Creative Computer Applications Inc. Reports Sales and Earnings for the Third Fiscal Quarter and Nine Months Ended May 31, 1999
CALABASAS, Calif.--(BUSINESS WIRE)--July 1, 1999--Creative Computer Applications Inc. (AMEX:CAP - news), a provider of Clinical Information Systems for hospital and clinic-based laboratories, pharmacies and radiology departments, Thursday announced sales and earnings for the third fiscal quarter and nine months ended May 31, 1999.
Sales for the third fiscal quarter of 1999 were $2,352,623, a new record, compared with sales of $1,418,736 in the same quarter a year ago. The company earned net income of $277,822 or $.09 per share compared with a net loss of $475,057, or $.16 per share in the same quarter one year ago.
Sales for the nine months ended May 31, 1999, were $6,460,467 compared with sales of $4,513,235 for the same period one year ago. The company earned net income of $611,352 or $.21 per share compared with a net loss of $1,009,215 or $.35 per share in the same period one year ago.
The company's sales and operating results in fiscal 1998 were impacted by the early adoption of new revenue recognition policies pursuant to Statement of Position (SOP) 97-2, Software Revenue Recognition. SOP 97-2 affects all companies that sell software and provide related services.
Its provisions necessitated significant modifications in the way the company structured software transactions and reported revenues from those activities. The fiscal 1998 comparable periods presented in this release were indicative of the impact of SOP 97-2.
Steven M. Besbeck, President and CEO, stated: 'We are very pleased with the results of the third quarter and nine months, especially in light of the accounting change that the company affected last fiscal year. The company experienced a very strong order rate for its clinical information systems during the third quarter and presently has a backlog of over $3.5 million.
'We closed several new contracts during the quarter for the provision of our CIS products including the $840,000 enterprise-wide lab system at UCSD Healthcare previously announced.'
Creative Computer Applications Inc.
Operating Results (Unaudited)
Quarter Ended May 31 1999 1998
Net Sales and Service Revenues $ 2,352,623 $ 1,418,736
Net Income (Loss) $ 277,822 $ (475,057)
Earnings (Loss) Per Share $ .09 $ (.16)
Nine Months Ended May 31
Net Sales and Service Revenues $ 6,460,467 $ 4,513,235
Net Income (Loss) $ 611,352 $(1,009,215)
Earnings (Loss) Per Share $ .21 $ (.35)
Average Shares Outstanding 2,939,976 2,894,423
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