Date: Friday, 21-Nov-97 03:10:01 GMT Server: WebSite/1.1f1 (S/N Unregistered) Allow-ranges: bytes Content-type: text/html Last-modified: Thursday, 10-Jul-97 22:37:32 GMT Content-length: 4063
VERTEX INDUSTRIES, INC. REPORTS RESULTS FOR 2nd QUARTER
Clifton, NJ, March 18, 1997 -- Vertex Industries, Inc. (NASDAQ: VETX, BOSTON: VER) reported net income of $44,486 or $0.01 per share on revenues of $937,029 for the second quarter ended January 31, 1997 compared to a net income of $103,239 or $0.02 on revenues of $1,041,620 a year ago. There were 5,349,500 and 5,094,507 weighted average shares outstanding on January 31, 1997 and 1996, respectively.
As a result of the recently announced licensing agreement with The NetWeave Corporation, Vertex has formed NetWeave Business Unit of Vertex, which is located in Philadelphia and is being integrated into operations. Sales, administration and development will remain as a stand alone unit whereas accounting will be integrated into the existing Vertex system. Vertex has presented its BridgeNet product to the European distributors of NetWeave at a meeting recently held in the UK by SX Consultancy, NetWeave's Master Distributor. There is a great deal of synergy between the NetWeave and BridgeNet products.
According to Vertex President, Ron Byer, applications for the BridgeNet product and the customer base continues to expand. Customers are requesting solutions in areas in which the company has not previously had a product offering. Two cases in point are labor cost management and fixed asset tracking. These two application areas require a good data collection management system to be efficient and that is where BridgeNet is very strong. The sales cycle for these types of applications are longer because customers are larger and therefore more effort is required to deal with a larger group of people within the organization.
Vertex Industries, Inc.
Selected Financial Highlights (Unaudited)
Three Months Ended January 31 | Six Months Ended January 31 | |||
1997 | 1996 | 1997 | 1996 | |
Revenues | $937,029 | $1,041,620 | $1,942,043 | $1,870,397 |
Net Income | $44,486 | $103,239 | $110,619 | $116,110 |
Earnings Per Share: Net Income | $0.01 | $0.02 | $0.02 | $0.02 |
Weighted Average Shares Outstanding | 5,349,500 | 5,094,507 | 5,402,086 | 5,086,442 |
Company contact: Ron Byer, President, 201-777-3500
P.R. contact: Jess Gregory, 201-503-1919
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Copyright © 1997 Vertex Industries, Inc.