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Technology Stocks : Crystal Systems (CRYSF) - AD 2000 Solution IPO -- Ignore unavailable to you. Want to Upgrade?

To: lucky_limey who wrote (558)	2/3/1999 5:45:00 PM
From: P. Ramamoorthy	Read Replies (1) \| Respond to of 572

biz.yahoo.com Wednesday February 3, 4:33 pm Eastern Time Company Press Release Crystal Reports Record 1998 Revenues and Earnings: Announces New Strategic Alliance With Amdahl Corporation's DMR Consulting Group HERZILYA, Israel--(BUSINESS WIRE)--February 3, 1999--Crystal Systems Solutions (NASDAQ: CRYSF - news) reported today record earnings of $0.83 per share for fiscal year 1998. Revenues for the year ended December 31, 1998 increased by 76% to $ 42.9 million, as compared to $24.4 million for the year ended December 31, 1997. Net income for fiscal 1998 increased by 89% to $ 9.3 million, or $ 0.83 per share, as compared to $ 4.9 million, or $ 0.44 per share, for fiscal year 1997. Revenues for the fourth quarter of 1998 increased by 52% to $11.7 million as compared to $7.7 million reported in the same period in 1997. Net income for the fourth quarter of 1998 increased by 51% to $ 2.6 million, or $ 0.25 per share, as compared to $ 1.7 million, or $0.16 per share, for the same period in 1997. Crystal Systems Solutions also announced today that it has signed a strategic partnership agreement with the DMR Consulting Group, an affiliate of the Amdahl Corporation and part of the Fujitsu Group (TSE: 6702). This new cooperation allows the DMR/Amdahl - Crystal team to supply and implement Crystal's conversion methodology and tools for Euro-currency conversion projects to the wide range of DMR/Amdahl customers. ''We are very proud and honored to have been chosen to partner with DMR/Amdahl in Euro conversion. We have been investing in the development and continual enhancement of our Advanced Migration Technologies and the value of that investment is now evident with DMR/Amdahl's decision to utilize our state-of-the-art tools and methodologies. We are confident that a wide range of business opportunities will arise through our partnership,'' said Amiram Mel, Chief Executive Officer at Crystal Systems Solutions. ''We are leveraging our generic conversion language tools towards new markets such as Data Migration and moving from Y2K towards IV&V (Independent Verification and Validation) services and ongoing compliance,'' said Ben Levy, Vice President Marketing of Crystal Systems Solutions. ''We will continue to build upon the success of our proven conversion tools and services. While targeting new markets, we are currently training our specialized services personnel in the new Crystal tool and methodology sets such as Euro-conversion, COBOL-to-Java legacy systems migration and IV&V.'' ''In the first phase of our penetration of the Euro-currency conversion market,'' continued Mr. Levy, ''Crystal's revenues are expected to be generated mainly from software license fees as we consolidate our target market and positioning. After achieving market recognition, we expect to drive additional revenue generation through our involvement in conducting large conversion projects.'' Crystal System Solutions is a member of the Formula Group (NASDAQ: FORTY - news) which is the largest public IT group in Israel. Crystal provides conversion technology, tools and. For more information on Crystal Systems Solutions' products and services, visit the company's World Wide Web site at: cry-sys.com DMR Consulting Group Inc., Amdahl's professional services firm, is a leading international provider of information technology services to businesses, with about 8,000 professionals worldwide. DMR's services include IT strategy, reeingineering, portfolio and program assessment, as well as Systems Development and Integration, the Euro, Year 2000 and Systems Management. DMR has established itself as a leading Euro solutions provider, undertaking a wide range of projects with leading European organizations. Fujitsu (TSE:6702), the second largest IT Company in the world, wholly owns Amdahl. (Source: www.dmr.com) Certain statements contained in this release may be deemed forward-looking statements, with >>>>>>>>>>