Printrak Earns $0.02 Per Share On First Quarter Revenue of $16.4 Million
ANAHEIM, Calif.--(BUSINESS WIRE)--July 29, 1998--Printrak
International Inc. (Nasdaq:AFIS) Wednesday reported first quarter
revenues of $16.4 million for the quarter ended June 30, 1998,
compared with $15.3 million for the year earlier period. Net income
for the first quarter of fiscal 1999 is $238,000, vs. $54,000 in Q1
1998. Earnings per share for the first quarter of fiscal 1999 are
2 cents per share.
Systems orders received in Q1 1999 totaled $18.5 million,
generating a systems order backlog on June 30, 1998 of $35.6 million,
compared with $24.3 million on June 30, 1997. Significant orders
received in the quarter include a $6 million AFIS upgrade order from
the Royal Canadian Mounted Police, a $2 million state-wide mugshot
system order from the Pennsylvania Chiefs of Police, and a $1.9
million livescan order from Florida Department of Law Enforcement.
Maintenance order backlog continues to run at an annual rate of
approximately $15 million. There are approximately $75 million in
additional orders awarded to Printrak but pending contract
negotiations.
Richard Giles, Printrak's president and chief executive officer,
commented: "We are beginning to reap the rewards of last year's
acquisitions and integration efforts. Our enterprise-wide Digital
Justice Solution now provides us with a competitive advantage in the
public safety market. Furthermore, we are optimistic about
opportunities to provide large scale national ID programs which use
fingerprints to secure the issuance and use of ID documents. The first
national ID programs, such as the pending one in Argentina, should
prove the benefits of such programs and also provide the
infrastructure for commercial, mass market applications of fingerprint
matching."
Company Information:
Printrak International (http://www.printrakinternational.com),
based in Anaheim, is a leading worldwide supplier of integrated
identification and information systems used primarily in criminal
justice and public safety applications, and with increasing frequency
in civil applications such as national ID, welfare and immigration
control. The Printrak Digital Justice Solution provides networked
fingerprint, photo imaging, computer-aided dispatch and automated
records management systems. The company's systems serve approximately
700 national, state, county, and municipal agencies in 36 countries.
This news release contains forward-looking statements that are
based on current expectations and involve risks and uncertainties. As
discussed in Printrak's Forms 10-K, 10-Q and other filings made from
time to time with the Securities and Exchange Commission, assumptions
relating to the foregoing involve judgments with respect to, among
other things, future economic, competitive and market conditions,
future business decisions, the ability to effectively manage recently
acquired businesses, efficient utilization of facilities and financial
resources, ability to retain and attract qualified personnel, foreign
currency fluctuations, and possible cancellation of orders included in
backlog, all of which are difficult or impossible to predict
accurately and many of which are beyond the control of Printrak.
Although Printrak believes that the assumptions underlying the
forward-looking statements are reasonable, any of the assumptions
could prove inaccurate and therefore, there can be no assurance that
the results contemplated in forward-looking statements will be
realized. In light of the significant uncertainties inherent in the
forward-looking information included herein, the inclusion of such
information should not be regarded as a representation by Printrak or
any other person that Printrak's objectives or plans will be achieved.
PRINTRAK INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEET
AS OF JUNE 30, 1998, AND MARCH 31, 1998
(IN THOUSANDS)
June 30, March 31,
1998 1998
(Unaudited) (Audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 657 $ 3,763
Short-term investments -- 1,101
Accounts receivables, net 24,985 28,129
Inventories, net 8,450 8,229
Prepaid expenses and
other current assets 1,882 2,413
Deferred income taxes 1,763 1,763
Total current assets 37,737 45,398
NOTES RECEIVABLE
FROM RELATED PARTIES 62 558
PROPERTY AND EQUIPMENT, net 4,719 5,086
DEFERRED INCOME TAXES 2,244 2,243
OTHER LONG-TERM ASSETS 2,182 2,475
GOODWILL AND OTHER
INTANGIBLE ASSETS, net 2,730 2,835
TOTAL ASSETS $ 49,674 $ 58,595
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 3,982 $ 6,538
Accrued wages and
employee benefits 2,537 3,178
Other accrued liabilities 5,558 7,194
Current portion of
long-term debt 1,466 1,056
Deferred revenue 7,945 8,640
Income tax payable 806 477
Total current liabilities 22,294 27,083
LONG-TERM DEBT, less
current portion 6,553 10,960
TOTAL LIABILITIES 28,847 38,043
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $0.0001 par value;
5,000,000 shares authorized;
no shares outstanding
Common stock, $0.0001 par value;
20,000,000 shares authorized;
11,296,241 and 11,269,203 shares
issued and outstanding 1 1
Additional paid-in capital 17,879 17,850
Retained earnings 3,291 3,052
Notes receivable from
stockholder (300) (300)
Unrealized gain on short-term
investments 21 11
Cumulative foreign exchange
translation adjustments (65) (62)
Total stockholders' equity 20,827 20,552
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 49,674 $ 58,595
PRINTRAK INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTH PERIODS ENDED
JUNE 30, 1998 AND 1997
(in thousands, except per share data)
(Unaudited)
Three Months Ended
June 30, June 30,
1998 1997
REVENUES:
Systems $ 12,593 $ 12,407
Maintenance 3,844 2,856
Total revenues 16,437 15,263
COST OF REVENUES:
Systems 6,237 6,351
Maintenance 2,902 1,625
Total cost of revenues 9,139 7,976
GROSS PROFIT 7,298 7,287
OPERATING EXPENSES:
Research, development and engineering 2,080 2,590
Selling, general and administrative 4,637 3,810
Merger expenses -- 774
Total operating expenses 6,717 7,174
INCOME FROM OPERATIONS 581 113
OTHER INCOME (EXPENSES) (216) (30)
INCOME BEFORE PROVISION FOR INCOME TAXES 365 83
PROVISION FOR INCOME TAXES 127 29
NET INCOME $ 238 $ 54
NET INCOME PER COMMON SHARE $ 0.02 $0.00
NUMBER OF SHARES USED IN THE
COMPUTATION OF EARNINGS PER SHARE 11,653 11,742
CONTACT:
Printrak International Inc., Anaheim
Steve Yeich, 714/238-2047
KEYWORD: CALIFORNIA FLORIDA PENNSYLVANIA
BW0293 JUL 29,1998
15:57 PACIFIC
18:57 EASTERN
|
