CMSI Reports First Quarter Results
ANNAPOLIS JUNCTION, Md., May 11 /PRNewswire/ -- Credit Management
Solutions, Inc. (CMSI) (Nasdaq: CMSS), a leading provider of credit
decisioning technology to automate and speed the processing of consumer and
business loans, today reported first quarter results.
For the quarter ended March 31, 1999, total revenue was $6.1 million vs.
$4.2 million in the comparable period of 1998 and $5.3 million in the fourth
quarter of 1998. Losses for the first quarter of 1999 were $(0.6) million, or
$(0.08) basic and diluted loss per share, compared to a loss of
$(1.4) million, or $(0.18) basic and diluted loss per share in the first
quarter of 1998 and a loss of $(3.8) million or $(0.50) basic and diluted loss
per share in the fourth quarter of 1998. The number of shares used in the
calculation of basic and diluted EPS for the quarters ended March 31, 1999 and
1998 were 7,654,291 and 7,619,625 respectively, the number of shares used in
the calculation for the fourth quarter of 1998 was 7,648,797.
Peter M. Leger, President and COO, commented, "While we are encouraged by
our first quarter financial results, we are far from satisfied. We are
continuing our focus on executing against our 1999 operating plan and
returning the business to profitability this fiscal year. We are making
steady progress in growing all areas of our business and we are particularly
pleased by the interest expressed by the marketplace in our CreditOn-line
suite of products. It is increasingly clear that changing market dynamics and
rapidly growing trends in Internet based on-line consumer financing will
provide CMSI opportunities to further leverage its current core technologies
and strategic relationships." |
