IFS International Announces Record Revenue and Profit for First Quarter Fiscal 1999
Revenues Up 198%, Net Income Increases 724%
TROY, N.Y., Sept. 14 /PRNewswire/ -- IFS International Inc. (Nasdaq: MNYC - news, MNYCP - news, MNYCW - news) today announced record revenue and profit totals in the quarter ended July 31, 1998.
Total revenues increased to $3,081,504, as compared to $1,035,387 for the quarter ended July 31, 1998 representing a 198% increase from the first quarter last year. Net income was reported of $514,708 representing approximately a 724% increase from last year or $0.19 per common share and common share equivalents, as compared to a profit of $62,479 or $0.02 per common share and common share equivalents for the quarter ended July 31, 1998. These increases resulted primarily from the full integration of NCI International Inc.'s financials for the first quarter.
Commenting on the results, Frank Pascuito, IFS International Chairman, said, ''Our efforts to position the Company for growth are paying off and we will look to continuing our success in the future.''
Dave Hodge, IFS International CEO, said, ''Our investments in product improvements and upgrading the total infrastructure of the company are having a positive effect. We hope to continue our success going forward.''
Three Months Ended July 31,
1998 1997
Total revenues $3,081,504 $1,035,387
Gross profit 2,552,528 764,096
Total operating expenses 2,023,429 817,580
Income (loss) from operations 529,099 (53,484)
Net income 514,708 62,479
Diluted income per common share 0.19 0.02
Common and common equivalent
shares outstanding 2,675,333 2,834,440
IFS International, Inc. develops, markets, and supports software products for the Electronic Funds Transfer (EFT) market. IFS International's products are used to provide ATM, POS, smart-card, debit card management, bank teller, bank platform, home banking and call-centre solutions to the EFT industry. It's family of software products, marketed under the name TPII, serves as a manager of EFT systems for automated teller machines (ATM), point-of-sale (POS) and voice authorization. The NCI International, Inc. subsidiary adds complementary products including NCI Business Centre(TM), an enterprise-wide retail banking solution designed to automate all traditional as well as Internet/Intranet transactions. IFS also provides turnkey systems for smart-card implementation.
IFS is headquartered in Troy, N.Y., with offices in the United Kingdom and Singapore. E-mail: marketing@ifsintl.com. Web page: ifsintl.com. IFS securities are traded on the Nasdaq SmallCap Market; MNYC Common Stock; MNYCP Series A Convertible Preferred Stock, MNYCW Series A Convertible Preferred Stock Purchase Warrants. NCI is headquartered in Charlotte, N.C. with offices in the United Kingdom, Germany and Australia. For information about NCI, call 704-527-4357, FAX 704-523-3502, web page nci-inc.com.
SOURCE: IFS International, Inc.
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