Exigent Intl. Reports Record Nine Month Revenues and Earnings
BusinessWire, Friday, December 05, 1997 at 10:17
MELBOURNE, Fla.--(BUSINESS WIRE)--Dec. 5, 1997--
Posts EPS of $.19 Vs. $.13 for First Nine Months, $.06 Vs.
$.07 for Third Quarter
Exigent International, Inc., (CHX:XNT, XNTWS)
(OTC BB:XGNT, XGNTW) today announced results for the third quarter
and first nine months ended October 31, 1997.
Net income for the first nine months increased 34% to $919,221,
or $.19 per share, from $585,185, or $.13 per share, for the same
period last year. Revenues for the first nine months increased
14% to $25,912,356 from $22,763,366 for the same period last year.
Net income for the third quarter amounted to $271,464, or
$.06 per share, compared to $293,731, or $.07 per share, for the
same quarter last year. Revenues for the third quarter increased
9% to $9,140,753 from $8,366,921 for the same quarter last year.
The number of weighted average shares outstanding increased
5% and 7% this year for primary and fully diluted calculations,
respectively.
Gross profit for the third quarters was about the same. Nine
month gross profit rose slightly compared to the same period last
year.
The third quarter and nine months saw a substantial increase in
general and administrative expenses, including an increase in labor
and recruiting costs, fees and expenses associated with operating as
a public company and expenses for expanding the Melbourne and
Colorado Springs offices. There were also costs to enhance the
company's leading edge software products.
Management expressed confidence that current investments in
retaining and recruiting the best software engineers, maintaining a
technological edge in the company's core business, and introducing
new products will have a very positive effect on the long term future
of the company.
Exigent International, Inc. is a holding company which currently
has two high-tech subsidiaries, Software Technology, Inc. (STI) and
Fototag, Inc. STI's OS/COMET(TM) controls satellite constellations
such as IRIDIUM(R) and Global Positioning System (GPS), the two
largest in the world. FotoTag, Inc. develops systems that track
location and movement of people and objects. This includes the new
FotoTag(TM) ActiveTracking Engine(TM) which was recently integrated
with Micron Communications technology and broadens application of the
original FotoTag(TM) passenger/baggage system.
For additional information contact Jim Wheeler of Jim Wheeler &
Associates, Financial Public Relations Consultants, at 847/918-8464,
E-mail: jwafpr@mc.net, or Don F. Riordan, Exigent CFO, at
888/952-XGNT, E-mail: info@xgnt.com.
IRIDIUM is a registered trademark and service mark of Iridium,
LLC. Micron Communications, Inc. is a subsidiary of Micron
Technology, Inc.
*T
EXIGENT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months Ended October 31,
_____________________________________
1997 1996
(unaudited) (unaudited)
REVENUES FROM SERVICES $ 9,140,753 $ 8,366,921
COST OF SALES (6,879,072) (6,360,585)
____________ ____________
GROSS PROFIT 2,261,681 2,006,336
GENERAL AND ADMINISTRATIVE EXPENSES (1,820,129) (1,283,810)
RESEARCH AND DEVELOPMENT COSTS --- (67,545)
____________ ____________
OPERATING INCOME 441,552 654,981
____________ ____________
OTHER INCOME (EXPENSE)
Interest Income 23,719 18,432
Interest Expense (20,872) (15,021)
____________ ____________
TOTAL OTHER INCOME (EXPENSES) 2,847 3,411
____________ ____________
INCOME BEFORE INCOME TAXES 444,399 658,392
INCOME TAX EXPENSE (172,935) (364,661)
____________ ____________
NET INCOME $271,464 $293,731
____________ ____________
____________ ____________
EARNINGS PER SHARE - PRIMARY $ 0.06 $ 0.07
____________ ____________
____________ ____________
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING - PRIMARY 4,709,468 4,483,920
____________ ____________
____________ ____________
EARNINGS PER SHARE - FULLY DILUTED $ 0.06 $ 0.07
____________ ____________
____________ ____________
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING - FULLY DILUTED 4,801,019 4,483,920
____________ ____________
____________ ____________
For the Nine Months Ended October 31,
____________________________________
1997 1996
(unaudited) (unaudited)
REVENUES FROM SERVICES $25,912,356 $22,763,366
COST OF SALES (19,850,950) (17,926,933)
____________ ____________
GROSS PROFIT 6,061,406 4,836,433
GENERAL AND ADMINISTRATIVE EXPENSES (4,513,068) (3,644,354)
RESEARCH AND DEVELOPMENT COSTS --- (67,545)
____________ ____________
OPERATING INCOME 1,548,338 1,124,534
____________ ____________
OTHER INCOME (EXPENSE)
Interest Income 26,065 49,066
Interest Expense (67,117) (37,415)
____________ ____________
TOTAL OTHER INCOME (EXPENSES) (41,052) 11,651
____________ ____________
INCOME BEFORE INCOME TAXES 1,507,286 1,136,185
INCOME TAX EXPENSE (588,065) (551,000)
____________ ____________
NET INCOME $919,221 $585,185
____________ ____________
____________ ____________
EARNINGS PER SHARE - PRIMARY $ 0.20 $ 0.13
____________ ____________
____________ ____________
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING - PRIMARY 4,709,468 4,483,920
____________ ____________
____________ ____________
EARNINGS PER SHARE - FULLY DILUTED $ 0.19 $ 0.13
____________ ____________
____________ ____________
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING - FULLY DILUTED 4,801,019 4,483,920
____________ ____________
____________ ____________ |
