AZTC, Aztec Technology Partners Announces BankBoston's Confirmation of $140 Million Credit Facility
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Per-Share Data
Book Value (mrq) $4.74
Earnings (ttm) $0
Sales N/A
Cash (mrq) $0.07
Management Effectiveness
Return on Assets (ttm) 0.00%
Return on Equity (ttm) 0.00%
Financial Strength
Current Ratio (mrq) 1.96
Long-Term Debt/Equity (mrq) 0.00
Total Cash (mrq) $1.44M
Short Interest
Shares Short
as of Oct 8, 1998 624.0K
Short Ratio 6.24
Price and Volume
(updated Nov 23, 1998)
52-Week Low $2.375
Recent Price $3.375
52-Week High $10.75
Beta N/A
Daily Volume (3-month avg) 193.7K
Share-Related Items
Market Capitalization $74.1M
Shares Outstanding 22.0M
Float 16.5M
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Monday November 23, 6:17 pm Eastern Time
Company Press Release
Aztec Technology Partners Announces BankBoston's Confirmation of $140 Million Credit Facility
BOSTON--(BUSINESS WIRE)--Nov. 23, 1998--Aztec Technology Partners, Inc., (NASDAQ:AZTC - news), a leading single-source provider of information technology business solutions, today announced the results of a special session of the Board of Directors held on Thursday, November 19, 1998.
The Board met to discuss the BankBoston credit facility and to review the Company's ongoing business strategy.
BankBoston, representing the eight-bank syndicate, established a $140 million credit facility in July 1998 to fund Aztec's growth strategy and working capital needs. Thus far Aztec has borrowed $80 million of the $125 million designated for acquisition and has an additional $15 million working capital revolver. Upon inquiry, Tena Lindenauer, Managing Director, BankBoston said, ''As agent for the syndicate group, we are not aware of any default and, as such, we confirm that the $140 million credit commitment to Aztec Technology Partners remains in effect.''
''While many of our competitors have announced softness in the information technology services market, we continue to see strength in all sectors of our business,'' James Claypoole, chairman and chief executive officer stated. ''The middle-market continues to outsource significant amounts of business to single-source providers such as Aztec.''
''In the near to mid-term, the Company will focus primarily on maximizing synergies and cross-selling opportunities among Aztec's existing businesses,'' continues Mr. Claypoole. ''As an IT service provider, we are continuously integrating our IT fulfillment skills and expanding our cohesive workforce of talented consultants in order to meet the diversified IT needs of our clients and fuel our growth.''
Further, the Board considered the implications of utilizing a portion of the credit facility to repurchase and retire common shares. The Board unanimously decided that due to certain conditions on the credit facility, it is not in the Company's best interest to repurchase shares at this time. If Aztec utilizes the facility for any reasons beyond acquisition or working capital, the size of the credit line and the interest rate would be altered. Doug Johnson, executive vice president and chief financial officer added: ''We want to retain the credit line under its present terms and conditions to give the Company the capability to enhance the growth of the business and, therefore, increase the long-term value of the enterprise to our shareholders.''
About Aztec Technology Partners
Aztec Technology Partners, Inc. is a single-source provider of a broad range of information technology business solutions. Aztec specializes in enterprise design and implementation; software development and customization; voice and data infrastructure design and integration; and IT support, consulting and outsourcing. By focusing on four core competencies, the Company provides complementary IT solutions making Aztec a ''one-stop'' IT solutions provider with exceptional personalized service. Aztec's primary focus is the mid-market sector, as well as Fortune 1000 companies, in a wide range of industries including communications, health care, financial services, government, manufacturing, pharmaceuticals, professional services and technology. The Company has 22 offices in 11 states and employs nearly 1400 people.
This press release contains ''forward-looking statements,'' within the meaning of federal securities laws, that involve risks and uncertainties. All statements herein, other than those consisting solely of historical facts, that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such matters as business strategy, measures to implement strategy, competitive strengths, goals, references to future successes and other events, may be forward-looking statements. Statements herein are based on certain assumptions and analyses by the Company in light of its experience and its perception of historical trends, current conditions and potential future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results, events and developments will confirm with the Company's expectations is subject to a number of risks and uncertainties and important factors could cause actual results, events and developments to differ materially, from those referenced in, contemplated by or underlying any forward-looking statements herein, including among others, the continued development and viability of the Company's operations, the Company's success in identifying, completing and integrating acquisitions, the Company's ability to manage its growth, the impact of industry and economic conditions, competition and other factors, many of which are beyond the control of the Company. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized.
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