Company does make money....and recent contract awards could push revenue higher:
ATS Money Systems, Inc. Reports 166% Increase in
Net Income for First Quarter 1999 Compared to Same Period Last Year
ENGLEWOOD, N.J., May 17 /PRNewswire/ -- ATS Money Systems, Inc. (OTC Bulletin Board: ATSM - news) announced
today its results of operations for the quarter ended March 31,1999, which were set forth in its Quarterly Report Form
10-QSB filed with the SEC on May 10, 1999:
Quarter ended March 31
1999 1998
Total Revenues $3,290,643 $3,204,331
Net Income 245,117 113,421
Earnings Per Share $.04 $.02
Gerard F. Murphy, Chief Executive Officer of ATS Money Systems, Inc., commented, ''Total revenues for the first quarter
1999 were $3,290,643 compared to $3,204,331 for the first quarter 1998, an increase of $86,312 (2.7%). Net income
increased $131,696 (116.1%) to $245,117 for the 1999 quarter. Earnings per share doubled from $.02 for the 1998 quarter
to $.04 for the 1999 quarter.''
''Cost of equipment and system sales decreased from 63.8% of revenues in the 1998 quarter to 47.5% in the 1999 quarter,
resulting from a favorable change in the mix of products sold during the first quarter 1999. System sales (which includes related
software) increased while hardware sales decreased, having a positive effect on margins.''
Mr. Murphy further commented on the favorable results of the quarter, ''Our incoming orders continue to be strong for our full
range of products. The 166% increase in first quarter income is a result of new orders from the supermarket and fast food
industries for our new electronic counting equipment, as well as continued acceptance of our system products from new and
existing customers, including companies such as Dayton Hudson, Target Stores, Lowes Companies, Inc., Shopko Stores and
The Home Depot, from whom we continue to receive orders.
''Additionally, the Company, which announced a stock repurchase plan on May 22, 1998, to repurchase up to 500,000 shares
of its Common Stock in open market transactions, has at this time, purchased back in excess of 200,000 shares in the program
thus far.''
About ATS Money Systems, Inc.
ATS Money Systems, Inc., with its consolidated wholly owned subsidiary Innovative Electronics, Inc., is engaged in the
development sale and service of currency counting systems and equipment for department and chain stores' cash offices and
bank commercial vaults and of specialized information communications systems primarily used by chain stores. The Company's
customers are businesses that handle a large number of cash, check and credit transactions on a daily basis, such as banks,
department stores and chain stores.
Statements made in this Press Release, other than those concerning historical financial information, should be considered
forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made based on
management's belief as well as assumptions made by, and information currently available to, management pursuant to the ''safe
harbor'' provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially
from those expressed in or implied by such forward-looking statements as a result of a variety of factors, including, among
others, those identified in the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31, 1998. A
copy of such Annual Report is obtainable from the EDGAR database Internet web site maintained by the Securities and
Exchange Commission at sec.gov. Additional factors that could cause or contribute to such differences
include general economic conditions, economic conditions in the industries in which the Company's customers compete, a
determination by the Company's customers to prolong the test cycles of the Company's equipment, software and software
support services and a determination by the Company's customers to modify or change their underlying computer and cash
reporting systems. The Company undertakes no obligation to release publicly the results of any revisions to its forward-looking
statements that may be made in this Press Release to reflect events or circumstances occurring after the date of this Press
Release or to reflect the occurrence of other unanticipated events.
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