15th Quarter of Record Sales and Earnings ...
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WHY IS THE REST OF THE MARKET MISSING THIS COMPANY???
Manatron Reports Record Sales and Earnings for Fiscal 2000 First Quarter, Marking 15th Consecutive Quarter of Improved Results
Fiscal 2000 first-quarter EPS increases to $0.11 diluted from $0.06 on 29.5% revenue growth
KALAMAZOO, Mich., Sept. 15 /PRNewswire/ -- Manatron, Inc. (Nasdaq: MANA - news), a provider of high-quality web-based and client/server systems and mass real estate appraisal services for local government, today announced record revenues and net income for fiscal 2000's first quarter, which ended July 31, 1999. Manatron's first-quarter results mark nine quarters of net income growth and fifteen quarters of improved results.
For the first quarter, net revenues increased 29.5 percent to $10.5 million from $8.1 million for the same quarter last year. Pretax income for fiscal 2000's first quarter advanced to $546,150 from the $203,088 reported for fiscal 1999's first quarter. Net income was $396,150, or $0.11 per diluted share, versus $203,088, or $0.06 per diluted share. Even with the $150,000 provision for federal income taxes, net income for this year's first quarter was nearly double last year's amount. In the three years prior to fiscal 2000, Manatron had not recorded federal income tax expense because its tax credits were sufficient to offset the provisions. The Company also noted that primarily as a result of the ProVal acquisition, weighted average shares outstanding increased 12 percent for the first quarter.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 42 percent to slightly more than $1.0 million, or $0.29 per diluted share, compared with $714,000, or $0.23 per share, for fiscal 1999's first quarter.
Commenting on the record first-quarter results, Paul Sylvester, Manatron's president and chief executive officer, said, ``Fiscal 2000 is off to an excellent start, fueled by our major mass appraisal service contracts. Our $2.4 million increase in net revenues stemmed from these contracts, the acquisition of ProVal, and internal growth in sales of software, hardware and other services. ProVal added roughly $300,000 in net revenues and $100,000 in operating income for its first two months as a Manatron company.
``Many opportunities for internally generated sales growth still exist for Manatron,' Paul Sylvester said. ``To name just three, our web-based products are piquing the interest of new and existing customers, many of our customers running legacy versions of Manatron software are in need of system upgrades, and the combination of ProVal and Manatron should lead to an even stronger position in the CAMA software market.'
``I have been pleased with the integration of ProVal so far. After only three months, we are introducing ProVal appraisal software to Manatron customers in Illinois, Indiana and Michigan, and we are in the planning phase for developing an even more robust web-based CAMA system that will combine the superior attributes of Proval 6.1 and SMDA 2000. Finally, many of us have just returned from a ProVal User's Conference, which was attended by more than 200 people from coast to coast. Besides welcoming ProVal customers to the Manatron family, the conference provided an opportunity for us to find out more about these customers' unique needs and introduce Manatron's full range of software solutions.'
At July 31, 1999, Manatron had cash and cash equivalents of approximately $3.0 million, compared with $6.5 million at the end of fiscal 1999. The difference primarily accounts for cash used to finance the acquisition of ProVal and to purchase and renovate a 24,700-square-foot office building, which will serve as the Company's new headquarters beginning this fall. Located at 510 East Milhelm Avenue, Portage, Michigan 49002, the new headquarters will consolidate local offices and provide a more professional work environment.
Manatron, Inc. designs, develops, markets and supports a family of web- based and client/server application software products for county, city and township government. Manatron's products support back-office processes for government agencies as well as ``Virtual Courthouse' needs providing Internet access to information for industry professionals and the public. Through its Sabre Appraisal division, Manatron provides mass appraisal services, assessing residential, commercial and other types of properties to ensure updated and equitable property valuations. Manatron currently serves approximately 1,600 customers in 29 states and three Canadian provinces. Information about Manatron, Inc. is available at the Company's site on the World Wide Web at manatron.com .
Safe Harbor Statement:
The information provided in this news release may include forward-looking statements relating to future events, such as the development of new products, the commencement of production, or the future financial performance of the Company. Actual results may differ from such projections and are subject to certain risks including, without limitation, risks arising from: changes in the rate of growth of the local government appraisal industry, increased competition in the industry, delays in developing and commercializing new products, adequacy of financing and other factors described in the Company's most recent annual report on Form 10-K filed with the Securities and Exchange Commission, which can be reviewed at sec.gov .
MANATRON, INC.
STATEMENTS OF INCOME
Three Months Ended
July 31,
1999 1998
NET REVENUES $10,466,364 $8,083,056
COST OF REVENUES 7,311,890 5,252,964
GROSS PROFIT 3,154,474 2,830,092
SELLING, GENERAL & ADMIN EXPENSES 2,673,139 2,627,353
OPERATING INCOME 481,335 202,739
OTHER INCOME, NET 64,815 349
PRETAX INCOME 546,150 203,088
FEDERAL INCOME TAX EXPENSE 150,000 -
NET INCOME $396,150 $203,088
BASIC EARNINGS PER SHARE $0.12 $0.07
DILUTED EARNINGS PER SHARE $0.11 $0.06
BASIC WEIGHTED AVERAGE SHARES 3,208,163 2,852,279
DILUTED WEIGHTED AVERAGE SHARES 3,513,352 3,128,965
BALANCE SHEET HIGHLIGHTS
AS OF JULY 31, 1999
CURRENT ASSETS $15,705,973 CURRENT LIABILITIES $15,945,047
NET PROPERTY & EQUIPMENT 2,588,702 LONG-TERM DEBT 25,000
OTHER ASSETS 6,959,299 SHAREHOLDERS' EQUITY 9,283,927
$25,253,974 $25,253,974 |
