653 1,421,092 Operating Income (Loss) (162,945) (293,907) (177,654) 44,713 Other Income (Expense): Interest expense (48,895) (30,633) (136,406) (104,450) Other 3,203 9,568 (59,831) 9,568 Total other income (expense) (45,692) (21,065) (196,237) (94,882) Net Loss ($208,637) ($314,972) ($373,891) ($50,169) Net Loss per Common and Common Equivalent share ($0.01) ($0.04) ($0.02) ($0.01) Weighted Average Shares of Common Stock Outstanding 16,383,378 7,561,720 15,940,908 6,619,224 -0- 3/26/92 /CONTACT: Marcus Shiveley of Uniquest, 904-739-0822/ (UQST) CO: UNIQUEST, Inc. ST: Florida IN: CPR SU: ERN
AW-SS -- FL013 -- 2137 03/26/92 16:44 EST
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|Date:||Mar 26, 1992|
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