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CMSI Reports Fourth Quarter Results
COLUMBIA, Md., Feb. 2 /PRNewswire/ -- Credit Management Solutions, Inc. (CMSI) (Nasdaq: CMSS), a service bureau provider for various credit transactions and a developer and provider of software for automating the consumer and small business credit analysis, decision-making and funding process, today reported fourth quarter results.
For the quarter ended December 31, 1997, total revenue was $5.5 million vs. $5.2 million in the comparable period of 1996. Pretax loss for the fourth quarter of 1997 was ($1.4) million, or ($.18) per share, compared to a pretax profit of $.5 million, or $.05 per share in the fourth quarter of 1996. The number of shares used in the calculation of diluted EPS for the quarters ended December 31, 1997 and 1996 were 7,615,510 and 6,641,246, respectively.
Revenues for the twelve months ended December 31, 1997 were $17.2 million, compared to $14.3 million for the twelve months of 1996. Net loss for the twelve months was ($3.7) million, or ($.49) per share on a diluted basis compared net income of $.3 million, or $.05 per share on a diluted basis for the same period in 1996. The number of shares used in the calculation of diluted EPS for the fiscal years ended December 31, 1997 and 1996 were 7,597,368 and 6,211,002 respectively.
James R. DeFrancesco, President and CEO, said, "While an unanticipated event had an adverse impact on our fourth quarter, we believe that our base business is strong and will continue to grow, which will allow us to continue to execute our business plan. We are succeeding with our transition to CreditRevue 2000 and the deployment of both the Credit Connection and Service Bureau offerings." |
