Business Wire - August 03, 1999 05:17
WESTON, Fla.--(BUSINESS WIRE)--Aug. 3, 1999--TheSubway.com
announces investment opinions on Global Maintech (OTCBB: GLBM) with a 12 month target of $8-10 per share and Iridium World Comm. (NASDAQ: IRID).
Global Maintech (OTCBB: GLBM) together with its wholly owned subsidiaries, markets a computer system, consisting of hardware and software, which controls and monitors data centers from a single, master console. The Company's Virtual Command Center (VCC) is the only solution capable of physically linking a large number of heterogeneous computer systems anywhere in the world into one console while providing simultaneous operational control and real-time monitoring for mainframe, midrange, UNIX, Microsoft NT and networks of the linked systems. The Company's customers include General Electric Capital Corporation, Burlington Northern Santa Fe Railroad (NYSE: BNI), Storage Technology Corporation (NYSE: STK), Systems Management Specialists, Inc., Ferntree Computer Corp. (Australia), SAP America Inc., Deluxe Corporation (NYSE: DLX), Bank One Services Corp.(NYSE: ONE), Merrill Lynch & Co. Inc. (NYSE: MER), Southern California Gas Company, Alltel Information Services(NYSE: AT), Minnesota Mining and Manufacturing Company (NYSE: MMM), Bear Stearns (NYSE: BSC) and Comdisco (NYSE: CDO).
Net sales for the first quarter of 1999, ended March 31, were approximately $2,580,000, up 44%, compared to net sales for the first quarter of 1998 of approximately $1,796,000. The $784,000 increase is primarily related to an increase of software sales of the Company's event notification and computer aided design products and consulting fees.
Additionally, GLOBAL MAINTECH Corporation reported pro-forma revenue of $11,780,000, which includes results from Breece Hill Technologies Inc. which was acquired effective April 1, 1999 as if it were acquired on January 1, 1999. Earnings before income tax depreciation and amortization for the first quarter 1999 was $860,000. Tax treatment, because of the payment for the purchase of Breece Hill Technologies, shields earnings but provides excellent cash flow. The Company expects that revenues for the second quarter of 1999 will be in excess of $11,000,000. The bulk of the increase will come from the acquisition of Breece Hill Technologies. Revenue during the second quarter 1998 was $1,700,000. For 1999, the company is expecting .17 per share in earnings.
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