For the six-month period ended June 30, 2001, net income was $5,427,000, or $0.37 per share, which compares to a net loss of $1,607,000, or $(0.11) per share, the first six months of 2000.
Revenues in the second quarter 2001 rose 10.2 percent to $32.5 million,
compared to $29.5 million in the same three-month period of 2000. Revenues
for the six months ended June 30, 2001 were $67,144,000, which is a 34 percent
increase over revenues of $49,996,000 in the comparable six-month period of
2000.
The Company’s revenue mix continues to shift toward its higher margin
service and consulting business. In the 2001 second quarter, service and
consulting revenue was 70 percent of total revenue, while in the 2000 second
quarter service and consulting revenue was only 42 percent of total revenue.
Pretax net income continued its record quarterly growth. In the 2001
second quarter, the Company reported pre-tax income of $3,736,000 with an
associated income tax expense of $1,117,000. This is a 3.86% increase over
the 2001 first quarter in which the Company reported pre-tax income of
$3,597,000 with an associated income tax expense of $789,000. The 2001
second quarter pre-tax net income of $3,736,135 is the fifth consecutive
quarter of record pre-tax profits for Micro General and demonstrates the
Company’s continuing improvement in operations, said Dale Christensen, the
Company’s chief financial officer.
Micro General’s 2001 second quarter results reflect excellent operating
margins and provide the foundation upon which the company is striving to build
long-term growth and profitability, said John Snedegar, president and CEO of
Micro General. This strong quarter and the record first six months of the
year can be attributed to streamlined operating efficiencies as well as the
hard work and dedication of the Micro General employees, who collectively
possess unmatched technical expertise in our industry, Snedegar said.
SOURCE: COMPANY PRESS RELEASE
