I would read a little deeper into the press release and not focus on the
.04 loss.
For the first six months of 1998, Banyan reported a net loss of $396,000, or $0.02 per share, which includes the $1.4 million one-time purchased research and development charge. Excluding this one-time charge, Banyan's net income for the first half of 1998 would have been $1,004,000, or $0.05 per share. Banyan's 1998 first half results compare with a net loss of $20.1 million, or $1.16 per share, which included the $9.7 million restructuring and other charges for the comparable period one year ago. Revenues for the first six months of 1998 were $35.9 million, compared with $37.1 million for the same period of 1997.
William P. Ferry, Banyan's chairman and chief executive officer, stated, ''Our second quarter performance, excluding the one-time charge for purchased development, marks the Company's fourth consecutive quarter of profitability, an important achievement in light of our reorganization last year and continued investment in our growth initiatives. The strong growth in our Switchboard(TM) subsidiary and our network services operation during the second quarter demonstrates our substantial progress toward rejuvenating Banyan's business. We are pleased with Switchboard's performance as revenues of $1.7 million represent a 58 percent gain over the first quarter of 1998 and a notable increase over revenues of $56,000 in the second quarter of 1997. In addition, the 78 percent growth in network services revenue over the comparable period last year, as well as being awarded Microsoft Solution Provider Status, demonstrates the success we are having in expanding this business.'' |
