anfangen werde ich mit dem letzten Q-Bericht vom 17-11-09
Quelle:www.pinksheets.com/pink/quote/quote.jsp?symbol=cvns
Conversion Services International Reports Net Income of $1.3 Million for the September 2009 Quarter
EAST HANOVER, N.J., Nov 17, 2009 /PRNewswire-FirstCall via COMTEX/ -- Conversion Services International, Inc. (CSI, OTC Bulletin Board: CVNS), a premier professional services firm focused on delivering business intelligence and business process optimization solutions to Global 2000 organizations and other businesses, has announced its financial results for the three and nine months ended September 30, 2009.
(Logo: www.newscom.com/cgi-bin/prnh/20060421/NYF015LOGO)
Conversion Services International, Inc., ("CSI") reported its net income for the three months ended September 30, 2009 of $1.3 million. Net income attributable to common stockholders was $1.2 million, or $0.01 per share. In the third quarter of 2008, the Company reported a net loss of $4.2 million and a loss of $4.4 million, or $0.04 per share, attributable to common stockholders.
Revenues for the third quarter of 2009 were $8.1 million, representing an increase of $3.1 million, or 61.7%, from $5.0 million reported in the same period a year ago. Gross profit for the current quarter of $2.9 million, or 36.6% of revenues, increased by $1.6 million as compared to gross profit of $1.3 million, or 25.7% of revenues for the three months ended September 30, 2008.
For the nine months ended September 30, 2009, revenues were $17.7 million, which represents a $3.4 million, or 23.8%, increase from $14.3 million in the comparable prior year period. Gross profit for the nine months year-to-date in the current year of $4.7 million, or 26.3% of revenues, increased by $1.4 million as compared to gross profit of $3.3 million, or 23.2% of revenues, during the prior year period.
CSI reported a net loss for the nine month period ended September 30, 2009 of $0.4 million and a loss of $0.9 million, or $0.01 per share, attributable to common stockholders. For the nine month period ended September 30, 2008, the Company reported a net loss of $8.4 million and a loss of $8.9 million, or $0.08 per share, attributable to common stockholders. On a fully diluted, per share basis, the loss in the first nine months of 2009 was $0.01 per share versus a loss of $0.08 per share for the same period in 2008.
Lori Cohen, president and chief executive officer of CSI, stated, "We have focused our efforts in 2009 on generating more profitable business, and reducing or eliminating low margin business, which is illustrated by the 3.1% point increase in our gross profit percentage for the nine month period ended September 30, 2009, as compared to the prior year period. Our improved financial results in 2009 have allowed us to strengthen our company by reducing our debt and improving our balance sheet. Although we are pleased with our results so far this year, we must strive to maintain this positive trend and our efforts to continue to be profitable, further strengthen our balance sheet and, importantly, increase shareholder value."
About Conversion Services International, Inc.
Conversion Services International, Inc. (CSI, OTC Bulletin Board: CVNS) is a leading provider of professional services focusing on strategic consulting, data warehousing, business intelligence, business process reengineering, as well as integration and information technology management solutions. CSI offers an array of products and services to help companies define, develop, and implement the warehousing and strategic use of both enterprise-wide and specific categories of strategic data. CSI's customers include ADP, AmerisourceBergen Specialty Group, Coach, Commerzbank, Goldman Sachs, Liberty Mutual, Merck, Morgan Stanley, National Medical Digital Archive, Nikon USA and Pfizer. Information about CSI can be found on the web at www.csiwhq.com or by calling its corporate headquarters at 888-CSI-5036.
Note on Forward-Looking Statements
Except for the historical information contained herein, this press release contains, among other things, certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such statements may include, without limitation, statements with respect to CSI's plans, objectives, expectations and intentions and other statements identified by words such as "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans" or similar expressions. These statements are based upon the current beliefs and expectations of CSI's management and are subject to significant risks and uncertainties, including the ability of CSI to be in compliance with all applicable American Stock Exchange continued listing requirements, the ability to maintain revenue growth, the ability to locate and acquire other businesses and to successfully integrate such acquisitions, the ability to decrease operating expenses, and those detailed in CSI's filings with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond CSI's control). CSI undertakes no obligation to update publicly any forward-looking statements.
