USTI's 1998 year ended on a positive note. . .here are results:
News March 30, 13:07 Eastern Time
United Systems Technology, Inc. Announces 1998 Results
DALLAS (March 30) BUSINESS WIRE -March 30, 1999--United Systems
Technology, Inc. (OTC BB: USTI) announced today that revenues for the
year ended December 31, 1998, were $1,856,973, an increase of 13%
from the revenues of $1,641,370 reported for the year ended December
31, 1997. The company had net income of $309,288 in 1998 as compared
to a net loss of $270,554 for the comparable period in 1997.
The increase in revenue during 1999, combined with the Company's
continued efforts to contain its expenses, contributed to the results,
which are among the best in the history of the Company. Software
license fees increased 93% during 1998 as a result of an increase in
the licensing of the Company's asyst(TM) products and the Year 2000
compliant version of its Legacy(TM) products. The Company is
continuing the development of additional modules for its asyst(TM)
product line. The asyst(TM) product line currently includes Fund
Accounting, Utility Billing and Public Safety systems. The asyst(TM)
products have been installed in over 250 locations since their initial
release in 1996. The Company is currently developing additional
modules to add to the initial asyst(TM) Public Safety modules that
were released during 1998 as well as developing General Government
modules that will include Business and Animal Licenses, Code
Enforcement and Building Permits. The Company anticipates that the
initial General Government modules will be released in the 2nd quarter of 1999.
The Company believes that the asyst(TM) product line offers
its current and prospective customers an attractive software solution,
both from a financial and functionality standpoint and follows the
trend of clients moving to Windows based PC networks. The Company is
offering a Year 2000 compliant version of certain modules of its
Legacy(TM) and Quest(TM) products and expects to ship the remainder of
these Year 2000 versions of the Legacy(TM) and Quest(TM) products to
existing customers in the 1st and 2nd quarters of 1999.
This Press Release contains forward-looking statements, other than
historical facts, which reflect the view of Company's management with
respect to future events. Such forward-looking statements are based on
assumptions made by and information currently available to the
Company's management. Although management believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will prove
to have been correct. Important factors that could cause actual
results to differ materially from such expectations include, without
limitation, the ability of the Company (i) to generate levels of
revenue and adequate cash flows from its operations to support and
maintain its current cost structure and (ii) to develop and deliver
products that are competitive, accepted by its markets and are not
rendered obsolete by changing technology. The forward-looking
statements contained herein reflect the current views of the Company's
management with respect to future events and are subject to these
factors and other risks, uncertainties and assumptions relating to the
operations, results of operations and financial position of the
Company. The Company assumes no obligation to update the
forward-looking statements or to update the reasons actual results
could differ from those contemplated by such forward-looking
statements.
USTI develops, markets and supports application software for local
governments and rural water districts. The software applications
operate in IBM midrange, network and single user PC platforms. USTI
has over 1,600 installations nationwide.
United Systems Technology, Inc.
Summarized Financial Information
(In Thousands Except Per Share Data)
Year Ended
December 31,
1998 1997
---- ----
Revenue $ 1,857 $ 1,641
Total Costs and Expense $ 1,608 $ 1,908
Operating Income (Loss) $ 249 $ (267)
Net Income/(Loss)
Before Extraordinary Item $ 255 $ (270)
Gain on Settlement of Debt $ 54 $ --
Net Income/(Loss) $ 309 $ (270)
Earning (Loss) Per
Common Share $ NIL $ (0.01)
Weighted Average Shares
Outstanding 44,630 43,214
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CONTACT: United Systems Technology, Inc.
Randy McGee, 972/402-8600 |
