USTI wow.United Systems Technology, Inc. Announces Second Quarter 2001 Results
DALLAS, Aug 14, 2001 (BUSINESS WIRE) -- United Systems Technology, Inc. (OTC: USTI chart, msgs) announced today net income of $188,189 on revenues of $821,914 for the quarter ended June 30, 2001, as compared to net income of $18,719 on revenues of $395,928 for the same period in 2000. The Company had net income of $271,892 on revenues of $1,452,668 for the first six months of 2001 as compared to net income of $13,972 on revenues of $751,455 during the comparable six months in 2000.
The Company is continuing the development of additional modules for its asyst(TM) products, a Windows product line that operates in a single user or network environment and is seamlessly interfaced with the other Microsoft Office products. The asyst(TM) product line currently includes a Fund Accounting product line, a Utility Billing product line, a General Government product line and a Public Safety product line. The Fund Accounting product line includes General Ledger, Budget XLence, Report XLence, Accounts Payable, Accounts Receivable, Purchase Orders, Cash Receipts and Payroll modules. The Utility Billing product line includes Utility Billing, Meter Reader Interface, Bank Drafts, Budget Billing and Service Orders modules. The General Government product line includes Master and Land Directories, Business and Animal Licenses, Building Permits and Code Enforcement modules. The Public Safety product line includes Mater Name Index, Calls for Service, Offense Reports, Citations, State Interface, Computer Aided Dispatch, UCR Reports, Alarm Billing and Jail Management modules. The Company is currently developing additional modules for its asyst(TM) product line, including Tax Billing and Collection, Fixed Assets and Inventory Control, to add to its existing asyst(TM) offerings and anticipates that these packages will be released during the second half of 2001. The Company believes that its asyst(TM) product line will continue to offer its current and prospective customers an attractive software solution, both from a financial and functionality standpoint and follows the trend of clients moving to Windows based PC networks.
This Press Release contains forward-looking statements, other than historical facts, which reflect the view of Company's management with respect to future events. Such forward-looking statements are based on assumptions made by and information currently available to the Company's management. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from such expectations include, without limitation, the ability of the Company i) to generate levels of revenue and adequate cash flows from its operations to support and maintain its current cost structure and ii) to develop and deliver products that are competitive, accepted by its markets and are not rendered obsolete by changing technology. The forward-looking statements contained herein reflect the current views of the Company's management with respect to future events and are subject to these factors and other risks, uncertainties and assumptions relating to the operations, results of operations and financial position of the Company. The Company assumes no obligation to update the forward-looking statements or to update the reasons actual results could differ from those contemplated by such forward-looking statements.
USTI develops, markets and supports application software for local governments and rural water districts. The software applications operate in IBM midrange, network and single user PC platforms. USTI and its subsidiaries have over 2,100 installations in the United States and Canada.
United Systems Technology, Inc.
Summarized Financial Information
(In Thousands Except Per Share Data)
Three Months Ended Six Months Ended
June 30, June 30,
2001 2000 2001 2000
--------- --------- --------- ---------
Revenue $ 822 $ 396 $ 1,453 $ 751
Total Costs and Expense $ 642 $ 385 $ 1,199 $ 755
Operating Income (Loss) $ 180 $ 11 $ 254 $ (4)
Net Income $ 188 $ 19 $ 272 $ 14
Earning Per Common Share $ NIL $ NIL $ NIL $ NIL
Weighted Average Shares
Outstanding 56,179 54,069 56,179 53,080