Financials released...can't believe I miss this...
biz.yahoo.com November 4, 9:07 am Eastern Time
Company Press Release
SOURCE: Interface Systems, Inc.
Interface Systems Reports Revenues, Profits Up in Fourth Quarter
ANN ARBOR, Mich., Nov. 4 /PRNewswire/ -- Interface Systems, Inc. (Nasdaq: INTF - news) today announced a 24.8% increase in revenues and net income of $0.07 per share for its fourth quarter ended September 30, 1998.
Fourth quarter revenues were $6.1 million, up from $4.9 million in the fourth quarter of fiscal 1997. Income from continuing operations was $661,000, or $0.15 per share, versus a loss of $(1.1) million, or $(0.26) per share for the comparable period last year.
Net income for the quarter was $312,000, or $0.07 a share, compared to a net loss of $(1.8) million, or $(0.40) per share for the comparable period last year. Fourth quarter results included a loss from discontinued operations of $(349,000), or $(0.08) per share, compared to a loss of $(603,000), or $(0.14) per share, for the prior year's fourth quarter.
Fiscal 1998 revenues were $21.6 million, up 13.2% from fiscal 1997 revenues of $19.1 million. The increase for the quarter and year was primarily due to approximately 50% growth in the sales of Cleo(R) Enterprise Networking products to key customers. Income from continuing operations was $767,000, or $0.17 per share, versus a loss of $(6.6) million, or $(1.50) per share for fiscal 1997.
The Company reported a net loss for the year of $(2.1) million, or $(0.48) a share, compared to a net loss of $(10.9) million, or $(2.47) a share for fiscal 1997. The net loss included a loss from discontinued operations of $(2.9) million, or $(0.65) per share for fiscal 1998 and $(4.3) million, or $(0.97) per share for fiscal 1997. As previously reported, the Company sold its United Kingdom based distribution business in May 1998.
''Our full-year performance reflects delivery on the commitments we made to shareholders in our last annual report regarding positioning for growth and achieving profitability,'' said Robert A. Nero, president and CEO of Interface Systems.
''The strategy to emphasize our software technology is beginning to pay off, and as a result we are experiencing higher margins. In addition, recent announcements about e-Statement Direct and our Technology Associate Program relationship with TransPoint represent powerful applications of our core technology to high growth markets tied to e-commerce and the Internet.''
''These initiatives, combined with the development of additional channels for our software tools, will serve as the basis for our growth in fiscal 1999,'' he added.
Interface Systems, Inc. provides software-based tools and solutions to integrate legacy systems with Internet technology, distribute mainframe documents, and provide host connectivity. Interface specializes in Internet bill presentment and payment, as well as electronic delivery of statements and other legacy content to the Internet, fax, email, and other destinations. Interface helps its customers extend the life, the reach, and the value of their existing information systems.
Uncertainties Relating to Forward-Looking Statements
This press release contains ''forward-looking statements'' within the meaning of the Securities Exchange Act of 1934, as amended, based on current management expectations. Actual results could differ materially from those in the forward-looking statements due to a number of uncertainties, including, but not limited to: general economic conditions particularly related to demand for the Company's products and services, changes in Company strategy, product life cycles, competitive factors (including the introduction or enhancement of competitive products), pricing pressures, the results of the audit of the ISIL net assets sold, component price increases, delays in introduction of planned hardware and software products, software defects and latent technological deficiencies in new products, changes in operating expenses, inability to attract or retain sales and/or engineering talent, changes in customer requirements and evolving industry standards.
All Company, brand and product names are or may be trademarks of their respective holders. |
