Larry, Got this from quote.yahoo.com --Jape
PREMIS CORPORATION ANNOUNCES RESULTS
FOR THIRD QUARTER
PLYMOUTH, Minn.--(BUSINESS WIRE)--Jan. 27, 1997-- Premis Corp disclosed results for the
third fiscal quarter ended December 31, 1996, which included an 81 percent increase in revenues
over the previous year's third quarter. The company posted an increase in net income of 45% before
a one-time charge of $6.5 million for purchased research and development in progress which was
expensed in accordance with purchase accounting rules in connection with the REF Retail Systems
acquisition on October 1, 1996.
Premis Corporation's revenues for the third quarter grew to $3,088,000 from $1,706,000 for the
same period the prior year. The company posted net income before purchased research and
development in progress expense of $343,000 or 7 cents a share, compared with net income of
$236,000 or 8 cents a share for the same period the prior year. Including the one-time charge
related to purchased research and development in progress the company recorded a loss of
$6,167,000 or $1.31 per share for the period.
For the nine-month period, revenues rose 64 percent to $6,951,000 compared with $4,246,000 for
the previous year. The company posted net income before purchased research and development in
progress expense of $993,000 or 27 cents a share compared to $602,000 or 20 cents a share,
during the first nine months of the previous year. Including the one-time expense related to
purchased research and development in progress the net loss was $5,517,000 or $1.65 per share,
for the nine month period.
Headquartered in Plymouth, Minn., PREMIS Corporation designs, develops and markets
enterprise-wide retail solutions for Multi-Store Specialty Retail Chains. Its systems assist in the
management of retail transactions, headquarters and store inventory, EDI communications, sales
activity analysis and POS functions.
PREMIS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
1996 1995 1996 1995
Revenues $3,088 $1,706 $6,951 $4,246
Gross profit 1,652 843 3,483 2,175
Operating expenses 1,201 452 1,966 1,179
Purchased research
and development 6,510 -- 6,510 --
Operating income
(loss) (6,059) 391 (4,993) 996
Income (loss) before
income taxes (6,063) 391 (4,997) 996
Income tax expense 104 155 520 394
Net income (loss) $(6,167) $ 236 $(5,517) $ 602
Net income (loss)
per share $ (1.31) $ .08 $ (1.65) $ .20
Weighted average
shares outstanding 4,707 2,994 3,350 2,967
CONTACT: Fritz Biermeier
612/550-1999 |
