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Technology Stocks : Aztec (AZTC) Technology Partners, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Jim TenIron who wrote (147)	8/5/1999 9:32:00 AM
From: steve mcruiz	Respond to of 215

Good news folks! Earnings are out... Aztec Technology Partners Reports Second Quarter 1999 and YTD Calendar Year Earnings - Three-month and six-month revenues up 33% over comparable period last year BOSTON--(BUSINESS WIRE)--Aug. 5, 1999-- - Six-month operating income up 62% over comparable period last year - Six-month EBITDA up 78% over comparable period last year Aztec Technology Partners, Inc. (NASDAQ: AZTC - news), a leading single-source provider of information technology e-Solutions for business, today announced results for the three-month and six-month periods ended June 30, 1999, with earnings per share of $0.03 and $0.04, respectively. For the three months ended June 30, 1999, revenues totaled $95.4 million, an increase of 33% including companies acquired in the second half of 1998, compared to revenues of $71.6 million for the three months ended June 30, 1998. Services revenues continued to grow with an 11% increase for the 1999 second quarter compared to the same period last year, with gross margins increasing to 38.6% from 34.1%. Product revenues continued its strong performance increasing 57% from the comparable prior-year period. Operating income for the three-month period was $2.9 million compared to an operating loss of ($1.0) million for the three months ended June 30, 1998. Operating results for the 1998 period included restructuring costs of $4.9 million. EBITDA for the three months ended June 30, 1999, was $4.6 million compared to EBITDA of ($0.1) million for the three months ended June 30, 1998, with earnings per share of $0.03 compared to ($0.02) for the three months ended June 30, 1998. ''Aztec's operating results for the quarter were in line with our expectations before charges for legal and investment banking fees related to our strategic initiatives,'' explained Ross Weintraub, Aztec's chief financial officer. ''The charges reduced earnings per share by $0.02 in the second quarter.'' Year-to-date revenues for the six months ended June 30, 1999, totaled $181.4 million, an increase of 33% compared to revenues of $136.9 million for the six months ended June 30, 1998. Strong product growth totaling 63% over the comparable six-month period in 1998, significantly affected the YTD growth in revenues. Services gross margins increased to 37.9% from 33.7% for the six months ended June 30, 1999 compared to the same period last year. EBITDA for the six-months ended June 30, 1999, was $8.2 million compared to EBITDA of $4.5 million for the six-months ended June 30, 1998. YTD earnings per share for the six-month period ending June 30, 1999, were $0.04 compared to $0.04 for the six-months ended June 30, 1998. ''Aztec management believes that we have passed some difficult hurdles in the process of reshaping our separate technology companies into a single, unified e-Solutions provider,'' said James Claypoole, Aztec's chairman and chief executive officer, ''As a result, we are making continual progress in transitioning to the new services model that is the launching point for our migrating to a predominantly services company by 2002.'' ''Part of Aztec's market advantage is the exceptionally broad range of technology solutions we are able to deliver to clients,'' added Ira Cohen, Aztec's chief operating officer. ''This breadth and diversity have also been a challenge for us during our 'start-up' phase, and we have been on a steep learning curve to understand the nuances of each operation. With that behind us, Aztec management feels we are in a much better position to influence our future,'' Mr. Cohen concluded.