Investor Relations:
Conversion Services International, Inc.
973-560-9400
investorrelations@csiwhq.com
Media Contact:
Tracee Lee Beebe
Marketing & Communications
Conversion Services International, Inc.
973-560-9400
tbeebe@csiwhq.com
Financial Tables to Follow
CONVERSION SERVICES INTERNATIONAL, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, December 31,
2009 2008
------------- ------------
ASSETS
CURRENT ASSETS
Cash $31,473 $338,240
Accounts receivable, net 4,661,597 3,440,810
Accounts receivable from related
parties, net 398,542 284,028
Prepaid expenses 87,042 140,493
------ -------
TOTAL CURRENT ASSETS 5,178,654 4,203,571
--------- ---------
PROPERTY AND EQUIPMENT, at cost, net 41,880 68,536
OTHER ASSETS 116,473 306,778
---------- ----------
Total Assets $5,337,007 $4,578,885
========== ==========
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Line of credit $3,075,964 $2,349,920
Short term notes payable 600,000 1,384,811
Accounts payable and accrued expenses 2,049,946 1,503,145
Deferred revenue 272,236 159,177
Related party note payable 109,113 102,796
------- -------
TOTAL CURRENT LIABILITIES 6,107,259 5,499,849
Long-term debt, net of current portion 500,000 -
------- ---
Total liabilities 6,607,259 5,499,849
--------- ---------
Convertible preferred stock, $0.001 par
value, $100 stated value, 20,000,000
shares authorized
Series A convertible preferred stock,
19,000 shares issued and outstanding
at September 30, 2009 and December 31,
2008, respectively 1,393,332 1,108,332
COMMITMENTS AND CONTINGENCIES - -
STOCKHOLDERS' DEFICIT
Common stock, $0.001 par value,
300,000,000 shares authorized;
121,072,124 and 119,594,463 issued
and outstanding at September 30,
2009 and December 31, 2008,
respectively 121,072 119,594
Series B convertible preferred stock,
20,000 shares issued and outstanding
at September 30, 2009 and December 31,
2008, respectively 1,352,883 1,352,883
Additional paid in capital 68,381,656 68,575,918
Treasury stock, at cost, 1,145,382
shares in treasury as of September 30,
2009 and December 31, 2008,
respectively (423,869) (423,869)
Accumulated deficit (72,095,326) (71,653,822)
----------- -----------
Total Stockholders' Deficit (2,663,584) (2,029,296)
---------- ----------
Total Liabilities and Stockholders'
Deficit $5,337,007 $4,578,885
========== ==========
CONVERSION SERVICES INTERNATIONAL, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
For the three months For the nine months
ended September 30, ended September 30,
----------------------- ------------------------
2009 2008 2009 2008
---------- ---------- ----------- -----------
REVENUE:
Services $7,011,285 $4,235,803 $15,184,707 $11,935,127
Related party
services 531,142 527,272 1,567,211 1,741,596
Reimbursable
expenses 410,470 186,158 855,427 498,407
Other 108,345 37,540 126,905 152,238
------- ------ ------- -------
8,061,242 4,986,773 17,734,250 14,327,368
COST OF REVENUE:
Services 4,214,161 2,980,122 10,692,230 8,758,582
Related party
services 465,555 505,805 1,408,607 1,631,099
Consultant
expenses 434,546 219,158 961,518 618,985
------- ------- ------- -------
5,114,262 3,705,085 13,062,355 11,008,666
--------- --------- ---------- ----------
GROSS PROFIT 2,946,980 1,281,688 4,671,895 3,318,702
--------- --------- --------- ---------
OPERATING EXPENSES
Selling and
marketing 728,847 898,149 2,287,269 2,587,481
General and
administrative 724,337 936,650 1,977,774 3,045,078
Goodwill
impairment - 3,255,879 - 4,636,266
Depreciation and
amortization 25,108 62,405 81,512 224,074
------ ------ ------ -------
1,478,292 5,153,083 4,346,555 10,492,899
--------- --------- --------- ----------
INCOME (LOSS) FROM
OPERATIONS 1,468,688 (3,871,395) 325,340 (7,174,197)
