Good Evening to all,
Press Release by CBSL to follow.
Best Wishes,
Patrese
Tuesday May 12, 4:36 pm Eastern Time
Company Press Release
SOURCE: Complete Business Solutions, Inc.
Complete Business Solutions, Inc. Fundamentals Strong and Unchanged
FARMINGTON HILLS, Mich., May 12 /PRNewswire/ -- Complete Business Solutions, Inc. (Nasdaq: CBSL - news), a
worldwide information technology (IT) consultant and service provider to large and medium-sized organizations, today reported
it knew of no reason for the heavy trading and decline in the price of its stock. ''Our business fundamentals are unchanged since
we reported record first quarter financial results on May 4,'' said Raj Vattikuti, president and chief executive officer. ''We
remain positive in our outlook for continued growth and profitability. I have personally bought 79,000 CBSL shares over the
past few days, even before today's price weakness.''
For the first quarter ended March 31, 1998, Complete Business Solutions' revenues increased 46 percent to $60.5 million, and
pro forma net income increased 195 percent to $4.6 million, before one-time merger expenses, compared with pro forma first
quarter 1997. Pro forma earnings per share for the first quarter 1998 increased 129 percent to $0.16 per share on 28.4 million
common shares, before one-time merger expenses, from $0.07 per share for first quarter 1997. These results are restated for
the November 1997 merger with Synergy Software, Inc. and the January 1998 merger with c.w. Costello & Associates, inc.
Earnings per share also reflect the Company's 2-for-1 stock split, paid on March 19, 1998.
''We are continuing to pursue our strategies to grow both internally by cross-selling our broad IT service array to our expanded
group of clients,'' said Vattikuti, ''as well as by exploiting the synergies and opportunities for margin improvement provided by
recent acquisitions and our domestic and off- shore development centers. We do not anticipate that any proposed trade
sanctions or visa limitations would have a significant negative impact on our operations. We also expect to continue to grow
externally through mergers, such as our recently announced plan to merge with Claremont Technology Group, Inc.''
This release contains forward-looking statements relating to future financial results or business expectations. Business plans may
change as circumstances warrant. Actual results may differ materially as a result of factors over which the company has no
control. Such factors include, but are not limited to: mergers and the ability to integrate them on a timely basis, significant
customer assignments, recruiting and new business solicitation efforts, currency exchange rate fluctuations, domestic and foreign
government regulations, and general economic conditions. These risk factors and additional information are included in the
company's reports on file with the Securities and Exchange Commission.
About Complete Business Solutions, Inc.
CBSL is a worldwide provider of information technology (''IT'') services to large and mid-size organizations. The Company
offers its customers a broad range of IT services, from advising customers on strategic technology plans to developing and
implementing appropriate IT applications solutions. CBSL offers custom-tailored solutions based on an assessment of each
client's needs. The Company's services include: Year 2000 conversion and testing services; large systems applications
development and maintenance; reengineering legacy applications to client/server technology; client/server applications
development; IT consulting services; packaged software implementation; and contract programming services. For 1997,
CBSL's revenue increased approximately 43 percent to $194.0 million, from $135.3 million in 1996, both years restated for the
acquisition of Synergy Software, Inc. in November, 1997 and c.w. Costello & Associates, inc. in January, 1998.
SOURCE: Complete Business Solutions, Inc.
More Quotes and News:
Complete Business Solutions, Inc (Nasdaq:CBSL - news)
Related News Categories: computers, software
Help
Copyright c 1998 PRNewswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the
prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance
thereon.
See our Important Disclaimers and Legal Information.
Questions or Comments?
|
