For the record, Here's a link and today's Company Press Release:
biz.yahoo.com
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Friday September 4, 10:25 am Eastern Time
Company Press Release
SOURCE: MVSI, Inc.
MVSI Forecasts Record $17 Million Fourth Quarter
Revenues
VIENNA, Va., Sept. 4 /PRNewswire/ -- MVSI, Inc. (Nasdaq: MVSI - news), a Washington, D.C.-area broad-based
technology company, announced today that its forecasted revenues are at record levels with a profit expected for the fourth
quarter ending September 30, 1998. The revenues for the quarter are forecast to be approximately $17 million as compared to
$10 million for the same quarter last year. Although it is early to forecast the Company's profitability for the fourth quarter, the
number will be compared to a loss of 16 cents per share for the same quarter last year. For the fiscal year ending September
30, 1998, the Company forecasts approximately $60 million in revenues as compared to $40 million for last year. This year's
50% growth rate is expected to be maintained or exceeded in our next fiscal year beginning October 1, 1998. The Company
believes that the high growth rate for the next year will be accompanied by a significant increase in profitability from internal
operations and irrespective of any acquisitions. These forecasts do not take into account any expected revenues and profits
from Y2K remediation services for the remainder of this calendar year and next.
The Company's fundamentals have not changed and remain strong. The Company is steadily adding new corporate customers
and winning new business from existing corporate customers. Major corporate customers include the World Bank,
Worldcom-MCI, Concert, British Telecom, Raytheon, Chrysler, Cable and Wireless, Freddie Mac [NYSE:FRE - news], IBM
and Delta Airlines. The quality of these customers testifies to the growing capabilities and the high quality of services rendered
by the Company.
MVSI Chairman and CEO Edward Ratkovich stated, ''Business has never been better. Most of the new customer growth
reflects the increasing demand by these premium corporate customers for our customized software development and integration
services provided by our Technet Computer Services, Inc. subsidiary (Technet) and for the one-step information technologies
products and services provided by our Socrates Technologies, Inc. subsidiary (Socrates). The outstanding performance by
Technet and Socrates is becoming well known to an increasing number of corporations and government agencies and, as such,
the demand for their services is growing on a steady basis. With no long term debt and a strong rate of growth in revenues and
profitability forecast for the next few years, the Company believes that the investment community continues to grossly
undervalue the Company's stock price.''
MVSI performs computer software engineering and development for systems applications, including Year 2000 remediation
solutions for corporate and government customers, and integrates and markets proprietary and generic high-end computer
system hardware and software products and support services to include technology training in advanced hardware and software
systems.
Certain statements in this press release, including statements containing the words, ''excellent,'' ''expects,'' ''expected,''
''significant,'' ''growing'' and similar expressions constitute forward looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended. There are a number of important factors that could cause the Company's
actual results to differ materially from those indicated by such forward-looking statements. Such factors include, but are not
limited to: risks in products and technological developments; market acceptance of new products and services and continuing
product demand; the impact of competitive products, services, pricing and tactics; and the other factors mentioned in the
Company's current and future filings with the Securities and Exchange Commission and public announcements.
For additional information on MVSI, Inc., please contact the Company at its principal executive offices at 8133 Leesburg Pike,
Suite 750, Vienna, Virginia 22182, telephone (703) 356-5353, facsimile (703) 356-5354 and Web site www.mvsiinc.com.
SOURCE: MVSI, Inc. |
