THIRD QUARTER RESULTS
biz.yahoo.com
The Source Information Management Company Announces Fourth Consecutive Record Quarter
ST. LOUIS--(BUSINESS WIRE)--Dec. 3, 1997--The Source Information Management Company (NASDAQ: SORC - news) today announced its fourth successive record quarter for revenues and net income.
Net income for the third quarter ended Oct. 31, 1997, was $377,256, a 13% increase over the second-quarter results of $333,469, and a 500% increase over the comparable quarter from the past year.
Quarter Ended.........Oct. 31, 1997..............Oct. 31, 1996
Revenues...................$2,943,766..............$2,100,190
Net Income....................377,256..................62,410
Avg. Shares.................6,746,327...............5,809,050
Shr. Earns:
Net Income.....................=.06...................=.01
Nine Months Ended
Revenues..................$8,411,782.............$4,858,689
Net Income...................966,809...............(843,129)
Avg. Shares.................6,158,046..............5,470,010
Shr. Earns:
Net Income....................=.16..................=(.15)
Condensed Summary Balance Sheet at Oct. 31, 1997
Current Assets....................................$16,159,993
Non-Current Assets..................................4,135,868
Total Assets.......................................20,295,861
Current Liabilities.................................3,978,638
Non-Current Liabilities.............................4,341,794
Total Liabilities...................................8,320,432
Equity............................................$11,975,429
The company experienced a 73% increase in revenues over the corresponding nine-month period from the past year with net profits of 16 cents per share, as compared to a loss of 15 cents per share for the same period last year.
The improved results for the quarter and nine-month period reflect the continued ongoing consolidation of operations into the High Point, N.C., facility and the continuing recognition from our retailer clients of valued service programs provided by the company. The company now represents more than 700 retail chains operating approximately 80,000 stores.
The Source Information Management Company provides information gathering, consulting and other information-based services to mass merchandise, grocery, convenience and pharmacy stores located throughout the United States and Canada. |
