TAVA Announces Record Second Quarter Results;TAVA Reports 185% Revenue Increase and 25 Per Share
ENGLEWOOD, Colo.,Feb. 9 /PRNewswire/ -- TAVA Technologies, Inc.
(Nasdaq: TAVA) a leading provider of automation and information technology
solutions to industry, announced results for its fiscal quarter ending
December 31, 1998.
Revenue for the quarter increased 185% to a record $29,887,000 from
$10,484,000 recorded in the quarter ending December 31,1997. Gross profits
for the quarter were $14,452,000 or 48.4% of revenue. Earnings before
interest, taxes, depreciation and amortization were $7,340,000 compared to
$20,000 in the quarter ending December 31,1997. The company recorded net
income attributable to common shareholders of $ 5,901,000 ($.25 per diluted
share) compared to a loss of $611,000 ($.04 per diluted share) for the
quarter ending December 31,1997.
For the six months ending December 31,1998, the company's revenues more
than doubled to $49,689,000 from $21,803,000 recorded for 6 months ending
December 31, 1997. For that same period, earnings per diluted share were $.39
compared to a loss of $.08.
John Jenkins, CEO stated, "The financial performance this quarter reflects
the continued dedication and effort of our staff in response to strong demand
for the company's services and products. Revenue was up 51% over last quarter
and earnings per diluted share increased by 79%. Second quarter revenues
included $4,744,000 from product and license fees for the company's Plant Y2K
One product offering, an increase of 39% from the prior quarter." He added,
"We are particularly pleased with these results in a time when we are
investing heavily in growing our total business scope and opportunity. In
addition to expanding our core business practices with new clients and
increasing geographical coverage, we are adding new product and practice
elements at an exciting pace and continue to build a solid infrastructure to
support the company's growth."
Doug Kelsall, CFO noted "SG&A expenses excluding amortization were 26.2%
of revenue in our fiscal Q2 compared to 28.9% of revenue in Q1." He added,
"The results also included a positive contribution of $467,000 from the
company's investment in TAVA/Beck, LLC in the quarter."
Earnings Recap:
Numbers are in ($000's)
Quarter Quarter 6 Months 6 Months
Ending Ending Ending Ending
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1998 1997 1998 1997
Revenue $29,887 $10,484 $49,689 $21,803
Cost of Sales 15,435 6,807 25,445 14,595
Gross Margins 14,452 3,677 24,244 7,208
SG&A 7,833 3,923 13,558 7,596
Amort of Goodwill
Cap Sftwr 1,029 258 1,941 546
Total Expenses 8,862 4,181 15,499 8,142
Other Income ( Expenses) 236 (77) 602 (222)
Income (loss) before
tax $5,826 $(581) $9,347 $(1,156)
Income tax expense $(75) $ -- $ -- $ --
Net Income (loss) 5,901 (581) 9,347 (1,156)
Net Income (loss)
applicable to
comn shldr. 5,901 (611) 9,347 (1,214)
Per share-basic 0.27 (0.04) 0.42 (0.08)
Per share- diluted 0.25 (0.04) 0.39 (0.08)
Weighted average
shares - basic 22,129,679 17,110,148 22,084,727 16,070,391
Weighted average
shares - diluted 23,994,928 17,110,148 24,113,980 16,070,391
EBITDA $7,340 $20 $12,278 $62
Balance Sheet Info: December 31, 1998
Assets
Cash $7,505
Other Current 35,750
Total Current assets 43,255
Other Assets 17,083
Total Assets $60,338
Liabilities and Equity
Total Current
Liabilities $17,487
Long Term Liabilities 4,847
Total Liabilities 22,334
Shareholder's Equity 38,004
Total Liabilities and
Shareholder's Equity $60,338
Working Capital $25,768
Statements made in this Press Release that are not historical or current
facts are "forward looking statements" made pursuant to the safe harbor
provisions of federal securities laws. Forward-looking statements represent
management's best judgment as to what may occur in the future, but are subject
to certain risks and uncertainties that could cause actual results and events
to differ materially from those presently anticipated or projected. Such
factors include failure to capitalize upon access to new clientele and
barriers to entry in new markets. These factors and others are discussed in
the "Management's Discussion and Analysis" section of the Company's Annual
Report on Form 10-KSB for the fiscal year ended June 30, 1998, to which
reference should be made.
SOURCE TAVA Technologies, Inc.
CO: TAVA Technologies, Inc.
ST: Colorado
IN: CPR
SU: ERN
02/09/99 16:05 EST prnewswire.com |
