ARLINGTON, Va., March 5 /PRNewswire/ -- On-Site Sourcing, Inc.
(Nasdaq: ONSS) today announced that it achieved net earnings of $128,000, or
3 cents per share, on record quarterly revenues of $7.9 million for the
three-month period ended December 31, 1998. The Company had reported losses
in the three previous quarters. In the fourth quarter of 1997, On-Site
reported earnings of $232,000, or 5 cents per share, on revenues of
$7.2 million. For the full year of 1998, revenues were up 23% to a record
$26.0 million from the prior year's $21.1 million. The loss in 1998 was
$998,000, or 21 cents per share, compared to earnings of $723,000, or 15 cents
per share, in 1997. President Christopher J. Weiler commented, "We are
excited and gratified that the cost-cutting and marketing efforts we undertook
in midyear are producing the desired results."
Mr. Weiler added, "We experienced strong revenue growth in reprographics
and imaging operations in the fourth quarter. The Information Technology
Group, which was launched in 1998, is now well established, is generating
revenues from multiple customers, and closed 1998 with an increased backlog of
orders. The Imaging Division, which was unprofitable in 1998, closed the year
with a strong backlog of work and is now headed by a new general manager who
joined the division as of January 1, 1999."
"We are well positioned for profitable growth in 1999," Mr. Weiler said.
"Our emphasis on cost controls and improved fundamentals will continue, and,
with the Information Technology Group now fully staffed and operational,
On-Site can now offer a full range of document management and information
technology services."
The statements contained in this release which are not historical facts
are forward-looking statements that are subject to risks and uncertainties,
and actual results could differ materially from those set forth in the
forward-looking statements.
On-Site Sourcing provides facilities management, information technology,
digital imaging, document management and litigation reprographics services
throughout the East Coast. On-Site's clients include law firms, corporations,
non-profit organizations, accounting firms, financial institutions and other
organizations. On-Site currently operates in the New York City, Washington,
D.C., Atlanta and Philadelphia markets.
For further information, contact Al Duncan, Chief Financial Officer, at
703-276-1123 or by email at aduncan@onss.com; or Larry Howell, The Howell
Group, at 214-340-4909 or by email at howgroup@iglobal.net.
3 months ended December 31: Year ended December 31:
1998 1997 1998 1997
Revenues $ 7,915,775 $ 7,244,178 $25,965,836 $21,138,946
Earnings (loss)
before income taxes 187,617 429,933 (1,426,612) 1,284,549
Income tax expense
(benefit) 60,000 199,426 (429,000) 536,476
Net earnings (loss) 127,617 232,460 (997,612) 723,026
Per share
Basic $ .03 $ .05 $ (.21) $ .15
Diluted $ .03 $ .05 $ n/a $ .15
Weighted average
shares outstanding
Basic 4,817,142 4,796,755 4,818,220 4,794,705
Diluted 4,871,989 5,013,887 n/a 4,947,203
SOURCE On-Site Sourcing, Inc.
-0- 03/05/99
/CONTACT: Al Duncan, Chief Financial Officer of On-Site Sourcing, Inc.,
703-276-1123 or email, aduncan@onss.com; or Larry Howell of The Howell Group,
214-340-4909 or email, howgroup@iglobal.net, for On-Site Sourcing, Inc./
(ONSS)
CO: On-Site Sourcing, Inc.
ST: Texas
IN: OIL
SU: ERN
*** end of story ***
Regards
A.G. |
