For those who missed it see AZTC results:
Aztec Technology Partners Reports Second Quarter 1999 and YTD Calendar Year Earnings
Business Wire - August 05, 1999 08:24
BOSTON--(BUSINESS WIRE)--Aug. 5, 1999--
- Three-month and six-month revenues up 33% over comparable period last year
- 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), 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.
an E-business w/ earnings!!!!
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.
About Aztec Technology Partners
Aztec Technology Partners, Inc. is a single-source provider of e-Solutions for middle market and Fortune 1000 companies from a broad range of industries. Aztec helps clients throughout the U.S. gain competitive advantages by exploiting the power of Intranet, internet and extranet technologies. For more information, please visit the Company's web site at www.aztectech.com .
This press release contains "forward-looking statements," within the meaning of federal securities laws, that involve risks and uncertainties. All statements herein, other than those consisting solely of historical facts, that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such matters as business strategy, measures to implement strategy, competitive strengths, goals, references to future successes and other events, may be forward-looking statements. Statements herein are based on certain assumptions and analyses by the Company in light of its experience and its perception of historical trends, current conditions and potential future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results, events and developments will conform with the Company's expectations is subject to a number of risks and uncertainties and important factors could cause actual results, events and developments to differ materially, from those referenced in, contemplated by or underlying any forward-looking statements herein, including among others, the continued development and viability of the Company's operations, the Company's success in identifying and consummating strategic alternatives, the Company's ability to manage its growth, the impact of industry and economic conditions, competition and other factors, many of which are beyond the control of the Company. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized.
The following financial data summarize Aztec Technology Partners' financial results for the three months and six months ended June 30, 1999, compared with the three-month and six-month periods ended June 30, 1998.
AZTEC TECHNOLOGY PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months ended Three Months ended
June 30, 1999 June 30, 1998
Revenues:
Products $ 53,741 $ 34,215
Services 41,646 37,358
----------------- ------------------
Total Revenues 95,387 71,573
Gross Profit
Products 6,097 4,228
Services 16,057 12,728
----------------- ------------------
Total Gross Profit 22,154 16,956
Selling, general and
administrative expenses 18,021 17,521
Amortization of
intangibles 1,260 410
----------------- ------------------
Operating income (loss) 2,873 (975)
Interest and other
expense (income) 1,486 33
Income (loss) before
provision for income taxes 1,387 (1,008)
Provision for (benefit from)
income taxes 717 (454)
Net income (loss) $ 670 $ (554)
================= ==================
Weighted average shares
outstanding
Basic 22,016 25,662
Diluted 22,016 25,927
Per share amounts
Basic $ 0.03 $ (0.02)
================== ==================
Diluted $ 0.03 $ (0.02)
================== ==================
AZTEC TECHNOLOGY PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited)
Six Months ended Six Months ended
June 30, 1999 June 30, 1998
Revenues:
Products $ 101,234 $ 61,981
Services 80,128 74,883
------------------ ------------------
Total Revenues 181,362 136,864
Gross Profit
Products 10,402 6,959
Services 30,326 25,216
------------------ ------------------
Total Gross Profit 40,728 32,175
Selling, general and
administrative expenses 33,542 28,459
Amortization of
intangibles 2,520 831
------------------ ------------------
Operating income (loss) 4,666 2,885
Interest and other
expense (income) 3,015 (18)
Income (loss) before
provision for income taxes 1,651 2,903
Provision for (benefit from)
income taxes 837 1,792
Net income (loss) 814 1,111
================== ==================
Weighted average shares
outstanding
Basic 22,016 26,001
Diluted 22,189 26,363
Per share amounts
Basic $ 0.04 $ 0.04
================== ==================
Diluted $ 0.04 $ 0.04
================== ==================
CONTACT: Ludgate Communications, New York
Kristin Anderson, 212/688-5144
anderson@ludgateny.com
or
Aztec Technology, Boston
Ross Weintraub, 781/849-1702
rossw@aztectech.com
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