FROSTBURG, Md., Oct. 30 /PRNewswire/ -- Micro-Integration Corp. (MI) (Nasdaq: MINT) today reported profits of $112,000 or $0.04 per share on revenues of $3.0 million for the three months ended September 30, 1997, the second quarter of its 1998 fiscal year. This compares to a loss of $396,000 or $0.17 per share on sales of $1.6 million in the same period a year ago.
"We're continuing to focus on growing both revenue and profits. A major part of the strategy to do this includes acquiring small network and technology services companies who share our vision of the future," said John Parsons, the Company's Chairman and CEO. "Our acquisition efforts are accelerating significantly and our strategy seems to be working."
Parsons said that the Company has recently signed letters of intent to acquire two more companies: Software 'N Such, a Canton, Ohio-based systems and network integrator and Computer Services, Inc., a Pittsburgh, Pennsylvania- based UNIX services company. The Company expects to close on both transactions in the current quarter.
The results for the quarter include a previously announced one-time gain from the sale of the Company's local Internet dial-up customer base to MindSpring Enterprises, Inc. The Company has said it expects another gain from the same source in the quarter ending December 31, 1997. "The sale of the dial-up business gives us the opportunity to sharpen our focus on the Internet and technology needs of commercial customers," said Parsons. "And it also gives us the capital and manpower to pursue more profitable market segments."
Except for historical information, the matters discussed in this news release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected. Risks and uncertainties include consummation of intended acquisitions, the Company's ability to operate profitably in the future, the Company's ability to continue to acquire targeted technology services businesses, the timely development and acceptance of new products, and price competition. The Company assumes no obligation to update the information in this release.
Micro-Integration Corp. offers consultation and systems and network integration services to small and medium-sized organizations that need to use information technology as a strategic business tool. MI specializes in providing high-quality products and services that help customers take advantage of distributed computing and client-server and network-based systems.
MICRO-INTEGRATION CORP. AND SUBSIDIARIES Operations Information (Amounts in thousands except per share data) Quarter Ended September 30, 1997 1996 (Unaudited)
REVENUE
Product revenue $2,982 $1,543 License revenue 20 17 TOTAL REVENUE 3,002 1,560 GROSS PROFIT 1,139 912
OPERATING EXPENSES
Selling, general,
and administrative 1,057 1,214
Depreciation &
amortization expense 78 105 1,135 1,319 OPERATING INCOME (LOSS) 4 (407) OTHER INCOME 108 9 Income (Loss) before Income Taxes 112 (398) Income tax expense (benefit) 0 (2) NET INCOME (LOSS) $112 ($396) Earnings (loss) per share $0.04 ($0.17)
Weighted average common and common
equivalent shares outstanding 2,493 2,397
Balance Sheet Information:
As of September 30, As of June 30, 1997 1997 (Unaudited) Cash and cash equivalents $ 219,462 $472,546 Marketable securities 100,000 100,000 Working capital 1,271,386 1,093,321 Total assets 5,890,580 6,013,081
Long-term debt and capital lease
obligations 1,156,996 1,189,922 Total shareholders' equity 3,072,100 2,959,774
SOURCE Micro-Integration Corporation
-0- 10/30/97
/CONTACT: John Parsons of Micro-Integration Corp., 800-600-6448, ext. 820/
(MINT)
CO: Micro-Integration Corporation ST: Maryland IN: CPR SU: ERN
JN -- DCTH022 -- 4896 10/30/97 10:24 EST http://www.prnewswire.com
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