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Technology Stocks : Egan Systems (egns) -- Ignore unavailable to you. Want to Upgrade?

To: Pluto who wrote (445)	5/6/1999 12:43:00 PM
From: GARY P GROBBEL	Read Replies (2) \| Respond to of 463

Profit...stock .28/.31: (BSNS WIRE) Egan Systems Releases 1st Quarter 1999 Results; Third Consec Egan Systems Releases 1st Quarter 1999 Results; Third Consecutive Quarter of Record Growth; Sales Increase by 162% Business Editors HOLBROOK, NY--(BUSINESS WIRE)--May 6, 1999--Egan Systems, Inc. (OTC BB: EGNS) today released its financial results for first quarter 1999. For the three months ended March 31, 1999, revenues totaled approximately $651,000, up from $242,000 for the same period one year ago. The Company's strong first quarter performance follows an outstanding second-half in 1998, enabling Egan Systems to increase its investment in new product development, as well as boost staff levels to expand the scope of its professional service capabilities. New software applications are in development that will allow Egan Systems to remain a leading solutions provider in its specific field of expertise: COBOL language dialects and professional services which consists of program migration, Year 2000 services, new program creation and existing program enhancement. "Obviously we are very pleased with our first quarter performance. The momentum we have gained over the past three quarters will allow us to build on our strengths and continue to grow," stated Ed Egan, President and CEO of Egan Systems, Inc. Sales increased a record 162% for the quarter through greater exposure to new customers via the Company's internet site; new revenue sources arising from Egan Systems' Accredited Service Provider agreement with Data General Corp.; and sales of upgraded Year 2000-compliant versions of its existing COBOL programs. Additional revenue sources were also derived from services utilizing Egan Systems' Year 2000 suite of tools. Net income for the period rose to $132,716, compared to a loss of $141,908 for the first quarter of 1998. This strong turnaround resulted in Egan Systems reporting earnings of $0.01 per common share, compared to a $0.01 per share loss recorded in first quarter 1998. "These numbers reflect the strengths in our core licensing products as well as continued growth in our Year 2000 and professional services activities," furthered Egan. "We're optimistic the company has turned a major corner and will see continued growth in sales and profitability throughout 1999 and beyond." Egan Systems, Inc. produces the ICOBOL and VX COBOL software language for use by programmers, as well as tools used to assist in making these and other programming languages Year 2000 compliant. Egan Systems is also a provider of software migration and Year 2000 compliance services to companies who prefer to outsource these programming tasks. Egan Systems owns a controlling interest in Tech 2020 Ltd., which handles Year 2000 compliance issues for companies in China. Egan Systems, Inc. is a public, fully-reporting corporation headquartered in Holbrook, NY, with research and design facilities located in Raleigh, North Carolina. Investor information on Egan Systems, Inc. can be found at www.egns.com. --30--es/ny* CONTACT: Egan Systems, Inc., Raleigh Investor Relations 919/851-2239 KEYWORD: NEW YORK INDUSTRY KEYWORD: INTERACTIVE/MULTIMEDIA/INTERNET COMPUTERS/ELECTRONICS COMED Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com * end of story *