great numbers...looks like more to come:
Legal Research Center Announces 49% Revenue
Growth, Record Earnings
MINNEAPOLIS--(BUSINESS WIRE)--May 8, 2000--Legal Research Center Inc.
(OTC:LRCI - news), the nation's
leading provider of outsourced legal research and writing services, today reported its
results for the first quarter ended March
31, 2000.
For the quarter, revenues increased 49 percent to $1,221,959, compared with $819,671
for the first quarter of 1999.
The company showed particularly strong earnings growth in the first quarter, reporting net
income of $232,919, or $.09 per
share, compared with $79,024, or $.03 per share, for the same period a year ago. This
represents an increase of 195 percent
in net income over the first quarter of 1999.
LRC's actual EBITDA (earnings before interest, taxes, depreciation and amortization)
was $245,643 for the first quarter, or
$.10 per share, vs. $114,000 for the first quarter of 1999, or $.05 per share.
``With the reporting of these quarterly results, LRC is clearly demonstrating its
consistency as a profitable and growing
company,'' said Christopher Ljungkull, chief executive officer of Minneapolis-based LRC.
``This marks the seventh consecutive
quarter of strong performance in the company's revenue and net income.
``We're obviously delighted that we were able to generate a substantial increase in net
income for our shareholders,'' said
Ljungkull. ``This was accomplished in the first quarter by maintaining our strong sales
performance in the core business of legal
research and writing services, while once again posting gross margins in excess of 50
percent.''
``LRC's second quarter is already off to a promising start as we continue to see growth in
the category of outsourced legal
research services and products,'' said James Seidl, LRC's president. ``Beyond this
growth in the core business, we are on the
verge of making a major announcement that will catapult us into online compliance
training. This use of the Internet as a delivery
system for corporate compliance-related legal research is an important vehicle for the
future growth of the company.''
Minneapolis-based Legal Research Center (http://www.lrci.com) offers legal research
and writing services to attorneys in
corporate and private practice throughout the world. Founded in 1978, LRC's work
products include multijurisdictional
surveys, office memoranda and formal court-ready documents such as trial and appellate
briefs, prepared by a staff of highly
credentialed attorneys, carefully selected for their research, analytical, writing and
client-service skills.
LRC's research attorneys are honors graduates who have practiced law for at least two
years, and many for more than 20, in
major law firms and corporate law departments throughout the United States.
Statements contained here, other than historical data, may be forward-looking and
subject to risks and uncertainties including,
but not limited to, the continuation of revenues through the company's strategic alliances
and the successful development of
other new business, as well as those set forth in the company's 10-KSB, 10-QSB and
other Securities and Exchange
Commission filings.
LEGAL RESEARCH CENTER INC.
Consolidated Statements of Income
(unaudited)
Three Months
Ended March 31,
2000 1999
Revenues $ 1,221,959 $ 819,671
Income from operations $ 212,204 $ 77,875
Net income $ 232,919 $ 79,024
Net income per common share
Basic $ 0.09 $ 0.03
Diluted $ 0.08 $ 0.03
Weighted average common shares
outstanding
Basic 2,563,984 2,409,252
Diluted 2,786,334 2,539,371
Condensed Consolidated Balance Sheets
(unaudited)
March 31,
2000
Current assets $ 2,393,471
Furniture and equipment, net 16,679
Other assets 103,398
Total assets $ 2,513,548
Current liabilities $ 397,104
Stockholders' equity 2,116,444
Total liabilities and shareholders'
equity $ 2,513,548
Contact:
Legal Research Center
Christopher Ljungkull, 800/776-9377
crl@lrci.com
or
Teague Communications
Daryn Teague, 661/297-5292
teaguecomm@aol.com |
