WAKE UP !!! Q 3 PUBLISHED!!
ADVANCED SYSTEMS INTERNATIONAL ANNOUNCES THIRD QUARTER FINANCIAL
RESULTS
SOUTHFIELD, Mich., Oct 28, 1999 /PRNewswire via COMTEX/ -- Advanced
Systems International ("ASI") (OTC Bulletin Board: ADSN), a leading
provider of enterprise software solutions, today announced its third
quarter results for the period ended September 30, 1999. The company
reported revenues of $2,132,808, a 146% increase over $867,296 for the
same period in 1998. Net earnings for the third quarter were $21,224,
compared with a loss of $115,754, in 1998.
For the nine months ended September 30, 1999, revenues were $6,097,443
compared with $1,828,609 for the same period in 1998, an increase of
233%. Net earnings for the nine months were $702,917, or $.04 per fully
diluted share, compared to a loss of $479,205, or ($.06) per share, in
1998.
Commenting on the Company's performance during the third quarter, Gerry
Pesut, President and CEO of ASI, said, "This has been a strong quarter
for ASI with the successful introduction of LABORVIEW.com(TM), the
first web-based time and attendance and labor allocation solution. We
developed LABORVIEW.com in response to our Fortune 1000 clients' need
for improved labor productivity and reduced administrative costs for
remote and mobile employees, commonly referred to as 'agile workforce.'
The early acceptance of this newly released product confirms our belief
that LABORVIEW.com is the right product to address various industry
needs to manage enterprise-wide personnel, productivity and costs."
Mr. Pesut added, "During the third quarter, we secured a contract to
install ATServer(R) at an additional 22 plants for Johnson Controls
Inc. bringing the total number to 40 facilities. The acceptance of our
agile workforce products outside of the manufacturing arena continues
to grow as evidenced by the installation at six facilities of the
world's pre-eminent retail E-Commerce firm.
"We also sold additional ATLink(TM) products and services, our new
Windows- based data collection and data distribution solution software,
to Imperial Tobacco and Tokyo Electronics in the quarter. Our increase
in top line performance over last year continues to demonstrate the
growing acceptance of our ATServer and ATLink product lines, and we
anticipate similar success with LABORVIEW.com. Our increased operating
expense during the third quarter reflects the expansion of our
personnel, hired to support our anticipated revenue growth in the
fourth quarter and beyond."
During the third quarter, the Company announced the appointments of two
key management positions. Timothy L. Selner, a veteran of 14 years in
the field of workforce solution support services, was appointed to Vice
President, Operations for the Company. Also joining ASI was William R.
Mottram as Vice President of E-Commerce. Mr. Mottram has held several
managerial positions in the scientific computing and ERP (enterprise
resource planning) markets over the last 20 years and was most recently
Vice President, Sales with Epic Data.
Advanced Systems International is a leading supplier of mission
critical application solutions for the enterprise-processing
environment. Solutions include: the web-based LABORVIEW.com(TM) and the
ATServer(R) time and attendance/labor allocation applications, which
address the time collection and labor management needs of corporations;
and the ATLink(TM) product, designed to support business-to-business
electronic commerce, by enabling the collection, communication and
integration of critical data on different platforms and operating
systems.
ASI's cost-effective, comprehensive product offering encompasses the
application software, hardware, implementation services and on-going
support necessary for rapid deployment of enterprise-wide distributed
processing. Key markets include automotive, automotive supply, packaged
goods, pharmaceuticals, paper products, food processing and other
manufacturing industries. The company markets its products through
direct sales and in conjunction with strategic partners.
CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three and Nine Months ended September 30, 1999 and 1998
Three Months Ended Sept 30, Nine Months Ended Sept
30,
1999 1998 1999 1998
Sales $2,132,808 $867,296 $6,097,443
$1,828,609
Cost of Sales 298,212 34,795 695,046
109,996
Gross Profit 1,834,596 832,501 5,402,397
1,718,613
Operating Expenses
Sales & Marketing 598,429 303,898 1,536,827
635,345
Research &
Development 333,754 124,451 754,765
228,885
General &
Administrative** 853,544 494,724 2,282,548
1,248,960
Gain/(Loss)
From Operations 48,869 (90,572) 828,257
(394,577)
Other Expense
Interest Expense 27,645 25,182 125,340 84,628
27,645 25,182 125,340 84,628
Net Earnings/
(Loss) $21,224 $(115,754) $702,917
$(479,205)
Earnings/(Loss)
Per Share -
Basic $ - $ (0.01) $ 0.06 $
(0.06)
Diluted $ - $ (0.01) $ 0.04 $
(0.06)
The accompanying notes are an integral part of the financial
statements.
** General and Administrative Costs Include Implementation/Customer
Support Costs.
In conjunction with the provisions of the new "Safe Harbor" section of
the Private Securities Litigation Reform Act of 1995, this news release
may contain forward-looking statements pertaining to future anticipated
projected plans, performance and developments, as well as other
statements relating to future operations. All such forward-looking
statements are necessarily only estimates of future results and there
can be no assurance that actual results will not materially differ from
expectations. Further information on potential factors that could
affect Advanced Systems International, Inc. is included in the
company's Form 10QSB filed with the Securities and Exchange Commission.
(C) 1999 Advanced Systems International, Southfield, MI. 48034. All
rights reserved. ATServer is a registered trademark and ATLink is a
trademark of Advanced Systems International. This site was created and
is maintained by Cookson & Company, Marlborough, MA 01752.
www.cooksonmarcom.com
SOURCE Advanced Systems International
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com
-0-
CONTACT: Investor Relations: Quentin Mai of Advanced Systems
International, 248-263-0000, Toll Free: 888-399-7000, or
Email:
qmai@advsysintl.com
(ADSN)
GEOGRAPHY: Michigan
INDUSTRY CODE: CPR
MLM
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