Year end report
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: LGS GROUP INC.
ME SYMBOL: LGS.A
JUNE 20, 1997
LGS Group Reports Increased Revenues
MONTREAL, QUEBEC--LGS GROUP INC., an international company
specialized in information technology, has released the results of its fiscal year ended March 31, 1997.
For the period ended March 31st, 1997, LGS registered revenues of
$92,113,000, which represents an increase of 10 percent over
revenues of $83,439,000 in 1996. Net profits for the year stood
at $381,000, compared to $2,003,000 in 1996. Net earnings per
share for 1997 were $0.04, down from $0.21 the previous year.
In the fourth quarter, revenues totalled $26,235,000, up 21
percent over the figure of $21,638,000 for the same period last
year. However, the net loss for the quarter was $761,000 or $0.08
per share, compared to a net fourth quarter profit of $425,000 or
$0.045 per share in 1996. According to senior executive vice-
president Andre Gauthier, "this drop in profits is due primarily
to the cancellation of a lease for company offices which resulted
in relocation costs of $789,000, and to temporary delays related
to LGS' operations in France."
At the same time, Mr. Gauthier pointed out that "LGS' operations
in Canada progressed significantly in the fourth quarter. Much of
the improvement came from the increasing number of Year 2000
contracts LGS has won in recent months, and which will result in
improved corporate earnings in the months to come."
LGS Group Inc. is an international firm headquartered in Canada,
specializing in information technology consulting, systems
integration and management consulting. LGS employs over 1,200
professionals located in 16 offices in Canada and Europe.
FOR FURTHER INFORMATION PLEASE CONTACT:
LGS Group Inc.
Andre Gauthier
Senior Executive Vice President
(514) 392-9193
andre_gauthier@lgs.ca
lgs.ca
or
CGE Communication Group
Clement Gagnon
(514) 987-1455
cge@cge-communication.com (FAX) |
