Not exactly - these are the details which I must say are fantastic.
The only thing missing is the roadmap to future growth. As it is,
they should earn about .20 next year for a forward PE under 20 with
recent growth of over %100 per year. Full test of release:
On-Site Sourcing Reports Revenues, Earnings More Than Doubled in 1997 Compared To 1996
PR Newswire, Tuesday, March 10, 1998 at 09:44
ARLINGTON, Va., March 10 /PRNewswire/ -- On-Site Sourcing (NASDAQ:ONSS)
today announced that revenues and earnings more than doubled in the year ended
December 31, 1997 compared to a year ago. Revenues increased by 122% to
$21.1 million from $9.5 million in 1996, while net earnings rose by 195% to
$723,000, or 15 cents per share, from $245,000, or 7 cents per share a year
ago.
The Company's operating fundamentals improved markedly in 1997. As a
percentage of revenues, cost of sales decreased to 72% in 1997 from 74% the
prior year, resulting in improved gross margins. General and administrative
expenses also decreased as a percentage of revenues to 10% in 1997 from
11% the year before. The effects of these two improvements combined to
produce an increase in net earnings of $475,833, or 195%, over 1996.
The Company s fourth quarter of 1997 was especially noteworthy. On-Site
achieved record quarterly revenues of $7.2 million vs. $3.1 million in the
year-earlier period. Net earnings were $232,000, or 5 cents per share, vs. a
loss of $91,000, or 2 cents per share, in the fourth quarter of 1996.
Christopher J. Weiler, President, commented that the Company's record 1997
performance was achieved by expansion of its market share and through
improvements in operating efficiencies. He added that 1997 included a full
year of contributions from the Company's Atlanta and New York offices. "We
are proud of our achievements in 1997 and look forward to a strong 1998. Our
challenge is to continue our fundamental growth."
On-Site Sourcing provides facilities management, digital imaging, document
management, litigation support and reprographic services throughout the East
Coast. On-Site's clients include law firms, corporations, non-profit
organizations, accounting and consulting firms, financial institutions and
other organizations. On-Site currently operates in the Philadelphia,
Washington, D.C., Atlanta, New York City and, most recently, Baltimore
markets.
3 months ended Dec. 31: Year ended Dec. 31:
1997 1996 1997 1996
Revenues $ 7,244,178 $ 3,139,179 $21,138,946 $9,507,666
Earnings (loss)
before income taxes 429,933 (112,704) 1,284,549 320,240
Income tax expense 199,426 (21,900) 536,476 75,000
Net earnings (loss) 232,460 (90,804) 723,026 245,240
Per share
Basic $ .05 $ (.02) $ .15 $ .07
Diluted $ .05 $ (.02) $ .15 $ .07
Weighted average
shares outstanding
Basic 4,796,755 4,794,021 4,794,705 3,666,010
Diluted 5,013,887 4,925,278 4,947,203 3,767,096
SOURCE On-Site Sourcing
-0- 03/10/98
/CONTACT: Joseph Sciacca, Chief Financial Officer of On-Site Sourcing,
703-276-1123, E-mail: jsciacca@onsitesourcing.com, or Larry Howell of The
Howell Group, 214-340-4909, E-mail: howgroup@iglobal.net, for On-Site
Sourcing/
/Web site: onsitesourcing.com
Companies or Securities discussed in this article:
Symbol Name
NASDAQ:ONSS On-Site Sourcing Inc
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