FOR IMMEDIATE RELEASE
COMPUTER CONCEPTS CORP. ANNOUNCES PROFIT OF $1,394,000 FOR SECOND QUARTER 1998
Net Income Per Share (EPS) of $0.09 Reported for 2nd Quarter 1998
Bohemia, NY - August 19, 1998 - Computer Concepts Corp. (NASDAQ-CCEE) today announced its unaudited financial results for the three and six months ended June 30, 1998.
For the three months ended June 30, 1998, revenues increased 54.8% to $11,486,000 from $7,422,000 for the comparable period in 1997. Net income for the three months ended June 30, 1998, was $1,394,000, or a basic and diluted net income per share of $0.09, as compared to a net loss of $5,784,000, or a basic and diluted net loss of $0.57 per share, for the comparable 1997 period.
For the six months ended June 30, 1998, revenues increased 44.0% to $19,110,000 from $13,274,000 for the comparable period in 1997. Net loss for the six months ended June 30, 1998, was $2,158,000, or a basic and diluted net loss of $0.15 per share, as compared to a loss of $8,219,000, or a basic and diluted net loss of $0.81 per share for the comparable 1997 period, an improvement of $0.66 per share.
The net income for the three months ended June 30, 1998, and the net loss for the six months ended June 30, 1998, included a gain on the partial distribution of a subsidiary in the amount of $6,627,000. The reported losses for the three and six month periods ended June 30, 1997, included an unusual charge of $850,000 relating to settlement of a class action lawsuit.
Daniel DelGiorno Jr., President and CEO of Computer Concepts, stated "We are confident that 1998 will be a profitable year, and, as previously stated, we expect that profitability to continue into the new millennium."
Statements concerning the company's future prospects are forward looking statements under the federal securities laws which are based on current information and on management assumptions, and are subject to other important factors disclosed from time to time in the company's Form 10-K and Form 10-Q, Registration Statements and other Securities and Exchange Commission filings. There can be no assurances that future results will be achieved, and actual results could differ materially from forecasts and estimates. The Company's future operating results may be affected by a number of other factors, including, but not limited to: uncertainties relative to global economic conditions; market acceptance of competing technologies; the availability and cost of new solutions; delays in delivery of new products or features; the Company's ability to successfully maintain or increase market share in its core business while expanding its product base into other markets; the strength of its distribution channels; the Company's ability to manage fixed and variable expense growth relative to revenue growth; and the Company's ability to effectively integrate acquired products and operations.
Quarterly results are not indicative of annual results and substantial variances from quarter to quarter may occur. Actual results may differ materially from the forward-looking statements in the release.
Computer Concepts develops software tools including d.b.Express that assist end users in the retrieval and visualization of all types of data. Computer Concepts' d.b.Express Internet ServerTM has recently been integrated with British Telecom's Syncordia Services' C-View software application which will allows BTs customers to access and analyze the high volumes of technical and account information available within BT's Internet-based databases without having to download the data to their own computers. The new d.b.Express Internet ServerTM and JAVA Applet have overcome a major Internet problem, that of high data volume and limited bandwidth, currently responsible for the lengthy delays associated with data downloading.
Computer Concepts' SOFTWORKS subsidiary is a leading global provider of IT solutions for the enterprise including a suite of tools which provide Year 2000 solutions. SOFTWORKS responds to the data management needs of more than 1,800 organizations worldwide, supporting customers, including 80% of the Fortune 100, in more than 50 countries.
Located in Bohemia, New York, Computer Concepts and its subsidiaries employ a staff of 250. For more information about Computer Concepts and SOFTWORKS, call (516) 244-1500 or visit Computer Concepts' web site at www.computerconcepts.com or the SOFTWORKS' web site at www.softworks.com.
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Copyright c 1998 Computer Concepts Corp.
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