Record Fourth Quarter Revenues
Wednesday January 28, 4:27 pm Eastern Time
Company Press Release
IA Corporation Reports Record Fourth-Quarter Revenues and Full-Year 1997 Results
Four Cents EPS on $6.3 Million in Revenue for Q4/97
EMERYVILLE, Calif.--(BUSINESS WIRE)--Jan. 28, 1998--IA Corporation (NASDAQ:IACP - news), a leading supplier of software solutions for financial services organizations, today reported fourth-quarter and full-year results for the fiscal year ended December 31, 1997. Revenue for the fourth quarter was a record $6.3 million, compared with $6.2 million a year earlier.
Net income was $0.5 million, or $.04 diluted earnings per share, compared with net income of $0.8 million, or $.07 diluted earnings per share, a year ago.
Revenue for 1997 was $22.5 million, compared with $22.3 million for 1996, excluding hardware resale revenues. Including hardware resales, revenues in 1996 were $25.7 million. Net income for 1997 was $0.6 million, or $.05 diluted earnings per share, compared with net income of $2.3 million, or $.22 diluted earnings per share, for 1996. Due to utilization of net operating loss carryforwards, the Company recorded very little income tax expense for 1997 and no income tax expense for 1996.
According to C.V. Ravi, President and Chief Executive Officer of IA Corporation, ''The latest Oracle-based release of our CheckVision(R) Archive went into production at Comerica during the fourth quarter, processing more than two-million transactions per day. Our belief that archives and archive centric applications are key for the future of the banking industry was reinforced by two major orders during the quarter from Citibank and EDS New Zealand. (1)
''Our customers are telling us the CheckVision suite of applications leverage valuable transactional information stored in IA's distributed, scaleable, high volume, high performance CheckVision Archive to generate significant revenues and cost savings.
''Our new alliance with NCR has started to take effect, with a sale by NCR of IA's CheckVision Applications and Archive to EDS New Zealand -- our first international order for CheckVision,'' said Dr. Ravi. ''In addition, two major RemitVision(R) customers entered into license and service agreements during the fourth quarter.'' |
