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delayed 20 mins - disclaimer
Thursday March 25, 6:27 pm Eastern Time
Company Press Release
SOURCE: CustomTracks Corporation
CustomTracks Corporation Announces 1998 Earnings for Fourth Quarter and Full Year
CustomTracks 'On Track' for Third-Quarter Introduction of New Internet Transaction Payment System
DALLAS, March 25 /PRNewswire/ -- CustomTracks Corporation (Nasdaq: CUST - news) announced today earnings for the fourth quarter and full year ended December 31, 1998. CustomTracks reported net income of $24.4 million, or $1.60 per share, for the fourth quarter 1998, and a net income of $26.3 million, or $1.66 per share, for the year. CustomTracks sold all of its operating businesses during 1998 and has reclassified their operating results as discontinued operations.
In the second quarter of 1998, the company sold its Transportation Systems Group and Cotag International unit, resulting in a combined after-tax loss of $1,233,000. Subsequently, in the fourth quarter of 1998, the company sold Cardkey Systems and related entities to Johnson Controls, Inc. (NYSE: JCI - news), realizing cash proceeds of $44,715,000, including $3,752,000 received in January 1999. The sale resulted in an after-tax gain of $22,884,000 and included all of the operations and net assets of the businesses.
David Cook, chairman and chief executive officer of CustomTracks Corporation, said, ''In January 1999, CustomTracks began developing a transaction payment system for use by consumers when purchasing items over the Internet. We are on track for introduction of the new system in the third quarter, as previously announced.'' The transaction system is expected to collect payments from consumers and disburse these payments to participating vendors, among other features.
Mr. Cook added, ''We plan to provide a new level of convenience, security, and privacy for consumers. Using our new system at participating sites, consumers will no longer be required to provide their personal information when purchasing items over the Internet. A single digital signature is all that will be required. This signature will constitute irrefutable identification, providing security for both the consumer and the vendor.''
Commenting on the company's investment in the new system, Mr. Cook stated further, ''CustomTracks currently expects to spend $20 to $30 million during 1999 on hardware, software, communications, marketing, and facilities. The company presently has cash or equivalents of approximately $82 million and liabilities of less than $3.5 million.''
Separately, in March 1999, the company returned to Mr. Cook title to a patent acquired in May 1998, covering certain digital data distribution concepts, while retaining a use license to the patent for a nominal one-time payment. As part of the return of the title, the company's future payments to Mr. Cook, totaling $800,000, have been eliminated.
CustomTracks Corporation is developing an Internet transaction payment system and is exploring additional Internet-related businesses. The company's new Internet transaction payment system is expected to be operational in the third quarter of 1999. CustomTracks' headquarters is in Dallas. For further investor information about CustomTracks, visit the company's Web site at www.customtracks.com or contact investor relations at (972) 702-7057.
''Safe Harbor Statement''
The following is a ''Safe Harbor Statement,'' made under the Private Securities Litigation Reform Act of 1995: The comments of David P. Cook include forward-looking statements. These statements involve management assumptions, risks, and uncertainties, including, but not limited to, the following: (1) the ability of the company to successfully develop the transaction payment system and to marshal the resources to complete the development of the transaction payment system in a timely fashion; and (2) the ability of the company to gain market acceptance for its transaction payment system. Consequently, if such management assumptions prove to be incorrect or such risks or uncertainties materialize, the company's actual results could differ materially from the results, if any, forecast in the forward-looking statements.
CUSTOMTRACKS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1998 1997 1998 1997
Corporate expenses $ (670) $ (518) $ (4,022) $ (2,931)
Investment income, net 802 239 1,956 1,068
Income (loss) from
continuing operations
before income taxes 132 (279) (2,066) (1,863)
Income taxes (69) 95 576 (8)
Income (loss) from
continuing operations 63 (184) (1,490) (1,871)
Discontinued operations:
Income (loss) from
discontinued operations,
net of income taxes 1,137 (5,747) 6,105 (12,089)
Gain (loss) on sale
of discontinued
operations, net of
income taxes 23,213 --- 21,651 (3,657)
24,350 (5,747) 27,756 (15,746)
Net income (loss) $ 24,413 $ (5,931) $ 26,266 $ (17,617)
Basic earnings (loss)
per common share:
Continuing
operations $ 0.00 $ (0.01) $ (0.09) $ (0.12)
Discontinued
operations 1.63 (0.36) 1.75 (1.05)
Net income (loss) $ 1.63 $ (0.37) $ 1.66 $ (1.17)
Diluted earnings (loss) per common share:
Continuing
operations $ 0.00 $ (0.01) $ (0.09) $ (0.12)
Discontinued
operations 1.60 (0.36) 1.75 (1.05)
Net income (loss) $ 1.60 $ (0.37) $ 1.66 $ (1.17)
Weighted average shares outstanding:
Basic 14,952 16,143 15,836 15,081
Diluted 15,252 16,143 15,836 15,081
CUSTOMTRACKS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31, December 31,
1998 1997
ASSETS
Cash and marketable securities $ 81,221 $ 13,593
Due from sale of discontinued
operations 5,304 ---
Net assets related to discontinued
operations --- 50,271
Other current assets 215 7
Property and equipment, net 158 48
$ 86,898 $ 63,919
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses $ 499 $ 196
Income taxes 1,075 27
Liabilities related to discontinued
operations 3,875 ---
Stockholders' equity 81,449 63,696
$ 86,898 $ 63,919
WORKING CAPITAL $ 81,291 $ 63,648
SOURCE: CustomTracks Corporation
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