Emtec, Inc. Announces First Quarter Results
Continues Profitable Trend with
Our Global Services Division’s revenues were
Earnings before interest, taxes, depreciation and amortization expenses (EBITDA) for the quarter ended
“In light of the current economic downturn, I am pleased that our team has worked diligently to produce these positive results,” said
Emtec, Inc. established in 1964, is an information technology company, providing services and products to the federal, state, local, education and commercial markets. Emtec operates two business segments: Emtec Systems Division and Emtec Global Services. Areas of specific practices within Emtec Systems Division include enterprise architecture, data management, data center infrastructure and consulting and integration services. Areas of expertise in Emtec Global Services include software development, software consulting, business analysis, quality assurance, and testing.
Certain statements in this document constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. The Company’s future operating results are dependent upon many factors, including but not limited to the Company’s ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its plan of operations when needed; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company’s control; and (iv) other risk factors discussed in the Company’s periodic filings with the Securities and Exchange Commission which are available for review at www.sec.gov under “Search for Company Filings.” We undertake no obligation to publicly update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, or changes to future results over time.
EMTEC, INC. SUMMARY FINANCIAL INFORMATION Three Months Ended November 30, ------------------ 2008 2007 ---- ---- Revenues $70,019,110 $74,640,186 Gross profit 8,793,986 8,644,977 Percent of revenues 12.6% 11.6% Operating income (loss) 1,929,716 2,499,706 Percent of revenues 2.8% 3.3% Net income $1,005,947 $1,246,202 ========== ========== Net income per common share - Basic and Diluted $0.07 $0.09 ----- ----- EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization Expense) Three Months Ended November 30, ------------------ 2008 2007 ---- ---- Net income $1,005,947 $1,246,202 EBITDA Adjustments: Provision for income taxes 670,446 934,274 Interest expense 254,062 337,023 Interest income - other (4,903) (17,775) Depreciation and amortization 533,899 300,503 ------- ------- EBITDA $2,459,451 $2,800,227 ------ ========== ==========
Web site www.emtecinc.com
SOURCE Emtec, Inc.