Press Release: 1996 Results...
Subj: Scangraphics reports 1996 results
Date: 97-04-16 10:02:01 EDT
From: AOLNewsProfiles@aol.net
BROOMALL, Pa.--(BUSINESS WIRE)--April 16, 1997--Scangraphics Inc.
(NASDAQ:SCNG), Wednesday announced financial results for the fourth
quarter and year ended Dec. 31, 1996.
The fourth quarter net loss of $2,637,000, or 22 cents per share,
on net sales of $1,258,000, includes a $955,000 charge for the write
down of inventory for discontinued hardware products and software
costs whose recoverability was diminished based on future estimates
of related revenues.
In addition, a one-time noncash expense of $270,000, associated
with a new accounting treatment for private placements of convertible
debentures, was incurred. A net loss of $1,081,000, or 11 cents per
share, on revenues of $1,011,000, was reported for the fourth quarter
ended Dec. 31, 1995.
Revenues for the 12 months ended Dec. 31, 1996 were
$5,060,000, with a net loss of $4,491,000, or 39 cents per share,
resulting. For the same period ended a year ago, the company
reported a net loss of $1,395,000, or 14 cents per share, on revenues
of $4,987,000.
Laurence L. Osterwise, COO of Scangraphics, said that "We have
made an number of major changes in Scangraphics during 1996, and have
been busy building a fine team of leaders and technical professionals
for our business units. We have been taking the steps that I believe
will position our company for accelerated growth in 1997 and for the
remainder of the decade.
"While the newly restructured Tangent has added strength to our
Scanner Division, and the TRC is becoming a player in the image
systems marketplace, Sedona GeoServices is expected to become a
worldclass player in Geospatial Information Systems."
Scangraphics is a provider of Geographic Information Systems
(GIS) database management software products and is a pioneer and
leader in scanning and image processing technology, large document
scanners, backfile conversion services, and imaging software and
systems.
Its products are marketed internationally through systems
integrators and distributors. Scangraphics is a publicly held
corporation, with shares traded on NASDAQ (SCNG). Scangraphics
Internet Home Page is: scangraphics.com Sedona GeoServices
Internet Home Page is: sedonageo.com
-0-
Sedona is a trademark of Scangraphics Inc.
Scangraphics is a registered trademark of Scangraphics Inc.
--30--eb/ny* MB/ph
CONTACT:
SCANGRAPHICS INC.
Financial and Company Information:
Donna McMenamin
VOICE: 610/328-1040 Ext 216
FAX: 610/543-6257
E-MAIL: donnam@scangraphics.com
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