USTI crapping out - financials filed.
DALLAS--(BUSINESS WIRE)-- Nov. 12, 1999--United Systems Technology, Inc. (OTC:USTI - news) announced today net
income of $100,105 on revenues of $518,279 for the quarter ended September 30, 1999, as compared to net income of
$51,160 on revenues of $425,831 for the same period in 1998. The Company had net income of $320,250 on revenues of $1,549,226 for the first none months of
1999 as compared to net income of $53,825 on revenues of $1,211,662 during the comparable nine months in 1998.
The Company is continuing the development of its asyst(TM) products, a Windows product line that operates in a single user or network environment and is
seamlessly interfaced with the other Microsoft Office products. The asyst(TM) product line currently includes a Fund Accounting system, a Utility Billing system and
a Public Safety system and has been installed in over 375 locations throughout the United States. The Fund Accounting system includes General Ledger, Budget
XLence, Report XLence, Accounts Payable, Accounts Receivable, Purchase Orders, Cash Receipts, and Payroll modules. The Utility Billing system includes Utility
Billing, Meter Reader Interface, Bank Drafts and Budget Billing modules. The initial Public Safety system includes Master Name Index, Calls for Service, Offense
Reports and UCR Reporting modules. The Company is currently developing its asyst(TM) General Government products, which include Business and Animal
Licenses, Code Enforcement and Building Permits modules, and anticipates that the initial modules will be released in the 4th quarter of 1999. In addition, the
Company is continuing the development of additional Public Safety modules that it anticipates releasing soon. The Company believes that its asyst(TM) product line
will continue to offer its current and prospective customers with an attractive software solution, both from a financial and functionality standpoint and follows the
trend of clients purchasing lower priced software products that operate on PC networks.
This Press Release contains forward-looking statements, other than historical facts, which reflect the view of Company's management with respect to future events.
Such forward-looking statements are based on assumptions made by and information currently available to the Company's management. Although management
believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been
correct. Important factors that could cause actual results to differ materially from such expectations include, without limitation, the ability of the Company i) to
generate levels of revenue and adequate cash flows from its operations to support and maintain its current cost structure and ii) to develop and deliver products that
are competitive, accepted by its markets and are not rendered obsolete by changing technology. The forward-looking statements contained herein reflect the current
views of the Company's management with respect to future events and are subject to these factors and other risks, uncertainties and assumptions relating to the
operations, results of operations and financial position of the Company. The Company assumes no obligation to update the forward-looking statements or to update
the reasons actual results could differ from those contemplated by such forward-looking statements.
USTI develops, markets and supports application software for local governments and rural water districts. The software applications operate in IBM midrange,
network and single user PC platforms. USTI has over 1,600 installations nationwide.
United Systems Technology, Inc.
Summarized Financial Information
(In Thousands Except Per Share Data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
1999 1998 1999 1998
---- ---- ---- ----
Revenue $ 518 $ 426 $ 1,549 $ 1,212
Total Costs and Expense $ 425 $ 376 $ 1,256 $ 1,161
Operating Income $ 93 $ 49 $ 293 $ 51
Net Income $ 100 $ 51 $ 320 $ 54
Earning Per Common Share
Basic $ NIL $ NIL $ .01 $ NIL
Diluted $ NIL $ NIL $ .01 $ NIL
Weighted Average Shares
Outstanding
Basic 48,178 43,939 48,178 43,178
Diluted 54,616 43,939 50,324 43,178
Contact:
United Systems Technology, Inc., Dallas
Randy McGee, 972/402-8600 |
