Earnings up big!!! increase of 250%.
DALLAS, March 4 /PRNewswire/ -- Perot Systems Corporation (NYSE: PER) reported for the year ended December 31, 1998:
-- Earnings per share of $.42 as compared to $.12 per share for 1997, an
increase of 250%.
-- Net income for the year of $40.5 million versus $11.2 million for
1997, an increase of 261%.
-- Full year revenue of $993.6 million versus $781.6 million for 1997, an
increase of 27%.
-- Cash balances grew from $35.3 million as of year end 1997 to
$144.9 million as of year end 1998, an increase of $109.6 million or
311%. These balances exclude net proceeds of $109.3 million that were
received from the February 1999 initial public offering.
For the fourth quarter of 1998, Perot Systems reported:
-- Earnings per share of $.13 versus a loss of $.03 reported in 1997.
-- Net income of $12.3 million as compared to a loss of $2.4 million for
the same period of 1997.
-- Revenue of $269.4 million versus $224.7 million in 1997, an increase
of 20%.
Perot Systems announced that James Champy, Vice President and a Director of the company, is assuming major additional responsibilities. Since joining the company in August 1996, Mr. Champy has significantly grown the Perot Systems' consulting practice. Under his direction, the consulting practice has become an integral part of the overall services that Perot Systems provides to worldwide customers. In his expanded role, Mr. Champy will devote a greater portion of his efforts to working with the company's worldwide new business development teams.
Mr. Perot and Mr. Champy are pleased to announce that Robert B. Suh has joined the company and will be assuming operating responsibility for the Perot Systems' worldwide consulting practice. Prior to joining Perot Systems, Mr. Suh was the managing director for CSC Index in Cambridge, Massachusetts, where, prior to Mr. Champy's joining Perot Systems, he and Mr. Champy were colleagues. Mr. Suh holds a masters degree in political economy from Harvard University and a bachelors degree from the University of Southern California.
Perot Systems Corporation is a leading worldwide information technology services and business solutions company. Perot Systems serves clients in various industries including financial services, healthcare, energy, and travel & transportation, with more than 6,000 employees in North America, Europe, and Asia. Visit Perot Systems on the World Wide Web at perotsystems.com.
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