CMSI Reports Third Quarter Results
ANNAPOLIS JUNCTION, Md., Nov. 9 /PRNewswire/ -- Credit Management
Solutions, Inc. (CMSI) (Nasdaq: CMSS), a leading provider of credit
decisioning technology to automate and speed the processing of consumer and
small business loans, today reported third quarter results.
For the quarter ended September 30, 1999, total revenue was $5.3 million
vs. $4.2 million in the comparable period of 1998. Pretax income for the
third quarter of 1999 was $0.1 million, or $0.01 per share, compared to a
pretax loss of ($1.8) million, or ($0.24) per share in the third quarter of
1998.
Revenues for the nine months ended September 30, 1999 were $17.5 million,
compared to $11.6 million for the first nine months of 1998. Net loss for the
nine months was ($0.5) million, or ($0.07) per share compared to ($5.7)
million, or ($0.75) per share for the same period in 1998.
Scott L. Freiman, President and CEO, said, " We are continuing to enjoy
year over year growth in all revenue areas. In addition, this has been a
milestone quarter for our service bureau initiatives which have doubled in
revenue compared to the same period last year. For the first time, service
bureau revenues have exceeded the direct costs of generating those revenues
resulting in a positive contribution to gross profit. As these services
continue to gain market acceptance we expect their contribution to gross
profit to grow accordingly.'' |
