Scangraphics Announces Record Revenues for 2nd Quarter 1998
LIMERICK, Pa.--(BUSINESS WIRE)--July 17, 1998-- Expects revenues and earnings to improve quarter to quarter
thru the rest of the year
Scangraphics(R) Inc., (NASDAQ: SCNG), Friday announced preliminary financial results for the quarter ended June 30, 1998.
The Company expects that revenues for the second quarter of 1998 will increase 17% to $1.54 million versus $1.32 million a year earlier. The Company also expects revenues for the six months ended June 30, 1998, to increase by 21% to $2.75 million versus $2.28 million the prior year.
The Company indicated further that its second quarter results are in line with expectations, with revenue increasing 27% over the 1st quarter of 1998, and the Company is expecting to show quarter-to- quarter sequential improvement in revenues and earnings for the remainder of 1998.
The Company is expecting its net loss before preferred dividends to decrease by 30% to $971,000 for the second quarter of 1998, compared to $1,381,000 for the same quarter last year. The Company plans to issue its complete financial results the week of August 10, 1998.
Additionally, the Company said in a statement that there was no reason that it was aware of for the recent decline of its stock price. Shares of the Company closed Thursday, July 16, at 1-1/2, down from 2-5/8 at the end of 1997.
Larry Osterwise, president and CEO of Scangraphics Inc. attributed the Company's revenue growth through the first six months of 1998 to the continued success of its Tangent Imaging Systems and TRC business units.
He stated further that while Tangent and TRC are growing in a healthy way, SpatialVision from our Sedona business unit has the potential for explosive growth, and he said that the development of Sedona's SpatialVision is on schedule.
About SpatialVision ...
Sedona's SpatialVision incorporates many major attributes of Oracle Corp.'s (Nasdaq: ORCL) Network Computing Architecture with comprehensive support for both Spatial and Image Data Cartridges.
Using Sun Microsystems (Nasdaq: SUNW) Java(TM) development platform, SpatialVision unifies the desktop with application data and makes it available via the Internet. The easy to use GUI permits simple construction and execution of complex queries.
Integrated mapping and imaging tools allow for customization of the geospatial data to meet display, analysis, and output requirements.
SpatialVision provides the businessman, the help desk operator or the sales support administrator with the necessary tools on their desktops or laptops for answering complicated questions from the field.
Retrieving the data quickly is only one part of the equation. Interpreting the information returned so the correct answer can be given is key. SpatialVision's unique data visualization capability brings your data to life ... a picture is worth a thousand words.
SpatialVision's ease of use, low cost of operation, and seamless integration into mainstream applications are critical features giving the Oracle8 Universal Server a bridge to the desktop.
In this way, SpatialVision provides an easy to use interface for the non-GIS expert and brings a robust yet intuitive analytical capability to the knowledge worker. Go to www.sedonageo.com for a full presentation on SpatialVision.
About Scangraphics...
Scangraphics Inc., headquartered in Limerick, is comprised of three operating companies: Tangent Imaging Systems, Sedona GeoServices, and Technology Resource Centers.
This group pioneered and remains a leader in scanning and image processing technology, large document scanners, backfile conversion services, Geographic Information Systems (GIS) database management software, and imaging software and systems.
Scangraphics has Business Partnerships and Alliances with such companies as Oracle Corp. (Nasdaq: ORCL), Sun Microsystems Inc. (Nasdaq: SUNW), TREEV Inc. (Nasdaq: TREV), and Lockheed Martin (NYSE: LMT), and its products are marketed internationally through systems integrators and distributors.
Scangraphics is a publicly held corporation, with shares traded on Nasdaq (SCNG) Scangraphics and its operating companies can be found on the Web at: www.scangraphics.com.
Forward Looking Statements...
Statements made in this news release that relate to future plans, events or performances are forward-looking statements.
Any statement containing words such as "believes" "anticipates" "plans" or "expects" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations.
Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.
Scangraphics is a registered trademark of Scangraphics Inc. Tangent, Tangent Imaging Systems and Sedona are trademarks of Scangraphics Inc. All other product names are trademarks or registered trademarks of their respective companies.
CONTACT:
Scangraphics Inc.
Vicki Franchetti, 610/495-3003 x214
Fax: 610-495-3092
Email: vickif@scangraphics.com
Web: www.scangraphics.com |