--------- ---------- ------- ----------
OTHER INCOME (EXPENSE)
Equity in (losses)
earnings from
investments - (110) (103,298) 12,876
Loss on
extinguishment of
debt - - - (553,846)
Interest income
(expense), net (176,070) (340,267) (663,546) (682,447)
-------- -------- -------- --------
(176,070) (340,377) (766,844) (1,223,417)
-------- -------- -------- ----------
INCOME (LOSS) BEFORE
INCOME TAXES 1,292,618 (4,211,772) (441,504) (8,397,614)
INCOME TAXES - - - -
--------- ---------- -------- ----------
NET INCOME (LOSS) 1,292,618 (4,211,772) (441,504) (8,397,614)
Accretion of
issuance costs
associated with
convertible
preferred stock (95,000) (95,000) (285,000) (285,000)
Dividends on
convertible
preferred stock (45,000) (54,078) (135,000) (167,779)
------- ------- -------- --------
NET INCOME (LOSS)
ATTRIBUTABLE TO
COMMON
STOCKHOLDERS $1,152,618 $(4,360,850) $(861,504) $(8,850,393)
========== =========== ========= ===========
Earnings per share:
Basic $0.01 $(0.04) $(0.01) $(0.08)
Diluted $0.01 $(0.04) $(0.01) $(0.08)
Shares used in
calculation of
earnings per
share:
Basic 119,895,174 117,909,029 119,813,903 114,348,981
Diluted 133,651,512 117,909,029 119,813,903 114,348,981
SOURCE Conversion Services International, Inc.
URL: www.csiwhq.com
www.prnewswire.com
Copyright (C) 2009 PR Newswire. All rights reserved
-0-
KEYWORD: New Jersey
INDUSTRY KEYWORD: FIN
PUB
CPR
SUBJECT CODE: ERN
OTC
Hummel
Quelle:www.pinksheets.com/pink/quote/quote.jsp?symbol=cvns
Conversion Services International Reports Net Income of $1.3 Million for the September 2009 Quarter
EAST HANOVER, N.J., Nov 17, 2009 /PRNewswire-FirstCall via COMTEX/ -- Conversion Services International, Inc. (CSI, OTC Bulletin Board: CVNS), a premier professional services firm focused on delivering business intelligence and business process optimization solutions to Global 2000 organizations and other businesses, has announced its financial results for the three and nine months ended September 30, 2009.
(Logo: www.newscom.com/cgi-bin/prnh/20060421/NYF015LOGO)
Conversion Services International, Inc., ("CSI") reported its net income for the three months ended September 30, 2009 of $1.3 million. Net income attributable to common stockholders was $1.2 million, or $0.01 per share. In the third quarter of 2008, the Company reported a net loss of $4.2 million and a loss of $4.4 million, or $0.04 per share, attributable to common stockholders.
Revenues for the third quarter of 2009 were $8.1 million, representing an increase of $3.1 million, or 61.7%, from $5.0 million reported in the same period a year ago. Gross profit for the current quarter of $2.9 million, or 36.6% of revenues, increased by $1.6 million as compared to gross profit of $1.3 million, or 25.7% of revenues for the three months ended September 30, 2008.
For the nine months ended September 30, 2009, revenues were $17.7 million, which represents a $3.4 million, or 23.8%, increase from $14.3 million in the comparable prior year period. Gross profit for the nine months year-to-date in the current year of $4.7 million, or 26.3% of revenues, increased by $1.4 million as compared to gross profit of $3.3 million, or 23.2% of revenues, during the prior year period.
CSI reported a net loss for the nine month period ended September 30, 2009 of $0.4 million and a loss of $0.9 million, or $0.01 per share, attributable to common stockholders. For the nine month period ended September 30, 2008, the Company reported a net loss of $8.4 million and a loss of $8.9 million, or $0.08 per share, attributable to common stockholders. On a fully diluted, per share basis, the loss in the first nine months of 2009 was $0.01 per share versus a loss of $0.08 per share for the same period in 2008.
