USTI reports profits.Revenues up. (BSNS WIRE) United Systems Technology, Inc. Announces Third Quarter 2002 Re
United Systems Technology, Inc. Announces Third Quarter 2002 Results
Business Editors
DALLAS--(BUSINESS WIRE)--Nov. 14, 2002--United Systems Technology,
Inc. (OTC:USTI) announced today net income of $118,911 on revenues of
$920,291 for the quarter ended Sept. 30, 2002, as compared to net
income of $143,524 on revenues of $797,155 for the same period in
2001.
The Company had net income of $403,413 on revenues of $2,612,632
for the first nine months of 2002 as compared to net income of
$415,415 on revenues of $2,249,822 during the comparable nine months
in 2001.
The Company continues to execute its successful business model and
is proceeding with the development of additional modules for 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. To date, the asyst(TM) product line
has over 30 modules and includes a Fund Accounting product line, a
Utility Billing product line, a General Government product line and a
Public Safety product line. The asyst(TM) products have been installed
in over 650 locations throughout the United States and Canada. The
Company is continuing the development of additional asyst(TM)
products. The Company believes that its asyst(TM) product line
continues to offer its current and prospective customers an attractive
software solution, both from a financial and functionality standpoint
and follows the trend of clients purchasing lower priced software
products that operate on Windows based 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
(BSNS WIRE) United Systems Technology, Inc. Announces Third Quarter 2002 Re
United Systems Technology, Inc. Announces Third Quarter 2002 Results
Business Editors
DALLAS--(BUSINESS WIRE)--Nov. 14, 2002--United Systems Technology,
Inc. (OTC:USTI) announced today net income of $118,911 on revenues of
$920,291 for the quarter ended Sept. 30, 2002, as compared to net
income of $143,524 on revenues of $797,155 for the same period in
2001.
The Company had net income of $403,413 on revenues of $2,612,632
for the first nine months of 2002 as compared to net income of
$415,415 on revenues of $2,249,822 during the comparable nine months
in 2001.
The Company continues to execute its successful business model and
is proceeding with the development of additional modules for 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. To date, the asyst(TM) product line
has over 30 modules and includes a Fund Accounting product line, a
Utility Billing product line, a General Government product line and a
Public Safety product line. The asyst(TM) products have been installed
in over 650 locations throughout the United States and Canada. The
Company is continuing the development of additional asyst(TM)
products. The Company believes that its asyst(TM) product line
continues to offer its current and prospective customers an attractive
software solution, both from a financial and functionality standpoint
and follows the trend of clients purchasing lower priced software
products that operate on Windows based 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
select vertical markets in both the for profit and not for profit
sectors. The software applications operate in IBM midrange, network
and single user PC platforms. USTI and its subsidiaries have over
2,100 installations in the United States and Canada.
-0-
*T
United Systems Technology, Inc.
Summarized Financial Information
(In Thousands Except Per Share Data)
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
---- ---- ---- ----
Revenue $920 $797 $2,613 $2,250
Total Costs and Expense $807 $665 $2,229 $1,864
Operating Income $113 $132 $384 $386
Net Income $119 $144 $403 $412
Earning Per Common Share $NIL $NIL $0.01 $0.01
Weighted Average Shares
Outstanding 56,179 56,179 56,179 56,179
*T
--30--lr/da*
CONTACT: United Systems Technology, Inc., Dallas
Randy McGee, 972/402-8600
KEYWORD: TEXAS
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS SOFTWARE EARNINGS
SOURCE: United Systems Technology, Inc.
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
*** end of story ***
*** end of story *** |
