Here's one job done. See last two paragraphs.
Bond
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Computer Research, Inc. Reports Results for
Third Quarter and Nine Months
PR Newswire - July 09, 1997 15:38
PITTSBURGH, July 9 /PRNewswire/ -- Computer Research, Inc.
(OTC Bulletin Board: CRIX) today reported third-quarter net income of
$217,723 or $.05 cents per share on revenues of $1,946,768 for the three-month
period ended May 31, 1997, compared to net income of $198,940 or $.05 cents
per share on revenues of $1,846,383 for the third quarter of the previous
fiscal year.
For the first nine months of the current fiscal year, the company reported
net income of $606,747 or $.15 cents per share on revenues of $5,827,375,
compared to net income of $809,807 or $.20 cents per share on revenues of
$5,604,405 for the first nine months of 1996.
Computer Research provides computerized accounting and record-keeping
support services to over 60 securities broker/dealers, banks and other
investment firms throughout the U.S. Its revenues are directly affected by
trading volume reflected in the number of stock and bond trading transactions
it processes for clients.
President James L. Schultz said the increases in revenues for the third
quarter and for the first nine months resulted from additional services
revenues. He said the reduction in net income for the first nine months was
attributable to the fact that the company is now on a fully taxed basis as
opposed to the previous year when a tax loss carry forward was utilized to
reduce income taxes payable.
Mr. Schultz also said that the previously announced project to convert the
company's software product line to operate on the IBM AS/400 is on schedule
and will be completed during the fourth quarter which ends August 31.
"Very soon, we will be able to offer our advanced data-processing products
for use on an in-house basis," Mr. Schultz said. "We expect this will open up
significant new opportunities for us with banks and brokerage firms that
prefer to run their own in-house data centers."
Computer Research also will continue to offer its products on a service
bureau basis to firms that choose to outsource their record-keeping
requirements.
Mr. Schultz noted that as part of the software conversion, Computer
Research has addressed the widely publicized problem that many computer
systems may face moving into calendar year 2000.
"When our software conversion is completed in a few weeks, our programs
will fully support the change to calendar year 2000," Mr. Schultz said.
VISIT COMPUTER RESEARCH, INC. ON THE WORLDWIDE WEB AT: crix.com |
