International Network Services Reports Record First Quarter 1999 Results With A 98% Increase in Earnings and 85% Increase in Revenue
October 26, 1998 04:30 PM
SUNNYVALE, Calif., Oct. 26 /PRNewswire/ -- International Network Services INSS , a global provider of enterprise network consulting and software solutions, today reported its first quarter results for the period ended September 30, 1998.
Revenue for the first quarter was a record $62.5 million, compared with $33.7 million for the same period last year, an increase of 85%. Net income was $6.1 million or $0.17 per share, compared with $3.1 million or $0.09 per share for the first quarter of 1998, an increase of 98%.
Commenting on the Company's first quarter performance, John Drew, president and chief executive officer of INS said, "The first quarter was an excellent growth quarter for INS both in terms of revenue and net income. Our ability to show continued growth is, I believe, an indication of the strength of our organization and the success we are having delivering the products and services that our customers worldwide require. The strategic nature of networking continues to drive clients' needs for comprehensive network consulting and software solutions."
"We continue to see demand for our services in the United States as well as in Europe. We are able to meet the demand for our services due to our continued ability to hire and retain some of the best engineers in the industry," stated Drew. "In the first quarter the company grew in size to 1,562 employees worldwide, adding 209 employees during the quarter -- the most ever. Geographic expansion continues to be a major focus as we strive to meet the needs of both new and existing clients. This quarter we opened domestic offices in Pittsburg, PA, San Antonio, TX, Baltimore, MD and our second international office in Amsterdam."
INS recently announced its intent to acquire VitalSigns Software, a leading provider of solutions that enable corporate IT managers to improve the performance and availability of enterprise networks and their associated business applications.
Commenting on the acquisition, Drew continued, "INS' first acquisition reinforces our commitment to the communications software marketplace, and increases the addressable market for our software business while increasing value to our clients. Combining VitalSigns' suite of networked applications performance management software with our EnterprisePRO offering gives our clients unparalleled visibility into how their applications and their networks are performing. This combination of network consulting and software presents a new value proposition for building application-ready networks."
About INS
International Network Services (INS) is a global provider of enterprise network consulting and software. INS provides professional services for the full life cycle of a network, including planning, design, implementation, operations and optimization, and maintains expertise in the most complex network technologies and multi-vendor environments. Through its INSoft Division, INS also offers industry leading software solutions for managing and optimizing application-ready networks. As of September 30, 1998, INS had 1,562 employees and provided service from 40 locations. INS' headquarters are located at 1213 Innsbruck Drive, Sunnyvale, CA 94089. The INS Web site is located at ins.com. INS is a public company, trading under the Nasdaq symbol INSS.
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