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ACSC: 100% year to year growth last quarter!! Does anyone follow this company? Here is the latest news from Yahoo: Advanced Communication Systems, Inc. Reports Record 3rd Quarter Revenues & Earnings FAIRFAX, Va., July 23 /PRNewswire/ -- Advanced Communication Systems, Inc. (ACS) (Nasdaq:ACSC - news) reported record results and sharp increases in revenue, pro forma net income and pro forma earnings per share for its third quarter and nine month periods ended June 30, 1997, compared with the comparable 1996 periods. Third quarter revenue totaled $14.4 million, up 100% from the $7.2 million posted in 1996. Pro forma net income for the third quarter grew 176% to $562,000 in 1997 from $204,000 in 1996, while pro forma earnings per share increased 160% to $.13 from $.05 in 1996. For the nine months ended June 30, 1997 revenue totaled $35.5 million compared with $20.3 million for the same period in 1996, a 75% increase. Pro forma net income for the nine months ended June 30, 1997 was $1.3 million, up 70% from the $784,000 achieved in 1996. Pro forma earnings per share totaled $.31 for the nine months ended June 30, 1997 compared with $.18 in 1996, a 72% increase. George A. Robinson, President and CEO, said: `` We are very pleased with the Company's financial performance in the third quarter and nine months of 1997. All of our business areas experienced growth in the third quarter, with a particularly strong showing from our Systems Integration business, which posted 300% increase in revenue over the third quarter of last year.'' The Company's Systems Integration business was established in 1995 to concentrate on providing effective total communication solutions using commercial off-the- shelf technology. Third quarter highlights included: The successful completion of its initial public offering of 2,875,000 shares of Common Stock, which includes the over-allotment option of 375,000 shares. Net proceeds to ACS approximates $15.5 million. Strategic alliances with ComStream, a world-wide provider of satellite network solutions, and Performance Technologies Incorporated, a world-class supplier of leading-edge data communications and connectivity solutions. These relationships should enable us to provide new products and solutions to our existing and new customers. the award of a $1.2 million contract to deliver advanced data communication controllers to the U.S. Airforce Engineering Systems Command in Boston. The award of an Information Technology Support Services Blanket Purchase Agreement by the Dept. of the Navy as a subcontractor to Computer Data Systems Inc. If all options are exercised, the contract period will run through June 2002 and ACS's value is estimated to be $2.0 million. The award of an engineering and technical services contract by the Naval Air Warfare Center, Aircraft Division (NAWCAD), as a subcontractor. If all options are exercised, the contract period will run through July 2002 and ACS's value is estimated to be $2.5 million. Significant progress on its latest communication product, ISALTS 2000. This is Microsoft Exchange-based and thus takes advantage of existing commercial off-the-shelf technology, while adding significant messaging, file transfer and database query capabilities. The product is expected to be released and available for sale by the end of the year. Advanced Communication Systems provides communication and information technology services and solutions, predominantly to U.S. government agencies and to a lesser extent commercial and international customers. The Company is headquartered in Fairfax, Virginia, and has seven locations in United States and one in United Kingdom. | ||||||||||||||
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