Instock,
I was wondering if anyone here has been watching OMGA.
This was an IPO that came out about early October and slowly
dropped from 11's down to 5 and is now turning around.
I also notice a sudden increase in its volume.
Can someone do a chart on this one?
Here is some more info:
OMEGA RESEARCH ( OMGA )
2 STRONG BUYS
1 MODERATE BUY
Monday October 27 9:57 AM EST
Robertson Stephens Initiates Coverage of Omega Research with a Buy Rating
Monday October 27
Hambrecht & Quist¯ Gives OMGA a Buy Rating
Monday October 27 4:02 PM EST
Company Press Release
Omega Research Announces Record Revenues and Earnings For the Third Quarter of 1997 And Nine Months Ended September 30, 1997
MIAMI, Oct. 27 /PRNewswire/ -- Omega Research, Inc. (Nasdaq:OMGA) today reported record revenues and earnings for the third quarter ended September 30, 1997.
Net revenues for the third quarter of 1997 were a record $8.3 million, a 66% increase over the $5.0 million in net revenues for the same period in the prior year.
Proforma net income, reflecting proforma income taxes as if the Company had been a C corporation subject to federal and state corporate income taxes for all periods presented and exclusive of the benefit for income taxes in the statement of income (which includes items that are non-recurring in nature), increased by 35% to a record $1.7 million compared to $1.3 million in the third quarter of 1996. Proforma net earnings per share increased to a record $0.09 per share in the third quarter of 1997 compared to $0.06 in the prior year's third quarter.
Net revenues for the first nine months of 1997 were a record $22.9 million, an increase of 75% when compared to net revenues of $13.1 million for the same period in the prior year. Proforma net income rose by 53% to a record $5.0 million for the first nine months of 1997 compared to $3.2 million for the same period in 1996. Proforma net earnings per share increased to $0.25 per share in the first nine months of 1997 compared to $0.16 for the same period of the prior year.
The benefit for income taxes in the third quarter of 1997 reflects a non- recurring deferred income tax credit (the ''FAS 109 Credit'') of approximately $3.0 million partially offset by a $1.8 million provision for income taxes payable. Since 1988, and until September 1997, the Company elected for its earnings to be taxed directly to the Company's shareholders as an S corporation under the Internal Revenue Code of 1986, as amended. On September 30, 1997, the Company terminated its S corporation election, and, as a result, recognized the FAS 109 Credit to record net deferred tax assets arising from book and tax basis differences that arose primarily as a result of accounts receivable reserves. The $1.8 million in income taxes payable relate to federal and state income taxes owed by the Company as a result of an approximate $4.6 million in S corporation taxable earnings which will be recognized by the Company, for tax purposes, in the remainder of 1997 and during 1998.
Commenting on the Company's third quarter performance, Ralph Cruz, Omega Research's Co-Chairman and Co-CEO, said, ''1997 continues to be an outstanding year. Our results reflect the continued sales momentum and market penetration of both TradeStation and OptionStation. We are continuing to see increasing interest from our customers in owning not just one, but multiple, Omega Research products. Additionally, in the third quarter, we continued to add Omega Research Solution Providers. Today we have over 165 third party developers who validate and extend our platform. Looking ahead, the current level of success and market acceptance of the Omega Research platform makes us even more excited at the prospect of releasing major 32 bit version upgrades of all of our principal products during the first half of 1998.''
''I am pleased that during the first nine months of 1997 we attained operating margins exceeding 35% while continuing to make the investment in product development necessary to fuel our future growth,'' said Salomon Sredni, Vice President of Operations and Chief Financial Officer of Omega Research. ''During the first nine months of 1997, our product development investment increased by 93% when compared to the same period in the prior year.''
Founded in 1982, and headquartered in Miami, Florida, Omega Research, Inc. is a leading provider of real-time investment analysis software for the Windows operating system. With the 1991 release of its flagship product, TradeStation, the company pioneered the concept of utilizing the power of the personal computer to enable investors to historically test the profitability of their own investment strategies and then computer-automate those strategies to generate real-time buy and sell signals. Omega Research's other principal products are OptionStation and SuperCharts.
This press release contains statements that are forward looking and are made pursuant to the safe harbor provisions of the Security Litigation Reform Act of 1995. When used in this Press Release, the words ''believes,'' ''estimates,'' ''plans,'' ''expects,'' ''intends,'' ''anticipates,'' ''may,'' ''prospect,'' and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. These statements are based on current expectations and beliefs concerning future events that are subject to risks and uncertainties. Actual results may differ materially from the results suggested herein and from the results historically experienced. Factors that may cause or contribute to such differences and impact future events include, but are not limited to, those discussed in the Company's filings with the Securities and Exchange Commission including the risk factors set forth in the Company's Prospectus dated September 30, 1997.
Visit the Omega Research web site at www.omegaresearch.com |
