Q2 earnings - revenues and profits up
NOVEMBER 17, 1997
LGS Reports Increase in Net Earnings
MONTREAL, QUEBEC--LGS Group Inc. is pleased to announce its
financial results for the period ended September 30, 1997.
Consolidated revenues for the quarter reached $28,734,000 compared
to $21,411,000 for the same period last year. This represents an
increase of 34.2 percent. Profits improved significantly to
$680,000 or $0.07 per share increasing by 252 percent from
$193,000, or $0.02 per share last year.
For the six month period, consolidated revenues totaled
$56,222,000 compared to $41,367,000 last year representing an
increase of 35.9 percent from the prior year. Net profit stood at
$1,253,000 or $0.13 per share, an increase of 227 percent over net
profits of $383,000 or $0,04 per share last year.
Year 2000 transformation activities continued to grow in the
quarter. Revenues in this area are increasing and the Company now
has 57 contracts. Moreover, as expected, operations in Europe
continued to improve during the quarter.
In addition, the Company is pleased to report that it has
concluded the previously announced $5 million investment in LGS
transaction by the Y2K Investment Funds managed by EFO Holdings
Inc. from Dallas, Texas. This new business relationship will
allow LGS to grow its Y2K business sector and to benefit with
valued expertise and additional market intelligence.
LGS Group Inc. is an international information technology service
firm, headquartered in Canada and specializing in systems
integration and management consulting. LGS, whose annual sales
exceed $100 million, is a major Year 2000 transformation provider
and employs approximately 1,400 professionals located in 15
offices in Canada and Europe.
/T/
FINANCIAL RESULTS
PRESS RELEASE
NOVEMBER 17, 1997
LGS GROUP INC.
For the quarter For the 6 month period
ended September 30 ended September 30
_______________________________________________
1997 1996 1997 1996
_______________________________________________
Revenues $28,734,000 $21,411,000 $56,222,000 $41,367,000
Net earnings
(net loss) $680,000 $193,000 $1,253,000 $383,000
Net earnings per
share
(loss per share) $0.07 $0.02 $0.13 $0.04 |
