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Monday April 20, 4:29 pm Eastern Time
Company Press Release
SOURCE: VISTA Information Solutions, Inc.
Record Revenue and Net Income Reported by VISTA
Information Solutions, Inc. in 1Q98
SAN DIEGO, April 20 /PRNewswire/ -- VISTA Information Solutions, Inc., (Nasdaq: VINFD -
news; VISTA) announced today that its 1Q98 revenues totaled $3,618,000, an increase of more
than 87% compared with the same period in 1997. Net income for the quarter improved by nearly
$2,000,000 with 1Q98 net income of $257,000 compared with a net loss of $1,734,000 last year.
The 1Q98 results represent continued improvement for VISTA, which reported its first ever positive
net income in the 4Q97.
''Our GUS(R) insurance underwriting system revenues and StarView(TM) environmental software
licenses are now each running at an annualized rate of approximately $6 million,'' said Tom Gay,
CEO and President. ''Compared with the 4Q97, revenues for the quarter improved by 13.8% and
our net income more than doubled. Significantly, the 1Q98 numbers do not reflect the impact of over
80 new StarView installations signed during the quarter, which we know from experience take about
90 days to reach their full revenue value. The new StarView agreements are positive indicators of
future performance. We believe these results show that our products are continuing to build
momentum as they gain increased acceptance in both our insurance and environmental information
market segments, and are becoming industry standards.''
Revenue's from VISTA's acquisition of ENTRAC, Englewood, CO., announced earlier in the first
quarter, are not included in the 1Q98 results. VISTA will realize its first ENTRAC-related revenues
in the 2Q98.
''We're pleased to report that during the quarter we also completed the remaining amortization
charges of $275,000 that were associated with the acquisition of VISTA Environmental in February
1995,'' said Steve Hamilton, chief financial officer. ''More, our cost of goods sold declined from the
previous quarter and has been cut nearly in half during the past year. This arises out of the growth of
our electronically produced and delivered information products. We are very optimistic that the
combination of increasing sales, effective cost management, and the elimination of goodwill
amortization charges that averaged $1 million per quarter for the past three years, puts VISTA in an
excellent position to continue to increase shareholder value in the future.''
VISTA's 1Q98 earnings before interest, taxes, depreciation, and amortization (EBITDA) were
$771,000 compared to an EBITDA loss of $263,000 in 1Q97. The 1Q98 marked the fourth
straight quarter the company has reported positive EBITDA.
VISTA, based in San Diego, Calif., provides computerized geographic information solutions in the
areas of compliance and risk management for the insurance, finance, and environmental engineering
industries. Its subsidiary, VISTA Environmental Information, Inc., is the leading national supplier of
environmental information on contaminated and potentially contaminated commercial, industrial, and
residential real estate in the United States.
This document contain forward-looking statements, including without limitation statements relating to
future revenues from StarView installations and the ENTRAC acquisition and statements relating to
future operating results, which involve certain risks and uncertainties. Actual results may differ
significantly from the expectations contained in the forward-looking statements. Among the factors
that may result in differences are competitive conditions, customer demand, and potential contract
cancellations or terminations. These and other significant risks are discussed in more detail in the
Report on Form 10-KSB filed with the Securities and Exchange Commission. Readers are
cautioned not to place undue reliance on those forward-looking statements, which speak only as of
the date hereof.
SOURCE: VISTA Information Solutions, Inc.
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