USTI reports growing revenues; very undervalued little software co.
<<DALLAS--(BUSINESS WIRE)--May 14, 1999--United Systems Technology, Inc.
(OTC:USTI -
news) announced today that revenues for the quarter ended March 31,
1999, were $517,472, as
compared to revenues of $367,579 for the same period in 1998. The
Company had net income of
$116,346 for the quarter ended March 31, 1999, as compared to a net loss
of $14,347 during the
comparable quarter in 1998. This period represents the 4th straight
quarter of profitability attained
by the Company.
The Company is continuing the development of its asyst(TM) products, a
Windows product line that
operates in a single user or network environment and is seamlessly
interfaced with the other
Microsoft Office products. The asyst(TM) product line currently includes
a Fund Accounting
system, a Utility Billing system and a Public Safety system and has been
installed in over 300
locations throughout the United States.
The Fund Accounting system includes General Ledger, Budget XLence,
Report XLence, Accounts
Payable, Accounts Receivable, Purchase Orders, Cash Receipts, and
Payroll modules. The Utility
Billing system includes Utility Billing, Meter Reader Interface, Bank
Drafts and Budget Billing
modules. The initial Public Safety system includes Master Name Index,
Calls for Service, Offense
Reports and UCR Reporting modules.
The Company is currently developing its asyst(TM) General Government
products, which include
Business and Animal Licenses, Code Enforcement and Building Permits
modules, and anticipates
that the initial modules will be released in the 3rd quarter of 1999.
The Company believes that its
asyst(TM) product line will continue to offer its current and
prospective customers with an attractive
software solution, both from a financial and functionality standpoint
and follows the trend of clients
moving to PC networks.
In April 1999, the Company reached a settlement in an outstanding
lawsuit that had been filed
against the Company by a New Jersey county government in 1993. The case
will be dismissed upon
execution of the documentation necessary for the settlement and was
reached without a material
adverse effect to the Company.
This Press Release contains forward-looking statements, other than
historical facts, which reflect the
view of Company's management with respect to future events. Such
forward-looking statements are
based on assumptions made by and information currently available to the
Company's management.
Although management believes that the expectations reflected in such
forward-looking statements
are reasonable, it can give no assurance that such expectations will
prove to have been correct.
Important factors that could cause actual results to differ materially
from such expectations include,
without limitation, the ability of the Company i) to generate levels of
revenue and adequate cash
flows from its operations to support and maintain its current cost
structure and ii) to develop and
deliver products that are competitive, accepted by its markets and are
not rendered obsolete by
changing technology. The forward-looking statements contained herein
reflect the current views of
the Company's management with respect to future events and are subject
to these factors and other
risks, uncertainties and assumptions relating to the operations, results
of operations and financial
position of the Company. The Company assumes no obligation to update the
forward-looking
statements or to update the reasons actual results could differ from
those contemplated by such
forward-looking statements.
USTI develops, markets and supports application software for local
governments and rural water
districts. The software applications operate in IBM midrange, network
and single user PC platforms.
USTI has over 1,600 installations nationwide.
United Systems Technology, Inc.
Summarized Financial Information
(In Thousands Except Per Share Data)
Three Months Ended
March 31,
1999 1998
---- ----
Revenue $ 517 $ 368
Total Costs and Expense $ 416 $ 383
Operating Income (Loss) $ 101 $ (15)
Net Income/(Loss) $ 116 $ (14)
Earning (Loss) Per Common Share $ NIL $ NIL
Weighted Average Shares Outstanding 48,178 43,178 |
