Press Release
- Date:
- Monday, February 07, 2000
- Contact:
- Mark Funston
- Phone:
- (301) 731-2300
- Email:
- mark_funston@g1.com
Record Earnings, Sharp Stock Rise Spur Group 1 Software’s 3-for-2 Stock Split
Group 1 Software (Nasdaq: GSOF) reported record revenue and earnings for its third fiscal quarter ending December 31, 1999. In response to continued growth, Group 1's Board of Directors has declared a 3-for-2 stock split for stockholders of record as of February 17, 2000. After the split, Group 1 will have approximately 5.7 million shares outstanding.
The Company reported that net income available to common stockholders doubled to $1.7 million or $0.43 per share for the quarter from $0.8 million or $0.22 per share for the same quarter the prior year. Revenue totaled $20.2 million vs. $18.0 million the prior year.
For the first nine months of the fiscal year, net income available to common stockholders was $3.2 million or $0.83 per share, compared with $1.2 million or $0.35 per share reported for the same period the prior year. Revenue increased 27% to $56.3 million from $44.5 million the prior year. Cash and short-term investments totaled $25.5 million (approximately $6.40 per share) at December 31, 1999 compared with $22.4 million at September 30, 1999 and $14.8 million at March 31, 1999
Robert Bowen, chief executive officer, commented, "Our financial strength permits us to continue to invest heavily in Internet initiatives in both electronic document composition and data quality. With regard to the stock split, our stock has more than doubled in value over the last four months. The split should provide greater liquidity for our current stockholders, and make Group 1 Software stock more attractive to new investors."
Group 1 Software is a leading provider of software for data quality, mailing efficiency, database marketing, and electronic document composition applications. Group 1 supports UNIX, Windows NT and other operating systems and various computers including IBM mainframe, AS/400, PC, Digital, HP and others. Group 1 has offices throughout the US and in Canada, the United Kingdom, Europe and Latin America, and representatives elsewhere in the world.
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation reform Act of 1995. The words "continue to invest," and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. For additional information regarding these and other risks and uncertainties associated with the company's business, reference is made to the company's reports filed from time to time with the Securities and Exchange Commission.
Group 1 Software and DOC1 are registered trademarks of Group 1 Software, Inc.