News - Earnings|
ST. LOUIS, Mo.--(BUSINESS WIRE)--June 16, 1998--The Source
Information Management Company (Nasdaq-SORC) today announced its sixth
successive record quarter for revenue and net income.
Net income for the first quarter ended April 30, 1998 was
$726,647 a 17% increase over the previous record 4th quarter results
of $622,199 and a 184% increase over the comparable first quarter from
the past year. Revenue for the quarter was $3,595,202 an increase of
6% over the 4th quarter and a 42% increase over the corresponding
quarter from last year.
Quarter Ended Apr. 30, 1998 Apr. 30, 1997
Revenues $3,595,202 $2,527,879
Net Income 726,647 256,127
Avg. Shares 8,499,070 5,823,777
Net Income .09 .04
Condensed Summary Balance Sheet at April 30, 1998
Current Assets $21,505,951
Non-current Assets 4,228,736
Total Assets 25,734,687
Current Liabilities 3,116,385
Non-current Liabilities 9,385,283
Total Liabilities 12,501,668
These results reflect the continuing development of various
improved service programs the Company provides for its retailer
clients. The Company has now completed its consolidation of all
acquisitions into its High Point operation and has successfully
expanded its Advance Pay and Front-End Management programs.
The Company introduced newly developed technology for its Front-End
Management program called SOURCEPRO in June of this year. Front-End
Management now has over 10,000 stores under contract, up from 2,000 stores
since October 1997. This technology enables retailers to see 3-D imaging
of checkout configurations and instantly calculate the potential earnings of
each configuration based on historical data.
The Source is a leading provider of periodical information and
related marketing services to hundreds of retail chains in the
grocery, convenience, mass merchandise, and pharmacy industries. Their
integrated software system is designed to efficiently and accurately
monitor sales of high volume consumer products primarily to optimize
sales incentive payments offered by manufacturers.