NEWS: (March-10-98) "Geac Achieves Record Results for Q3 Fiscal 1998"
MARKHAM, ONTARIO--Geac Computer Corporation Limited continued its
strong operating results, achieving record revenues and income in
the Third Quarter of Fiscal 1998. Revenue for the quarter was
$174.2 million, up 21 percent from the $144.0 million reported in
the same quarter of fiscal 1997. Net income totaled $44.8 million
($0.75 per share), compared to a net loss of $108.2 million ($1.85
loss per share) for the same quarter of the prior fiscal year.
During the Third Quarter of fiscal 1997, Geac expensed unusual
items of $121.4 million.
For the first nine months of fiscal 1998, revenue totaled $478.6
million, up 94 percent from the same period of fiscal 1997. Net
income for the nine month period reached $115.7 million ($1.95 per
share), compared to a net loss of $91.6 million ($1.57 loss per
share) for the same period last year.
"The third quarter of fiscal 1998 is the first opportunity to make
true year over year comparisons since the acquisition of Dun &
Bradstreet Software Services. Operating income before unusual
items and income taxes rose 241 percent from $15.2 million to
$51.8 million. Management is encouraged by the progress made over
this period, which is a validation of Geac's ability to acquire
and turn around businesses. Geac continues to invest in
SmartStream to improve internal growth - which is both a challenge
and opportunity", said William G. Nelson, Chairman, President and
CEO of Geac.
During the quarter, Geac acquired the assets of Princeton Network
Systems Inc. of New Jersey, strengthening Geac Network & Technical
Services Division's systems integration and help-desk outsourcing
capabilities.
Cash balances at the end of the quarter amounted to $159 million,
well exceeding Geac's long-term debt of $104.1 million. In
addition, the corporation has an unused line of credit of
approximately $100 million.
Geac Computer Corporation Limited delivers and supports total
computer solutions, including complete mission-critical
client/server applications to various cross-industry and vertical
markets worldwide. Geac product and service information is
available on the World Wide Web at geac.com, or through
Email at info@geac.com. Geac is a publicly traded company with its
common shares listed on the Toronto Stock Exchange (Symbol- GAC).
/T/
Geac Computer Corporation Limited
Financial Highlights
In millions of dollars, except per share amounts
3rd Quarter 9 months YTD
1998 1997 1998 1997
Revenues 174.2 144.0 478.6 246.1
Net Income (loss) 44.8 (108.2) 115.7 (91.6)
Basic Earnings (loss) per Share 0.75 (1.85) 1.95 (1.57)
Fully Diluted Earnings
(loss) per Share 0.70 (1.85) 1.81 (1.57)
/T/
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: GEAC COMPUTER CORPORATION LIMITED
TSE SYMBOL: GAC
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