Lori Cohen, president and chief executive officer of CSI, stated, "We have focused our efforts in 2009 on generating more profitable business, and reducing or eliminating low margin business, which is illustrated by the 3.1% point increase in our gross profit percentage for the nine month period ended September 30, 2009, as compared to the prior year period. Our improved financial results in 2009 have allowed us to strengthen our company by reducing our debt and improving our balance sheet. Although we are pleased with our results so far this year, we must strive to maintain this positive trend and our efforts to continue to be profitable, further strengthen our balance sheet and, importantly, increase shareholder value."
About Conversion Services International, Inc.
Conversion Services International, Inc. (CSI, OTC Bulletin Board: CVNS) is a leading provider of professional services focusing on strategic consulting, data warehousing, business intelligence, business process reengineering, as well as integration and information technology management solutions. CSI offers an array of products and services to help companies define, develop, and implement the warehousing and strategic use of both enterprise-wide and specific categories of strategic data. CSI's customers include ADP, AmerisourceBergen Specialty Group, Coach, Commerzbank, Goldman Sachs, Liberty Mutual, Merck, Morgan Stanley, National Medical Digital Archive, Nikon USA and Pfizer. Information about CSI can be found on the web at www.csiwhq.com or by calling its corporate headquarters at 888-CSI-5036.
Note on Forward-Looking Statements
Except for the historical information contained herein, this press release contains, among other things, certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such statements may include, without limitation, statements with respect to CSI's plans, objectives, expectations and intentions and other statements identified by words such as "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans" or similar expressions. These statements are based upon the current beliefs and expectations of CSI's management and are subject to significant risks and uncertainties, including the ability of CSI to be in compliance with all applicable American Stock Exchange continued listing requirements, the ability to maintain revenue growth, the ability to locate and acquire other businesses and to successfully integrate such acquisitions, the ability to decrease operating expenses, and those detailed in CSI's filings with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond CSI's control). CSI undertakes no obligation to update publicly any forward-looking statements.
Investor Relations:
Conversion Services International, Inc.
973-560-9400
investorrelations@csiwhq.com
Media Contact:
Tracee Lee Beebe
Marketing & Communications
Conversion Services International, Inc.
973-560-9400
tbeebe@csiwhq.com
Financial Tables to Follow
CONVERSION SERVICES INTERNATIONAL, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, December 31,
2009 2008
------------- ------------
ASSETS
CURRENT ASSETS
Cash $31,473 $338,240
Accounts receivable, net 4,661,597 3,440,810
Accounts receivable from related
parties, net 398,542 284,028
Prepaid expenses 87,042 140,493
------ -------
TOTAL CURRENT ASSETS 5,178,654 4,203,571
--------- ---------
PROPERTY AND EQUIPMENT, at cost, net 41,880 68,536
OTHER ASSETS 116,473 306,778
---------- ----------
Total Assets $5,337,007 $4,578,885
========== ==========
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Line of credit $3,075,964 $2,349,920
Short term notes payable 600,000 1,384,811
Accounts payable and accrued expenses 2,049,946 1,503,145
Deferred revenue 272,236 159,177
Related party note payable 109,113 102,796
------- -------
TOTAL CURRENT LIABILITIES 6,107,259 5,499,849
Long-term debt, net of current portion 500,000 -
------- ---
Total liabilities 6,607,259 5,499,849
--------- ---------
Convertible preferred stock, $0.001 par
value, $100 stated value, 20,000,000
shares authorized
