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Computer Research, Inc. Press Releases
Press Releases
Latest News
November 20, 1997--COMPUTER RESEARCH, INC. REPORTS FINANCIAL RESULTS for 1997
July 9, 1997--COMPUTER RESEARCH, INC. REPORTS RECORD-HIGH PROFIT FOR 1996
April 9, 1997--COMPUTER RESEARCH, INC. REPORTS RECORD-HIGH PROFIT FOR 1996
Previous Releases
November 25, 1996 -- COMPUTER RESEARCH, INC. REPORTS RECORD-HIGH PROFIT FOR 1996
July 10, 1996 -- REVENUES AND INCOME INCREASE AT COMPUTER RESEARCH, INC.
FOR THIRD QUARTER AND NINE MONTHS
April 15, 1996 -- COMPUTER RESEARCH, INC. REPORTS SIGNIFICANTLY HIGHER
RESULTS FOR SECOND QUARTER AND FIRST HALF
January 10, 1996 -- COMPUTER RESEARCH, INC. REPORTS STRONG FIRST QUARTER
RESULTS
November 20, 1997
Computer Research, Inc.
(OTC Bulletin Board: CRIX
- Reports Financial Results for 1997
Computer Research today reported net income of $916,670 or $0.23 per
share on revenues of $7,767,586 for the fiscal year ended August 31, 1997,
compared to net income of $1,028,477 or $0.26 per share on revenues of
$7,385,358 for the previous year.
Computer Research provides computerized accounting and record-keeping
support services to securities broker/dealers, banks and other financial
institutions throughout the U.S. Its revenues are affected by trading volume
reflected in the number of stock and bond trading transactions it processes
for clients.
Company President James L. Schultz said the 5-percent increase in revenues
for the past fiscal year was due primarily to additional service revenues.
While pre-tax income for 1997 was approximately $80,000 above the previous
year, net income fell slightly because the company is now in a fully taxed
situation.
Mr. Schultz also reported that a two-year project to convert the company's
software product line to operate on IBM AS/400 computer equipment was
completed during the fourth quarter of the 1997 fiscal year. The conversion
was accomplished under a joint agreement with Wachovia Operational Services
Corporation, an affiliate of a major client of Computer Research. For its
participation in the conversion project, Wachovia Operational Services
Corporation obtained an operating license for the software, which it will
utilize to provide services to its affiliate on an ``in-house'' basis beginning
in the second quarter of fiscal year 1998.
Mr. Schultz said converting the software to run on the widely used IBM
platform, which included making it year-2000 compatible, will enable the
company to license its leading-edge accounting software to others for
``in-house'' utilization.
``While the software conversion was in progress, our new business
development efforts were hampered somewhat during the past year,'' he said.
``Now that the software is operational on the IBM AS/400, and we have an
installed software license user to showcase its effectiveness, we are very
well positioned to explore new sales opportunities with banks and brokerage
firms that prefer to run their own in-house data centers.''
Mr. Schultz said that while revenues are expected to decline in fiscal
1998 due to the loss of the major client, the decrease should be offset
beginning in fiscal year 1999 by the company's new ability to generate license
revenues and by continued growth in service revenues from current clients, as
well as from potential new clients who are currently considering Computer
Research products and services.
Computer Research will continue to offer its products on a service bureau
basis for clients that choose to outsource their record-keeping requirements.
VISIT COMPUTER RESEARCH, INC., ON THE WORLD WIDE WEB AT:
http://www.crix.com .
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July 9, 1997
Computer Research, Inc. Reports Result for Third Quarter and Nine Months
Computer Research, Inc. (OTC BULLETIN BOARD/CRIX) today reported third quarter net income of $217,723 or $.05 per share on revenues of $1,946,768 for the three month period ended May 31,1997, compared to net income of $198,940 or $.05 per share on revenues of $1,846,383 for the third quarter of the previous fiscal year.
For the first nine months of the current fiscal year, the Company reported net income of $606,747 or $.15 per share on revenues of $5,827,375 compared to net income of $809,807 or $.20 per share on revenues of $5,604,405 for the first nine months of 1996.
Computer Research, Inc. provides computerized accounting and recordkeeping support services to over 60 securities broker/dealers, banks and other investment firms throughout the U.S. Its revenues are directly affected by trading volume reflected in the number of stock and bond trading transactions it processes for clients.
President James L. Schultz said the increase in revenues for the third quarter and for the first nine months resulted from additional service revenues. He said the reduction in net income for the first nine months was attributable to the fact that the Company is now on a fully taxed basis as opposed to the previous year when a tax loss carry forward was utilized to reduce income taxes payable.
