United Systems Technology, Inc. Announces Second Quarter 1999 Results
DALLAS--(BUSINESS WIRE)--Aug. 13, 1999--United Systems Technology, Inc. (OTC:USTI - news) announced today net income of $103,800 on revenues of $513,474 for the quarter ended June 30, 1999, as compared to net income of $17,012 on revenues of $418,252 for the same period in 1998.
The Company had net income of $220,148 on revenues of $1,030,947 for the first six months of 1999 as compared to net income of $2,665 on revenues of $785,831 during the comparable six months in 1998.
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 330 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.
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 Six Months Ended
June 30, June 30,
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1999 1998 1999 1998
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Revenue $ 513 $ 418 $ 1,031 $ 786
Total Costs and Expense $ 415 $ 402 $ 831 $ 785
Operating Income $ 98 $ 16 $ 200 $ 1
Net Income $ 104 $ 17 $ 220 $ 3
Earning Per Common Share $ NIL $ NIL $ NIL $ NIL
Weighted Average Shares
Outstanding 48,178 43,178 48,178 43,178
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Contact:
United Systems Technology, Inc., Dallas
Randy McGee, 972/402-8600 |
