Good Numbers...
Monday August 16, 10:24 am Eastern Time
Company Press Release
SOURCE: On-Site Sourcing
On-Site Sourcing Reports Revenue Increase,
Earnings Vs. Loss for Second Quarter
ARLINGTON, Va., Aug. 16 /PRNewswire/ -- On-Site Sourcing (Nasdaq: ONSS - news) today announced that the
turnaround begun in the fourth quarter of 1998 continued for the third consecutive quarter through the three months ended June
30, 1999. Revenues increased by 16% to $6.6 million vs. $5.7 million in the year-earlier quarter. Net earnings were
$145,000, or 3 cents per share, compared to a loss of $430,000, or 9 cents per share, a year ago.
For the six months ended June 30, 1999, revenues increased by 13% to $12.9 million from $11.4 million in the same period a
year ago. Net earnings were $223,000, or 5 cents per share, compared to a loss of $788,000, or 16 cents per share, for the
first six months of 1998.
Christopher J. Weiler, President, commented that the Company's turnaround has been powered primarily by strong
performances in the information technology, reprographics and imaging groups. Also instrumental has been a cost-control
program which has consolidated some operations and reduced direct labor and other costs, Mr. Weiler said. ''We are
entering the last half of 1999 with strong backlogs in all of our businesses,'' he added.
On-Site Sourcing provides facilities management, information technology, digital imaging, document management and litigation
reprographics services throughout the East Coast. On-Site's clients include law firms, corporations, non-profit organizations,
accounting firms, financial institutions and other organizations. On-Site currently operates in the New York City, Washington,
D.C., Atlanta, Philadelphia and Baltimore markets.
This press release includes ''forward-looking statements,'' within the meaning of the federal securities laws, that involve
uncertainties and risks. These include statements regarding events or developments that the Company expects or anticipates
will occur in the future, such as statements about the Company's strategies to improve operating performance. A number of
risks and uncertainties could cause actual results, events and developments to differ from expectations, including (1) the
effectiveness of programs to increase revenues and cash flow and to reduce costs, and (2) the actions of competitors. Please
refer to the Company's 1998 Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission
for a complete discussion of these and other important factors that could cause results to differ materially from those projected
by these forward-looking statements.
For further information, contact Al Duncan, Chief Financial Officer, at 703-276-1123 or by email at aduncan@onss.com; or
Larry Howell, The Howell Group, at 214-340-4909 or by email at howgroup@iglobal.net.
3 months ended 6 months ended
June 30: June 30:
1999 1998 1999 1998
Revenues $6,591,361 $5,701,444 $12,921,957 $11,448,259
Net income (loss) 145,218 (430,010) 223,438 (788,356)
Per share
Basic $.03 $(.09) $.05 $(.16)
Diluted $.03 $-- $ .05 $--
Weighted average
shares outstanding
Basic 4,846,669 4,824,669 4,833,169 4,985,519
Diluted 4,989,004 4,815,528 4,938,302 5,019,074
SOURCE: On-Site Sourcing
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