To: JanyBlueEyes who wrote ( 72) 6/16/1998 1:39:00 PM From: JanyBlueEyes Read Replies (1) | Respond to of 121
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. *T 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 Shr. Earns: 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 Equity $13,233,019 *T 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 . This technology since October 1997 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.