Company Press Release
Tuesday April 21, 8:33 am Eastern Time
Computer Horizons Announces Record Results for First Quarter 1998
MOUNTAIN LAKES, N.J.--(BUSINESS WIRE)--April 21, 1998--Computer Horizons Corp. (NASDAQ:CHRZ - news) today announced
record revenues and earnings for its first quarter ended March 31, 1998.
Revenues advanced by 41 percent in the first quarter of 1998 to $107,101,000 from $75,775,000 in 1997. Excluding merger-related expenses,
net income totaled $9,502,000, or 31 cents per share (diluted) in the first quarter of 1998, compared to $4,043,000 or 15 cents per share
(diluted) in 1997. This represents a 135 percent increase in net income.
Including merger-related expenses of $1,328,000, first quarter 1998 net income totaled $8,174,000, or 27 cents per share (diluted), representing
a 102 percent increase in net income compared to 1997.
Commenting on the results, John J. Cassese, chairman and president, stated, ''We are pleased with our first quarter results, particularly since it
marked the first time in our history that quarterly revenue exceeded $100 million.''
Cassese continued, ''The favorable trend of record revenues, expanding margins and better SG&A percentages continued in the first quarter. In
addition to our strong internal growth, we completed the acquisition of Princeton Softech. As we move further into 1998, we are confident that our
current strategic initiatives will lead the growth of our company well beyond the Year 2000.''
Additional information regarding Computer Horizons results will be discussed in our conference call scheduled for today at 10:30 a.m. Eastern
Time. The dial-in number is 800-304-2249, access code 251548. The call can be replayed for 72 hours beginning at about 1:00 p.m. Eastern
Time by dialing 800-938-0927.
Computer Horizons Corp. and Subsidiaries
Consolidated Condensed Statements of Income (unaudited)
Three Months Ended
March 31, March 31,
1998 1997
(In thousands, except per share data)
Revenues $ 107,101 $ 75,775
Direct Costs 68,177 50,768
Gross Profit 38,924 25,007
% 36.3% 33.0%
Selling, Gen. & Admin. 23,329 18,009
% 21.8% 23.8%
Merger-Related Expenses 1,328 --
Income from Operations $ 14,267 $ 6,998
% 13.3% 9.2%
Net Interest Income 1,269 43
Joint Venture Net Earnings (Loss) (90) 150
Income Before Income Taxes $ 15,446 $ 7,191
% 14.4% 9.5%
Income Taxes 7,272 3,148
Net Income $ 8,174 $ 4,043
Earnings per Share - Basic $ 0.28 $ 0.16
- Diluted $ 0.27 $ 0.15
Weighted Average Number of Shares
Outstanding - Basic 28,827,000 25,826,000
- Diluted 30,367,000 27,216,000
Computer Horizons Corp. (NASDAQ:CHRZ - news), founded in 1969, is a diversified information technology services and products company
with 4,000 employees. Through its international network of 45 offices, it provides clients with resource augmentation, advanced technology
solutions to business problems through applications development, client/server migration, network management, emerging technologies and legacy
systems maintenance, including its industry-leading solution to the millennium date-change problem, CHC's Signature 2000(TM). For more
information, visit the Computer Horizons Web site at www.chccorp.com.
This press release includes certain ''forward-looking statements'' for purposes of the ''safe harbor'' provisions of the Private Securities Litigation
Reform Act of 1995 that involves risks and uncertainties that could cause actual results to differ materially. Such statements are based upon,
among other things, assumptions made by, and information currently available to management, including management's own knowledge and
assessment of the company's industry and competition.
Contact:
Computer Horizons Corp., Mountain Lakes
William J. Murphy, 973/299-4000 |
