nternational Network Services Announces First Quarter Results With a
158% Increase in Earnings and 78% Increase in Revenue
PR Newswire - October 27, 1997 16:31
INSS %CPR %ERN V%PRN P%PRN
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SUNNYVALE, Calif., Oct. 27 /PRNewswire/ -- International Network Services
(Nasdaq: INSS), today announced record revenue and net income for the first
quarter ended September 30, 1997. Revenue for the first quarter reached $33.7
million, a 78% increase from revenue of $18.9 million a year ago. Net income
for the quarter increased 158% to $3.1 million, or $.09 per share, compared to
$1.2 million, or $.04 per share a year ago.
"We are very pleased with our first quarter results," stated Don McKinney,
Chief Executive Officer. "We continued to successfully execute our growth
strategy. Repeat business continued to be strong this quarter. We expanded
into the Denver, Jacksonville, Miami and San Diego markets and opened our
first international office in the United Kingdom. We also introduced
EnterprisePRO 4.0, which adds significant new functionality for chief
information officers and telecommunications carriers."
Added John Drew, President and Chief Operation Officer, "We are also very
pleased with the 80 new accounts that we engaged this quarter as well as with
the growth in our wide area network and network security consulting services.
We were also successful in increasing staff during the quarter to meet our
client commitments. We increased our total employee base to 919 from 813 at
the end of last quarter."
International Network Services (INS) is a worldwide provider of solutions
for complex enterprise networks. INS provides professional services for the
full life cycle of a network, including planning, design, implementation,
operations and optimization, and maintains expertise in the most complex
network technologies and multi-vendor environments. INS also provides
solutions for certain repetitive network management tasks, such as network
monitoring and network performance reporting. As of September 30, 1997, INS
had 919 employees and provided service from 31 locations. INS' headquarters
are located at 1213 Innsbruck Drive, Sunnyvale, CA 94089. The INS Web site is
located at ins.com. INS is a public company, trading under the
Nasdaq symbol INSS.
INTERNATIONAL NETWORK SERVICES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Quarters Ended
Sept. 30, Sept. 30,
1997 1996
Revenue $33,714 $18,888
Operating expenses:
Professional personnel 15,356 8,446
Sales and marketing 4,447 2,534
General and administrative 3,936 2,805
Other costs 5,233 3,143
Total operating expenses 28,972 16,928
Income from operations 4,742 1,960
Interest and other, net 352 (20)
Income before income taxes 5,094 1,940
Provision for income taxes 2,038 757
Net income $3,056 $1,183
Net income per share $.09 $.04
Shares used to compute net
income per share 33,901 31,124
INTERNATIONAL NETWORK SERVICES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
Sept. 30, June 30,
1997 1997
ASSETS
Current assets:
Cash, cash equivalents and
short-term investments $33,056 $31,530
Accounts receivable 31,601 23,949
Deferred income taxes 1,150 1,150
Prepaid expenses and other assets 1,322 2,991
Total current assets 67,129 59,620
Property and equipment, net 8,057 8,073
Deferred income taxes, noncurrent 803 803
Long-term investments 7,771 9,240
Total assets $83,760 $77,736
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $3,317 $3,208
Accrued expenses 8,435 7,736
Income taxes payable 1,582 --
Deferred revenue 474 554
Total current liabilities 13,808 11,498
Total shareholders' equity 69,952 66,238
Total liabilities and
shareholders' equity $83,760 $77,736
SOURCE International Network Services
/CONTACT: Kevin Laughlin, Vice President, CFO of International Network
Services, 408-542-0100/
/Web site: ins.com
(INSS) |