Series A convertible preferred stock,
19,000 shares issued and outstanding
at September 30, 2009 and December 31,
2008, respectively 1,393,332 1,108,332
COMMITMENTS AND CONTINGENCIES - -
STOCKHOLDERS' DEFICIT
Common stock, $0.001 par value,
300,000,000 shares authorized;
121,072,124 and 119,594,463 issued
and outstanding at September 30,
2009 and December 31, 2008,
respectively 121,072 119,594
Series B convertible preferred stock,
20,000 shares issued and outstanding
at September 30, 2009 and December 31,
2008, respectively 1,352,883 1,352,883
Additional paid in capital 68,381,656 68,575,918
Treasury stock, at cost, 1,145,382
shares in treasury as of September 30,
2009 and December 31, 2008,
respectively (423,869) (423,869)
Accumulated deficit (72,095,326) (71,653,822)
----------- -----------
Total Stockholders' Deficit (2,663,584) (2,029,296)
---------- ----------
Total Liabilities and Stockholders'
Deficit $5,337,007 $4,578,885
========== ==========
CONVERSION SERVICES INTERNATIONAL, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
For the three months For the nine months
ended September 30, ended September 30,
----------------------- ------------------------
2009 2008 2009 2008
---------- ---------- ----------- -----------
REVENUE:
Services $7,011,285 $4,235,803 $15,184,707 $11,935,127
Related party
services 531,142 527,272 1,567,211 1,741,596
Reimbursable
expenses 410,470 186,158 855,427 498,407
Other 108,345 37,540 126,905 152,238
------- ------ ------- -------
8,061,242 4,986,773 17,734,250 14,327,368
COST OF REVENUE:
Services 4,214,161 2,980,122 10,692,230 8,758,582
Related party
services 465,555 505,805 1,408,607 1,631,099
Consultant
expenses 434,546 219,158 961,518 618,985
------- ------- ------- -------
5,114,262 3,705,085 13,062,355 11,008,666
--------- --------- ---------- ----------
GROSS PROFIT 2,946,980 1,281,688 4,671,895 3,318,702
--------- --------- --------- ---------
OPERATING EXPENSES
Selling and
marketing 728,847 898,149 2,287,269 2,587,481
General and
administrative 724,337 936,650 1,977,774 3,045,078
Goodwill
impairment - 3,255,879 - 4,636,266
Depreciation and
amortization 25,108 62,405 81,512 224,074
------ ------ ------ -------
1,478,292 5,153,083 4,346,555 10,492,899
--------- --------- --------- ----------
INCOME (LOSS) FROM
OPERATIONS 1,468,688 (3,871,395) 325,340 (7,174,197)
--------- ---------- ------- ----------
OTHER INCOME (EXPENSE)
Equity in (losses)
earnings from
investments - (110) (103,298) 12,876
Loss on
extinguishment of
debt - - - (553,846)
Interest income
(expense), net (176,070) (340,267) (663,546) (682,447)
-------- -------- -------- --------
(176,070) (340,377) (766,844) (1,223,417)
-------- -------- -------- ----------
INCOME (LOSS) BEFORE
INCOME TAXES 1,292,618 (4,211,772) (441,504) (8,397,614)
INCOME TAXES - - - -
--------- ---------- -------- ----------
NET INCOME (LOSS) 1,292,618 (4,211,772) (441,504) (8,397,614)
Accretion of
issuance costs
associated with
convertible
preferred stock (95,000) (95,000) (285,000) (285,000)
Dividends on
convertible
preferred stock (45,000) (54,078) (135,000) (167,779)
------- ------- -------- --------
NET INCOME (LOSS)
ATTRIBUTABLE TO
COMMON
STOCKHOLDERS $1,152,618 $(4,360,850) $(861,504) $(8,850,393)
========== =========== ========= ===========
Earnings per share:
Basic $0.01 $(0.04) $(0.01) $(0.08)
Diluted $0.01 $(0.04) $(0.01) $(0.08)
Shares used in
calculation of
earnings per
share:
Basic 119,895,174 117,909,029 119,813,903 114,348,981
Diluted 133,651,512 117,909,029 119,813,903 114,348,981
SOURCE Conversion Services International, Inc.
URL: www.csiwhq.com
www.prnewswire.com
Copyright (C) 2009 PR Newswire. All rights reserved
-0-
KEYWORD: New Jersey
INDUSTRY KEYWORD: FIN
PUB
CPR
SUBJECT CODE: ERN
OTC
Hummel
1.Beim Kauf einer Aktie muss man Phantasie haben, beim Verkauf Weisheit
2.Für die Kursentwicklung einer Aktie ist es wichtig was in der Zukunft geschehen wird und nicht was heute geschieht.
2.Für die Kursentwicklung einer Aktie ist es wichtig was in der Zukunft geschehen wird und nicht was heute geschieht.
