BLOOMFIELD, Conn.--(BUSINESS WIRE)--Feb. 10, 1997--SS&C Technologies, Inc. (NASDAQ -- SSNC) today
announced revenues and earnings for its fourth quarter and year ended December 31, 1996. The Company reports fourth
quarter revenues of $7.5 million, net income of $494,000 and earnings per share of $.04 for the same period. These
revenues represent a 18% increase over revenues of $6.3 million for the fourth quarter of 1995. Net income increased
182%, from $175,000, or $.02 per share, for the fourth quarter of 1995. Revenues for the year ended December 31, 1996
were $26.4 million, resulting in net income of $473,000 and $.04 earnings per share. Revenues and net income for 1996
increased 40% and 56%, respectively, from $18.8 million and $304,000, or $.03 per share, for the same period in 1995,
prior to a $7.9 million one-time charge in 1995 for the write-off of in-process research and development in association
with the March 1995 acquisition of CHALKE Incorporated. "SS&C is pleased to report these positive results. During the
fourth quarter, the Company not only successfully completed contracts with several of the world's largest, blue-chip
organizations, but also completed major releases of two of our core products, CAMRA 2000 and FILMS 5.0,"
commented William C. Stone, chief executive officer. "We continue to be excited about our opportunities in our global
markets, as evidenced by our ability to add new international clients," Mr. Stone continued.
New Clients/Upgrades
The Company established several new client relationships, and upgraded a large number of existing SS&C software
installations during the fourth quarter 1996, including: -- American Family Life Assurance Company (AFLAC)/Japan,
Tokyo, Japan - CAMRA 2000 replacing an in-house system. -- Carnegie Fondsforvaltning AS, Oslo, Norway - CAMRA
2000, together with CAMRA the Compliance, NAV, Performance Measurement, and SS&C GO Trading modules,
replacing the asset management firm's existing MySoft system. -- General Re - New England Asset Management,
Farmington, CT - CAMRA 2000, together with the CAMRA Compliance, Performance Measurement, and SS&C GO
Trading modules, replacing the Portia system from Thomson Financial. -- The Oregon State Treasury, Salem, OR --
CAMRA 2000, together with the SS&C GO Trading, Performance Measurement, and CAMRA Compliance modules,
replacing an in-house system. -- Aldrich, Eastman, & Waltch, L.P., Boston, MA - CAMRA 2000 replacing the asset
management firm's in-house system. -- American United Life Insurance Company, Indianapolis, IN -- leveraging
SS&C's FILMS technology to manage its mortgage loan portfolio. -- 30 existing PTS(R) clients, including American
Express Financial Advisors, Chubb Life Insurance Company of America, Jackson National Life Insurance Company,
Mutual Life Insurance of New York, and Scudder Insurance Asset Management, among others -- upgraded to the
Company's new 32- bit, Windows-based PTS(R) 2000(TM) solution, released during the second quarter of 1996.
--Texas Builders Insurance Company, Austin, TX -- became a new client of SS&C Direct (formerly SS&C Outsourcing
Services).
"Carnegie has grown substantially, and we needed new systems to support our growth," stated Mr. Bjarne Brynning,
Managing Director, at Carnegie Asset Management Norway, regarding their acquisition of the CAMRA system. "Upon
successful implementation in our Oslo office, our plan is to implement SS&C systems throughout our other Carnegie
companies based in Nordic countries" Mr. Brynning continued. Carnegie Asset Management Group has approximately
NOK 20 billion under management.
New Product Releases
In December, the Company released CAMRA 2000, the full 32-bit Windows version of its integrated investment software
product, to current clients and to the market. This release marks the successful introduction of an integrated investment
management solution operating in a 32-bit Windows environment. Earlier in December, the Company introduced CAMRA
10.0R, which incorporates functionality to adhere with regulatory changes for the Company's statutory clients. In
November, SS&C released FILMS 5.0, the Company's Fully Integrated Loan Management System, incorporating
numerous system enhancements. FILMS is an on-line, real-time, PC/LAN-based mortgage loan servicing, accounting,
and asset management system. Headquartered in Bloomfield, Conn., SS&C Technologies, Inc. is a leading provider of
client/server-based software solutions and related consulting services designed to improve the efficiency and effectiveness
of the investment management function within a broad range of organizations in the financial services industry. SS&C
has developed a family of software products and services that provides a full range of mission-critical information
management and analysis, accounting, reporting, and compliance tools. SS&C's clients include asset managers, banks,
corporate treasuries, government agencies, and insurance companies. SS&C financial, product, and service information
is located on the World Wide Web at ssctech.com. SS&C maintains U.S. offices in Atlanta, Boston,
Chantilly, Chicago, Dallas, Denver, Indianapolis, Los Angeles, New York, Rochester, Seattle, St. Louis, and White
Plains, and international offices in Kuala Lumpur, London, and Toronto.
SS&C TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except per share information)
(Unaudited)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1995 1996 1995 1996
Revenues:
Software licenses $3,894 $3,625 $10,647 $13,824
Maintenance 1,319 1,807 4,055 6,209
Professional services 1,117 2,034 4,100 6,374
Total revenues 6,330 7,466 18,802 26,407
Cost of revenues:
Software licenses 192 186 454 590
Maintenance 428 594 1,046 1,999
Professional services 1,065 1,189 3,800 4,430
Total cost of revenues 1,685 1,969 5,300 7,019
Gross profit 4,645 5,497 13,502 19,388
Operating expenses:
Selling and marketing 1,876 2,000 5,242 8,620
Research and
development 1,627 1,534 5,253 6,485
General and
administrative 824 1,626 2,515 4,507
Write-off of purchased
in-process research and
development - - 7,889 -
Total operating
expenses 4,327 5,160 20,899 19,612
Operating income (loss) 318 337 (7,397) (224)
Other income (expense) - 138 - 138
Interest income (expense),
net (20) 419 24 973
Income (loss) before
income taxes 298 894 (7,373) 887
Provision (benefit) for
income taxes 123 401 (3,024) 415
Net income (loss) $175 $494 $(4,349) $473
Net income (loss) per
common and common
equivalent shares $0.02 $0.04 $(0.49) $0.04
Weighted average number
of common and common
equivalent shares
outstanding 9,996 12,768 8,911 11,817
SS&C TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
December 31, December 31,
1995 1996
ASSETS
Current Assets:
Cash and cash equivalents $1,585 $51,671
Accounts receivable, net 5,325 8,133
Unbilled accounts receivable 5,202 2,434
Income taxes 262 1,058
Other 604 885
Total current assets 12,978 64,181
Property and equipment, net 2,568 3,126
Unbilled accounts receivable - 3,338
Intangible assets, net 2,695 1,905
Deferred income taxes 3,061 3,230
Other 505 505
Total assets $21,807 $76,285
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt,
related party $1,288 $1,390
Accounts payable 387 476
Accrued expenses 2,053 2,525
Deferred revenues 5,626 7,091
Income taxes 369 -
Total current liabilities 9,723 11,482
Long-term debt
Related party 1,390 -
Other 450 450
Total liabilities 11,563 11,932
Series A, redeemable convertible
preferred stock 750 -
Stockholders' equity:
Series B, convertible preferred
stock 31 -
Series C, convertible preferred
stock 31 -
Common stock 71 137
Additional paid-in capital 15,216 69,598
Accumulated deficit (3,450) (2,977)
Less treasury stock, at cost (2,405) (2,405)
Total stockholders' equity 9,494 64,353
Total liabilities and stockholders'
equity $21,807 $76,285
CONTACT: John S. Wieczorek
Chief Financial Officer
860-769-4034
REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or
800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473 |
