RECENT NEWS CLIPPINGS
The Source Information Management Company to Expand with Sale of 2 Million Shares of Common Stock
ST. LOUIS Aug. 20, 1997--The Source Information Management Company (NASDAQ: SORC) today announced the filing of a registration statement with the Securities and Exchange Commission in connection with an offering of 2 million shares of common stock.
The offering, the proceeds of which will represent new financing, will be underwritten by Donald & Co. Securities Inc. of New York, and is expected to commence at the end of September. In connection with this distribution of shares, The Source and certain of its shareholders will grant to Donald & Co. the option to purchase up to an additional 300,000 shares of common stock to cover over-allotments, if any.
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The Source Information Management Co. Announces Third Consecutive Record Quarter
ST. LOUIS Sept. 4, 1997--The Source Information Management Co. (NASDAQ:SORC) today announced its third successive record quarter for revenues and net income.
Net income for the second quarter ended July 31, 1997, was $333,472, a 30% increase over the first quarter results of $256,127.
Quarter Ended............July 31, 1997.........July 31, 1996
Revenues..................$ 2,940,137.........$ 1,304,530
Net income....................333,472............(435,311)
Avg. shares.................7,131,388...........6,546,092
Shr. earns:
Net income.........................05................(.07)
Six Months Ended
Revenues..................$ 5,468,016.........$ 2,758,498
Net income....................589,598............(905,540)
Avg. shares.................7,089,822...........6,463,909
Shr. earns:
Net income.........................08................(.14)
"These results reflect the successful completion of the consolidation of operations into the High Point facility and the continued growth of the Advance Pay, Front-End Management and Periodical Information Network programs," stated S. Leslie Flegel, chairman and chief executive officer.
"The company now represents more than 700 retail chains operating approximately 70,000 stores. Our relationships with our retailer clients have developed to the extent that the company is being provided more opportunities to perform services based on the company's recognized expertise in information management."
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The Source Information Management Company Effects a 1-for-1.21 Reverse Stock Split of its Common Stock
ST. LOUIS Oct. 6, 1997--The Source Information Management Company (NASDAQ:SORC) today announced that it had effected a 1-for-1.21 reverse stock split of its outstanding common stock.
The reverse stock split will be effective at the close of business today, at which time the number of outstanding shares of common stock will be reduced from 7,277,258 to 6,014,263.
The Source's common stock is included for quotation on the Nasdaq SmallCap Market. Beginning Tuesday, Oct. 7, 1997, the bid and ask prices for The Source's common stock quoted on the Nasdaq SmallCap Market will reflect the reverse stock split and may result in bid and ask prices that are higher than today's closing prices.
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The Source Information Management Company Commences Public Offering of 2 Million Shares of Common Stock
ST. LOUIS Oct.7, 1997--The Source Information Management Company (NASDAQ:SORC) announced today that it has commenced a public offering of 2 million shares of common stock at a price of $4 per share pursuant to a registration statement declared effective by the Securities and Exchange Commission on Oct. 7, 1997.
Donald & Co. Securities Inc. is managing underwriter for the offering. The Source's common stock is quoted on the Nasdaq SmallCap Market under the symbol "SORC."
Net proceeds of approximately $6.9 million from the sale of shares of common stock will be used to expand The Source's Advance Pay Program, develop new or enhanced products and services, finance potential acquisitions, and provide working capital for general
business purposes, including the continued upgrade of The Source's computer systems.
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Donald & Co. Securities Inc. Exercises Over-Allotment Option in Connection with The Source Information Management Company's Public Offering
ST. LOUIS Oct.9, 1997--The Source Information Management Company (NASDAQ: SORC) announced today that Donald and Co. Securities Inc., the managing underwriter of the Company's current public offering of 2,000,000 shares at a price of $4.00 per share, has exercised its option to purchase an additional 300,000 shares of the Company's common stock from certain of the Company's shareholders to cover over-allotments in the Company's offering.
These shares will be purchased on the same terms and conditions as the 2,000,000 shares to be purchased from the Company. The Company will not directly receive any of the proceeds from the sale of common stock by the selling shareholders; however, approximately $250,000 of the net proceeds received by one selling shareholder will be used to repay loans owed to the Company. The Source's common stock is quoted on the Nasdaq SmallCap Market under the symbol "SORC." |
