USTI news:
Friday March 31, 8:37 am Eastern Time
Company Press Release
United Systems Technology, Inc.
Announces 1999 Results
DALLAS--(BUSINESS WIRE)--March 31, 2000--United Systems
Technology, Inc. (OTC: USTI - news) announced today that revenues for
the year ended December 31, 1999 were $2,113,197, an increase of 14%
from the revenues of $1,856,973 reported for the year ended December 31, 1998. The company had net income of
$422,253 in 1999 as compared to net income of $309,288 for the comparable period in 1998.
The Company is continuing the development of additional modules for its asyst(TM) products, a Windows product line
that operates in a single user or network environment and is seamlessly interfaced with the other Microsoft Office
products. The asyst(TM) product line currently includes a Fund Accounting product line, a Utility Billing product line, a
General Government product line and a Public Safety product line and has been installed in over 425 locations
throughout the United States. The Fund Accounting product line includes General Ledger, Budget XLence, Report
XLence, Accounts Payable, Accounts Receivable, Purchase Orders, Cash Receipts and Payroll modules. The Utility
Billing product line includes Utility Billing, Meter Reader Interface, Bank Drafts and Budget Billing modules. The
General Government product line includes Master and Land Directories, Business and Animal Licenses and Building
Permits modules. The Public Safety product line includes Mater Name Index, Calls for Service, Offense Reports,
Citations, State Interface, Computer Aided Dispatch and UCR Reports modules. The Company is currently developing
additional modules for its asyst(TM) product lines, including Code Enforcement, Service Orders, Alarm Billing and Jail
Management modules, to add to its existing asyst(TM) offerings and anticipates that these packages will be released in
the 1st quarter of 2000. The Company believes that its asyst(TM) product line continues to offer its current and
prospective customers an attractive software solution, both from a financial and functionality standpoint and follows the
trend of clients purchasing lower priced software products that operate on Windows based PC networks.
The Company has completed the previously announced purchase of the CPS Systems, Inc. (``CPS') City Fund
Accounting and Utility Billing systems and related customers base. The assets purchased include the source code and
software support and licensing agreements for approximately 60 CPS customers located in Texas and Oklahoma as well
as the accounts receivable related to these customers and substantially all of the fixed assets of CPS located in its Dallas
office.
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 1,700 installations
nationwide.
United Systems Technology, Inc.
Summarized Financial Information
(In Thousands Except Per Share Data)
Year Ended
December 31,
------------
1999 1998
---- ----
Revenue $ 2,113 $ 1,857
Total Costs and Expense $ 1,727 $ 1,608
Operating Income (Loss) $ 386 $ 249
Net Income/(Loss)
Before Extraordinary Item $ 412 $ 255
Gain on Settlement of Debt $ 10 $ 54
Net Income/(Loss) $ 422 $ 309
Earning (Loss) Per
Common Share $ NIL $ NIL
Weighted Average Shares
Outstanding 48,930 44,630
Contact:
United Systems Technology, Inc., Dallas
Mr. Randy McGee, 972/402-8600 |
