SUUUUUUUUUUUUUUUUSIEEEE!!! Whoa where were you when I was young and unmarried????????????LOL check out ZMAX'S PR THEY ARE POISED FOR GROWTH!ZMAX!!!!
I have been talking to them for few
days now. I get the impression that they are reinventing
themselves and going quickly into the IT and AS400
biz..They are FULLY reporting and have many many
contacts based upon their stellar reputation in the Y2K
arena. look at todays PR and see why I like this company.
Warmest regards
Jeff
GERMANTOWN, Md.--(BUSINESS WIRE)--July 22,
1999--ZMAX
Corporation (NASDAQ: ZMAX) today reported that
revenues for the
quarter ended June 30, 1999, were $7.1 million, an
increase of 184%
over revenues of $2.5 million for the same quarter of
1998.
Net income increased from $234,000, or $0.02 per share,
in the
second quarter of last year to $1.0 million, or $0.08 per
share, for
the second quarter of 1999.
For the six months ended June 30, 1999, revenues were
$12.2
million, an increase of 205% over revenues of $4.0 million
for the
same period last year. Net income for the first six months
of 1999 was
$752,000, or $0.06 per share, compared to ($448,000),
or ($0.05) per
share, for the first six months of 1998.
The Company's earnings before interest, taxes,
depreciation and
amortization (EBITDA) increased from $446,000 in the
second quarter of
1998 to $1.4 million in the second quarter of this year, an
increase
of 214%.
"We had an outstanding quarter and we achieved record
results,"
says Michael C. Higgins, president and chief executive
officer. "We've
been able to capitalize on our customers' Year 2000
needs, while
reinvesting in our information technology consulting
business and
laying a strong foundation for continued growth in the
future."
According to James McCubbin, vice president and chief
financial
officer, "We had projected that the Company would be
profitable in the
second quarter, and both our revenue and
earnings-per-share results
came in right on target."
In the first quarter of 1999, the Company announced an
aggressive
growth plan and specific priorities for 1999, which
included 1)
building a corporate infrastructure that would operate the
Company
from a centralized platform and easily accommodate
future
acquisitions, 2) reducing reliance on Year 2000 revenues
as the
Company transitions to an IT consulting firm, and 3)
growing
aggressively, achieving a 50% internal growth rate and
making one to
two acquisitions this year.
According to Higgins, "We have developed our
infrastructure so
that we now can assimilate upcoming acquisitions in a
smooth and
seamless manner. For the balance of the year, we're
planning to
continue to make investments in opening new offices, in
order to serve
our current clients from a local base and to stimulate sales
to new
customers, as well as to continue to make strategic
acquisitions.
We're also planning a new corporate identity program
based on a new
name that will better project our strategy and market
focus."
The Company's second priority was to reduce Year 2000
revenues as
a percentage of total sales. ZMAX reduced this percentage
from 100% in
the first half of 1998 to 50% in the first half of this year,
while
also increasing revenues to record levels.
"Our third goal is to grow aggressively," Higgins continues,
"and
we're very proud of our performance in the second
quarter as a solid
execution of our internal growth plan. We have a strong
financial
position from which to make our targeted acquisitions,
and we
currently are reviewing several prospective candidates.
Our Y2K
business, while not strategic, is generating high profit
margins and
cash flow, which will be very useful in making future
acquisitions. We
also have a healthy and improving working capital
position and
virtually no debt, and we plan to engage an investment
banker who can
help us accelerate the acquisition process."
The Company will host an investor conference call to
review the
quarter's financial and operational results on Thursday,
July 22, at 4
p.m. EDT. The conference call can be accessed by dialing
800-621-5346;
international callers can dial 212-748-2714.
A replay of the call will be available from 6 p.m. the same
day
until 6 p.m. the following day. The replay phone number
is
800-633-8284 for U.S. callers and 619-812-6440 for
international
callers, using reservation number 12805238.
Headquartered in Germantown, Maryland, ZMAX
Corporation is an
information technology consulting firm. The Company's IT
services
include enterprise resource planning implementation,
client server
development, e-business, and Year 2000 software and
services.
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