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Topic: (NASDAQ:OMGA) , (NASDAQ:DBCC) Data Broadcasting, (NASDAQ:DTLN) Data
Transmission Ntwk, (AMEX:PQT) PC Quote, (NASDAQ:EGRP) E Trade Group,
Headline: Omega Research Announces Record Revenues And 101% Increase In Net
Income For The Second Quarter Of 1999; Reports 18th Consecutive Profitable
Quarter
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MIAMI--(BUSINESS WIRE)--July 20, 1999--Omega Research, Inc.
(NASDAQ:OMGA) today reported revenues and earnings for the quarter
ended June 30, 1999.
Net revenues for the second quarter of 1999 were a record $11.0
million, a 43% increase when compared to the $7.7 million in net
revenues for the same period in the prior year, and a 16% increase
when compared to the $9.4 million in net revenues for the 1999 first
quarter. Net income for the second quarter of 1999 was $1.6 million, a
101% increase when compared to the $817,000 of net income for the same
period in the prior year, and a 36% increase when compared to the $1.2
million of net income for the 1999 first quarter. Earnings per share
(on a fully diluted basis) for the second quarter of 1999 were $0.07,
compared to $0.04 for the same period in the prior year and $0.05 for
the 1999 first quarter.
Net revenues for the first six months of 1999 increased 39% to
$20.4 million when compared to net revenues of $14.7 million for the
same period in the prior year. Net income for the first six months of
1999 increased 76% to $2.9 million when compared to net income of $1.6
million for the same period in the prior year. Earnings per share
(on a fully diluted basis) for the first six months of 1999 were
$0.12, compared to $0.07 for the same period in the prior year.
Ralph Cruz, Co-Chief Executive Officer of Omega Research, said
"Obviously, we are pleased with our second quarter results. Revenues
for the quarter were the highest in our 16-year history, and net
income was up 101% compared to the second quarter of 1998. This marks
our 18th consecutive profitable quarter. We continue to be very
pleased about the demand we have seen for our 2000i line of products.
In that regard, we have increased our sales personnel by 73%, from 37
persons at December 31, 1998 to 64 persons today, and expect to
benefit from their contributions beginning in the 1999 third quarter."
"From a financial perspective, we continue to have a strong
1999," added Salomon Sredni, Vice President of Operations and Chief
Financial Officer. "Net software licensing fees, exclusive of
upgrades, in the second quarter of 1999 increased by approximately 38%
when compared to net software licensing fees in the 1999 first
quarter. During the first half of 1999, we have also shipped over
6,400 upgrades to customers, even though we did not directly market
upgrades to our customer base. Our direct marketing campaign of
upgrades to our customer base was launched the beginning of this
month."
A telephone conference among management and analysts relating to
the Company's financial results will be broadcast live via the
Internet at www.omegaresearch.com today at approximately 8:15, a.m.,
Eastern Time. A rebroadcast of the call will be accessible from
www.omegaresearch.com from July 20, 1999, at approximately 11:30,
a.m., to approximately 10:00, a.m., July 23, 1999.
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). The products also enable the user to access
through the Internet, with a click of the mouse, the online brokerage
services of E*TRADE (NASDAQ:EGRP) and Wall Street Access.
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 benefits or results based upon increasing the Company's sales
force or otherwise 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 two 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 level of benefit to
the Company from its increased sales personnel, 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.
*T
OMEGA RESEARCH, INC.
STATEMENTS OF INCOME
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1999 1998 1999 1998
NET REVENUES:
Licensing fees $ 8,564,365 $ 5,715,496 $16,384,492 $11,361,399
Other revenues 2,412,799 1,936,101 4,033,460 3,320,992
Total net
revenues 10,977,164 7,651,597 20,417,952 14,682,391
OPERATING EXPENSES:
Cost of licensing
fees 455,389 518,833 938,180 970,085
Product development 1,119,820 835,868 2,184,567 1,550,887
Sales and marketing 4,536,311 3,837,243 8,386,192 7,158,839
General and
administrative 2,323,246 1,276,184 4,551,702 2,673,440
Total operating
expenses 8,434,766 6,468,128 16,060,641 12,353,251
Income from
operations 2,542,398 1,183,469 4,357,311 2,329,140
OTHER INCOME, net 127,972 115,549 237,675 220,832
Income before
taxes 2,670,370 1,299,018 4,594,986 2,549,972
INCOME TAX PROVISION 1,026,000 482,000 1,740,000 931,000
Net income $ 1,644,370 $ 817,018 $ 2,854,986 $ 1,618,972
EARNINGS PER SHARE
(FULLY DILUTED) $ 0.07 $ 0.04 $ 0.12 $ 0.07
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING
(FULLY DILUTED) 24,534,215 23,019,042 24,458,359 22,898,946
OMEGA RESEARCH, INC.
BALANCE SHEETS
June 30, December 31,
1999 1998
(unaudited)
ASSETS:
CURRENT ASSETS:
Cash and cash equivalents $ 6,849,347 $ 7,436,980
Marketable securities 5,485,313 5,736,958
Accounts receivable, net 12,942,921 9,246,474
Inventories 16,112 131,659
Other current assets 439,566 692,273
Deferred income taxes 8,486,000 4,541,000
Total current assets 34,219,259 27,785,344
PROPERTY AND EQUIPMENT, net 2,108,902 1,670,925
OTHER ASSETS 438,612 185,854
Total assets $36,766,773 $29,642,123
LIABILITIES AND SHAREHOLDERS' EQUITY:
CURRENT LIABILITIES:
Accounts payable $ 1,488,428 $ 1,082,521
Accrued expenses 1,385,037 962,464
Deferred revenue 1,334,000 105,035
Income taxes payable 1,785,260 --
Total current liabilities 5,992,725 2,150,020
SHAREHOLDERS' EQUITY:
Common stock 224,268 222,700
Additional paid-in capital 24,339,268 23,913,877
Retained earnings 6,210,512 3,355,526
Total shareholders' equity 30,774,048 27,492,103
Total liabilities and
shareholders' equity $36,766,773 $29,642,123
*T
Visit the Omega Research web site at www.omegaresearch.com
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 BANKING EARNINGS
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Copyright 1999, Business Wire
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