International Network Services Announces Second Quarter 1999 Results With A 138% Increase in Earnings per Share and 90% Increase in Revenue
Q2 EPS $0.19, Excluding an Acquisition Related Charge
SUNNYVALE, Calif., Jan. 25 /PRNewswire/ -- International Network Services (INS) (Nasdaq: INSS - news), a global provider of network consulting and software solutions, today announced record revenue and earnings per share for the second quarter ended December 31, 1998.
Revenue for the second quarter reached $73.8 million, a 90% increase from revenue of $38.8 million for the same period a year ago. Net income for the quarter was $7.6 million (excluding an acquisition related charge of $6.8 million, net of the effect of income taxes), compared to $3.0 million a year ago. Earnings per share for the quarter (excluding the acquisition charge) was $0.19, a 138% increase from earnings per share of $0.08 a year ago. Giving effect to the acquisition charge, net income for the quarter was $851,000, or $0.02 per share. Historical financial results have been restated to reflect the acquisition.
Revenue for the first half of fiscal 1999 reached $138.2 million, a 90% increase from revenue of $72.8 million for the first half of fiscal 1998. Net income for the first half was $13.6 million (excluding the acquisition charge), compared to $5.6 million a year ago. Earnings per share for the first half of 1999 (excluding the acquisition charge) was $0.33, a 120% increase from earnings per share of $0.15 a year ago. Giving effect to the acquisition charge, net income for the first half of fiscal 1999 was $6.8 million, or $0.17 per share.
''This has been another strong quarter for our company,'' observed John Drew, INS' President and Chief Executive Officer. ''The past few months have been very exciting for INS as we enhanced our software capabilities through the acquisition of VitalSigns in November 1998. We are very pleased with the progress we are seeing as we continue to integrate VitalSigns into the INSoft Division.''
''Second quarter highlights included the opening of our fourth international office in Frankfurt, Germany,'' Drew continued. ''In addition, we continued to demonstrate our ability to hire and retain talented professionals, adding 189 employees to close the quarter with 1,758 employees in 41 offices worldwide. We continue to build long-term relationships with existing clients and engaged 86 new clients during the quarter.''
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