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Topic: (NASDAQ:OMGA) , (NASDAQ:DBCC) Data Broadcasting, (NASDAQ:DTLN) Data
Headline: Omega Research Announces Record Revenues And 51% Increase In Net
Income For The First Quarter Of 1999; Reports 17th Consecutive Profitable
Quarter
======================================================================
MIAMI--(BUSINESS WIRE)--April 20, 1999--Omega Research, Inc.
(NASDAQ:OMGA) today reported revenues and earnings for the first
quarter ended March 31, 1999.
Net revenues for the first quarter of 1999 were a record $9.4
million, a 34% increase when compared to the $7.0 million in net
revenues for the same period in the prior year, and a 34% increase
when compared to the $7.1 million in net revenues for the 1998 fourth
quarter. Net income for the first quarter of 1999 increased to $1.2
million, a 51% increase when compared to the $802,000 of net income
for the same period in the prior year and a 905% increase when
compared to the $120,500 of net income for the 1998 fourth quarter.
Net earnings per share (on a fully diluted basis) for the first
quarter of 1999 increased to $0.05, compared to $0.04 for the same
period in the prior year and $.01 for the 1998 fourth quarter.
Ralph Cruz, Co-Chief Executive Officer of Omega Research, said
"We are pleased with the impact that the release of our 2000i line of
products had during the month of March. We believe that the investment
we have made in the development of 2000i will reap many rewards."
"From a financial perspective, we had a strong quarter" added
Salomon Sredni, Vice President of Operations and Chief Financial
Officer. "Upgrade revenue, in particular, was strong. We upgraded
approximately 3,900 customers, despite having not yet made a direct
marketing campaign to our existing customer base. In addition, our
balance sheet reflects deferral of more than $1 million in revenue and
what we believe are conservative reserves for both returns and bad
debt."
Omega Research's 2000i line of software products is compatible
with the following real-time Internet and broadcast data services:
Data Broadcasting Corporation's (NASDAQ:DBCC) Signal Online
(Internet), StockEdge Online (Internet), InSite (Internet), DBC Signal
(Broadcast) and BMI (Broadcast); Data Transmission Network
Corporation's (NASDAQ:DTLN) DTN Real Time and DTNstant (Broadcast);
and PC Quote, Inc.'s (AMEX:PQT) Hyperfeed(tm) (Internet and
Broadcast). Agreements are also in place to add, later this year, as
compatible real-time data services, FutureSource Information Systems,
Inc.'s MDS network and stand-alone datafeeds, and Standard & Poor's
ComStock's Xpressfeed(tm).
Founded in 1982, and headquartered in Miami, Florida, Omega
Research is a leading provider of real-time investment analysis
software for the Windows operating system. With the 1991 release of
its flagship product, TradeStation(R), Omega Research pioneered the
concept of utilizing the power of the personal computer to enable
investors to historically test the profitability of their own
investment strategies and then computer-automate those strategies to
generate real-time buy and sell signals. Omega Research's other
principal products are OptionStation(R), RadarScreen(tm), Omega
Research ProSuite(tm) and SuperCharts(R).
This press release contains statements that are forward looking
and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. When used in this press
release, the words "believes," "estimates," "plans," "expects,"
"intends," "anticipates," "may," "should," "prospect," "looking
forward" and similar expressions as they relate to Omega Research or
its management are intended to identify forward-looking statements.
The statements in this press release regarding or suggesting expected
future results are based on current expectations and beliefs
concerning future events that are subject to risks and uncertainties.
Actual results may differ materially from the results suggested herein
and from the results historically experienced. Factors that may cause
or contribute to such differences and impact future events include,
but are not limited to, lower-than-expected upgrade orders over the
next three quarters, lower-than-expected new product orders over
future quarters, failure of customer acceptance of the new products
(due to technical difficulties or errors in the products, increased
hardware or software requirements to use the products, unfavorable
critical reviews, increased competition, or other reasons), the level
of returns and bad debt, the timeliness and success of the Company's
marketing of upgrades to its customer base, the timeliness and success
of the expected 1999 release of SuperCharts 2000i, the number, timing
and significance of additional new product introductions by the
Company and its competitors, the level of product and price
competition, changes in the Company's sales incentive or marketing
strategies, changes in demand for the Company's products, changes in
operating expenses, attempts by the Company to enter new markets or
expand into related businesses and the cost, timing and success
thereof, general economic and market factors, including changes in the
securities and financial markets, as well as those discussed in Omega
Research's press releases and its filings with the Securities and
Exchange Commission including, but not limited to, Omega Research's
December 31, 1998 Annual Report on Form 10-K.
Visit the Omega Research web site at www.omegaresearch.com
*T
OMEGA RESEARCH, INC.
STATEMENTS OF INCOME
Three Months Ended
March 31,
1999 1998
(unaudited)
TOTAL NET REVENUES:
Licensing fees $ 7,820,127 $ 5,645,903
Other revenues 1,620,661 1,384,891
Net revenues 9,440,788 7,030,794
OPERATING EXPENSES:
Cost of licensing fees 482,791 451,252
Product development 1,064,747 715,019
Sales and marketing 3,849,881 3,321,596
General and administrative 2,228,456 1,397,256
Total operating expenses 7,625,875 5,885,123
Income from operations 1,814,913 1,145,671
OTHER INCOME, net 109,703 105,283
Income before income taxes 1,924,616 1,250,954
PROVISION FOR INCOME TAXES 714,000 449,000
Net income $ 1,210,616 $ 801,954
NET EARNINGS PER SHARE
(FULLY DILUTED) $ 0.05 $ 0.04
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING (FULLY DILUTED) 24,376,000 22,692,000
OMEGA RESEARCH, INC.
BALANCE SHEETS
March 31, December 31,
1999 1998
(unaudited)
ASSETS:
CURRENT ASSETS:
Cash and cash equivalents $ 9,113,218 $ 7,436,980
Marketable securities 5,736,958 5,736,958
Accounts receivable, net 10,955,234 9,246,474
Inventories 14,628 131,659
Other current assets 546,554 692,273
Deferred income taxes 6,509,000 4,541,000
Total current assets 32,875,592 27,785,344
PROPERTY AND EQUIPMENT, net 1,970,605 1,670,925
OTHER ASSETS 377,304 185,854
Total assets $35,223,501 $29,642,123
LIABILITIES AND SHAREHOLDERS' EQUITY:
CURRENT LIABILITIES:
Accounts payable $ 1,558,904 $ 1,082,521
Accrued expenses 1,292,414 962,464
Deferred revenue 1,105,046 105,035
Income taxes payable 2,382,260 -
Total current liabilities 6,338,624 2,150,020
SHAREHOLDERS' EQUITY:
Common stock 223,371 222,700
Additional paid-in capital 24,095,364 23,913,877
Retained earnings 4,566,142 3,355,526
Total shareholders' equity 28,884,877 27,492,103
Total liabilities and
shareholders' equity $35,223,501 $29,642,123
*T
CONTACT: Omega Research, Inc., Miami
Salomon Sredni
Vice President of Operations and
Chief Financial Officer
305-485-7000
KEYWORD: FLORIDA
INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS
INTERACTIVE/MUTLIMEDIA/INTERNET EARNINGS
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Copyright 1999, Business Wire
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