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April 9, 1997
Computer Research, Inc. Reports Results for Second Quarter and First Half
PITTSBURGH, April 9 -- Computer Research Inc today reported slightly lower results for the
second quarter and first half of the fiscal year which ended February 28,
1997.
Second-quarter net income was $241,034 or $0.06 per share on revenues of
$2,074,461 compared to net income of $332,779 or $0.08 per share on revenues
of $1,972,331 for second quarter of the previous fiscal year. For the first
six months of the current fiscal year, the company reported net income of
$389,024 or $0.10 per share on revenues of $3,880,608 compared to net income
of $610,865 or $0.15 per share on revenues of $3,758,019, for the first half
of fiscal year 1996.
President James L. Schultz said an increased allocation for income taxes
for the current year contributed to the decrease in net income. The company
is now on a fully taxed basis as opposed to the previous year when a net
operating loss carry forward reduced the amount of taxes payable. In
addition, he said, income was impacted by increased payroll and other costs
associated with a major project to modify the company's software to handle
processing for the year 2000.
Computer Research provides computerized accounting and record-keeping
support services to over 60 securities broker/dealers, banks and other
investment firms throughout the U.S. Its revenues are directly affected by
trading volume reflected in the number of stock and bond trading transactions
it processes for clients.
CONTACT: James l. Schultz of Computer Research, 412-262-4430, or e-mail, mailcri@cirx.com, or Jack Maddigan of Maddigan Communications, 412-344-9050, or e-mail, maddcomm@sgi.net, for Computer Research/(CRIX)
Return to Latest News Listings
November, 1996 --
COMPUTER RESEARCH, INC. REPORTS RECORD-HIGH PROFIT FOR 1996
PITTSBURGH, November 25 -- Computer Research, Inc. (OTC Bulletin Board: CRIX) today reported record-high net income of $1,028,477 or $0.26 per share on revenues of $7,461,733 for the fiscal year ended August 31, 1996, compared to net income of $398,139, or $0.10 per share on revenues of $6,204,147 for the previous year.
Computer Research provides computerized accounting and support services to securities broker/dealers, banks and other investment firms throughout the U.S. Its revenues are affected by trading volume reflected in the number of stock and bond trading transactions it processes for clients.
Company President James. L. Schultz said revenues for the past fiscal year increased approximately 20 percent over the previous year, due primarily to an increase of about 25 percent in the number of transactions processed for clients. He also noted that revenues increased during the past year from both market segments served by the Company -- stock and bond brokerage clients and banking institutions.
"Fiscal year 1996 was most gratifying," Mr. Schultz said. "In addition to achieving the highest net income in our history, we also made significant progress on converting our software to become operational on state-of-the-art computer equipment, a major step that will position our Company for accelerated growth in the future."
As previously reported, Computer Research is in the process of converting its entire software product line to operate on the IBM AS/400, a switch from the Honeywell Bull mainframe computer system it now uses. The conversion project is expected to be completed in mid-1997, yielding several important benefits including significant savings in maintenance costs.
Also, with its software operational on the widely utilized IBM platform, the Company will be able to offer its data-processing products on an "in-house" basis to clients who prefer to run the software on their own computer systems. This will open new opportunities for Computer Research to expand its market beyond the 60-plus clients it now serves on a service-bureau basis from Data Centers in Pittsburgh and Denver.
Mr. Schultz also announced that as part of the software conversion project, Computer Research is addressing the much-publicized problem that many computer software systems may face moving into calendar year 2000.
"We have attacked this situation early in modifying our software," Mr. Schultz said. "When our software conversion project is completed by mid-1997, our programs will fully support the change to calendar year 2000."
The past year's financial results enabled Computer Research to substantially increase its liquidity and it closed the fiscal year with cash reserves in excess of $2 million.
"These reserves are now available to support continues sales efforts and or the development and acquisition of products that will be beneficial to our business," Mr. Schultz said. "As we begin fiscal year 1997 we are in the process of adding new brokerage clients and are having positive discussions with a number of banking institutions. We believe that our market research efforts and new product development work by our systems staff over the past few years are now beginning to pay dividends."
CONTACT: James l. Schultz of Computer Research, 412-262-4430, or e-mail, mailcri@cirx.com, or Jack Maddigan of Maddigan Communications, 412-344-9050, or e-mail, maddcomm@sgi.net, for Computer Research/(CRIX)
Return to Latest News Listings
July 10, 1996 --
REVENUES AND INCOME INCREASE AT COMPUTER RESEARCH, INC.
