TO ALL:
Wednesday October 22 4:02 PM EDT
Company Press Release
IA Corp. Reports Third-Quarter 1997 Results
Two Cents EPS on $5.7 Million in Revenue
EMERYVILLE, Calif.--(BUSINESS WIRE)--Oct. 22, 1997--IA Corp. (NASDAQ:IACP), a leading supplier of transaction processing software solutions for financial services organizations, today reported results for the quarter ended Sept. 30, 1997.
Total revenues were $5.7 million, a 10% decrease from total revenues of $6.4 million a year earlier, which had included hardware revenues. Excluding hardware, revenues in the third quarter of 1996 were $5.7 million.
Net income for the third quarter of 1997 was $0.3 million, or $.02 per share, down 61% from net income of $0.7 million, or $.07 per share, for the same period a year ago. Due to utilization of net operating loss carryforwards, the company recorded very little income tax expense in the third quarter of 1997, and no income tax expense in the third quarter of 1996.
''Results for the quarter met our expectations,'' said C.V. Ravi, president and chief executive officer of IA Corp. ''Our RemitVision(R) product continues to gain acceptance in the market as both First Union National Bank and Wachovia have started production and Wachovia signed a letter of intent for a Phase 2 implementation. Also, we are pleased to announce that SouthTrust has ordered IA's CheckVision(R) Archive for long-term storage and retrieval of financial transactions that will allow SouthTrust to offer many strategic and innovative products to both its retail and corporate customers.''(a)
Total revenues for the nine months of 1997 were $16.2 million, compared with total revenues, excluding hardware, of $16.2 million for the same period a year earlier.
Net income for the nine months of 1997 was $0.1 million, or $.01 per share, compared with net income of $1.5 million, or $.15 per share, for the same period a year ago. |
