TAVA Announces Record Second Quarter Results; TAVA Reports 185% Revenue Increase and $.25 Per Share
February 9, 1999 04:05 PM
ENGLEWOOD, Colo.,Feb. 9 /PRNewswire/ -- TAVA Technologies, Inc. TAVA a leading provider of automation and information technology solutions to industry, announced results for its fiscal quarter ending December 31, 1998.
Revenue for the quarter increased 185% to a record $29,887,000 from $10,484,000 recorded in the quarter ending December 31,1997. Gross profits for the quarter were $14,452,000 or 48.4% of revenue. Earnings before interest, taxes, depreciation and amortization were $7,340,000 compared to $20,000 in the quarter ending December 31,1997. The company recorded net income attributable to common shareholders of $ 5,901,000 ($.25 per diluted share) compared to a loss of $611,000 ($.04 per diluted share) for the quarter ending December 31,1997.
For the six months ending December 31,1998, the company's revenues more than doubled to $49,689,000 from $21,803,000 recorded for 6 months ending December 31, 1997. For that same period, earnings per diluted share were $.39 compared to a loss of $.08.
John Jenkins, CEO stated, "The financial performance this quarter reflects the continued dedication and effort of our staff in response to strong demand for the company's services and products. Revenue was up 51% over last quarter and earnings per diluted share increased by 79%. Second quarter revenues included $4,744,000 from product and license fees for the company's Plant Y2K One product offering, an increase of 39% from the prior quarter." He added, "We are particularly pleased with these results in a time when we are investing heavily in growing our total business scope and opportunity. In addition to expanding our core business practices with new clients and increasing geographical coverage, we are adding new product and practice elements at an exciting pace and continue to build a solid infrastructure to support the company's growth."
Doug Kelsall, CFO noted "SG&A expenses excluding amortization were 26.2% of revenue in our fiscal Q2 compared to 28.9% of revenue in Q1." He added, "The results also included a positive contribution of $467,000 from the company's investment in TAVA/Beck, LLC in the quarter."
Earnings Recap:
Numbers are in ($000's)
Quarter Quarter 6 Months 6 Months
Ending Ending Ending Ending
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1998 1997 1998 1997
Revenue $29,887 $10,484 $49,689 $21,803
Cost of Sales 15,435 6,807 25,445 14,595
Gross Margins 14,452 3,677 24,244 7,208
SG&A 7,833 3,923 13,558 7,596
Amort of Goodwill
& Cap Sftwr 1,029 258 1,941 546
Total Expenses 8,862 4,181 15,499 8,142
Other Income ( Expenses) 236 (77) 602 (222)
Income (loss) before
tax $5,826 $(581) $9,347 $(1,156)
Income tax expense $(75) $ -- $ -- $ --
Net Income (loss) 5,901 (581) 9,347 (1,156)
Net Income (loss)
applicable to
comn shldr. 5,901 (611) 9,347 (1,214)
Per share-basic 0.27 (0.04) 0.42 (0.08)
Per share- diluted 0.25 (0.04) 0.39 (0.08)
Weighted average
shares - basic 22,129,679 17,110,148 22,084,727 16,070,391
Weighted average
shares - diluted 23,994,928 17,110,148 24,113,980 16,070,391
EBITDA $7,340 $20 $12,278 $62
Balance Sheet Info: December 31, 1998
Assets
Cash $7,505
Other Current 35,750
Total Current assets 43,255
Other Assets 17,083
Total Assets $60,338
Liabilities and Equity
Total Current
Liabilities $17,487
Long Term Liabilities 4,847
Total Liabilities 22,334
Shareholder's Equity 38,004
Total Liabilities and
Shareholder's Equity $60,338
Working Capital $25,768
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