FOR THIRD QUARTER AND NINE MONTHS
PITTSBURGH---Computer Research, Inc. (OTC BULLETIN BOARD/CRIX) today reported that
revenues and net income increased significantly for both the third quarter and the first nine months of its fiscal year.
Third quarter net income was $198,940 or $.05 per share on revenues of $1,846,383
for the three month period ended May 31, 1996, compared to net income of $87,923 or
$.02 per share on revenues of $1,612,490 for the third quarter of the previous fiscal year.
For the first nine months of the current fiscal year, the Company reported net income of $809,807 or $.20 per share on revenues of $5,604,405,
compared to net income of $192,705 or $.05 per share on revenues of $4,462,164 for the first nine months of 1995.
Computer Research, Inc. provides computerized accounting and recordkeeping support
services to securities broker/dealers, banks and other financial institutions throughout the U.S.
President James L. Schultz said the revenue increases -- 15% for the quarter and 26% for the nine month
period -- came mainly from banking clients, although revenues from brokerage clients
and programming fees also were up.
"These increases in revenues and income are very significant for us," Mr. Schultz said.
"First, they demonstrate our clients continuing confidence in our services, and second, they substantiate our system's ability to
support and encourage the growth of the volume of business of our clients."
Mr. Schultz noted that steady progress continues on converting the Company's product line to operate on
IBM computer equipment. The software conversion project is currently scheduled for
completion during the fourth quarter of the 1997 fiscal year.
"When this project is completed," Mr. Schultz said, "we will be in a position to license our leading edge accounting
software to third parties for in-house utilization. This will open up a brand new market for us among banks and brokerage
firms that prefer to run their own in-house data centers."
He said Computer Research, Inc. also will continue to offer its products on a service
bureau basis in support of firms that choose to outsource their recordkeeping
requirements.
Return to Previous News Listings
April 15, 1996 --
COMPUTER RESEARCH, INC. REPORTS SIGNIFICANTLY HIGHER
RESULTS FOR SECOND QUARTER AND FIRST HALF
PITTSBURGH --- Computer Research, Inc., (OTC BULLETIN BOARD/CRIX) today reported that
revenues jumped 32% for both the second quarter and the first half of its fiscal year, resulting in significant increases in income for both periods.
Second quarter net income was $332,779 or $.08 per share on revenues of $1,972,331
for the three month period ended February 29, 1996, compared to net income of $72,610 or $.02 per share on revenues
of $1,492,120 for the second quarter of the previous fiscal year.
For the first six months of the current fiscal year, the Company reported net income of $610,865 or $.15 per share on revenues of $3,758,019, compared to net income of $104,782 or $.03 per share on revenues of $2,849,674 for the first half of 1995.
Computer Research, Inc., provides computerized accounting and recordkeeping support
services to securities broker/dealers, banks and other financial institutions throughout
the U.S.
President James L. Schultz said the 32% increases in revenues for both the second quarter and the first six months were primarily attributable
to additional business generated by banking clients utilizing the Company's data processing services.
"Naturally, we are very pleased with these significant increases in revenues and income,"
Mr. Schultz said. "Over the past few years, the Company has invested substantial effort and money in developing the sophisticated support products that brokers and
banks want and need, and now our investment in the future is starting to pay off."
Mr. Schultz also said that during the second half of the 1997 fiscal year, the Company expects to complete an ongoing
software conversion project that will make its product line operational on IBM computer equipment.
"This is another major investment for the Company, "Mr. Schultz said. "When completed, it will open an entirely new
market for our Company among firms that prefer to utilize a system from their own
in-house data centers. Of course, we also will continue to offer our products on a service bureau basis."
Return to Latest News Listings
January 10, 1996 --
COMPUTER RESEARCH, INC. REPORTS STRONG FIRST QUARTER
RESULTS
PITTSBURGH --- Computer Research, Inc., (OTC BULLETIN BOARD/CRIX) today reported
net income of $278,086 or $.07 per share for the first quarter ended November 30, 1995,
compared to net income of $32,170 or $.01 per share for the corresponding three month
period last year. Revenues for the quarter were $1,830,628 compared to $1,357,554 the
previous year, an increase of about 35%.
President James L. Schultz said the increases in revenues was due primarily to a 30%
jump in the number of securities trading transactions the Company processed for its
banking and brokerage clients.
Computer Research, Inc., provides computerized accounting and recordkeeping support
services to securities broker/dealers, banks and other financial institutions throughout
the U.S.
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