St. Louis, Missouri, November 16, 1993 -- Data Research Associates, Inc. (NASDAQ: DRAI) announced today that net income for its fiscal 1993, which ended September 30, was $2.45 million, an increase of 10% compared to $2.24 million for fiscal 1992. For the fourth quarter, net income was $802,000, a decrease of 11% compared to net income of $900,000 for the same period of the prior year.
Earnings per share for fiscal 1993 were 67 cents, compared to 75 cents for fiscal 1992. Earnings per share as compared with 1992 were diluted by the higher average number of weighted shares outstanding resulting from the company's initial public offering, which was completed July 1, 1992. For the fourth quarter, earnings per share were 22 cents, compared to 25 cents for the same period last year.
Revenues for fiscal 1993 were $23.7 million, an increase of 18% compared to $20.2 million for fiscal 1992. For the fourth quarter, revenues were $5.9 million, a decrease of 11% compared to $6.5 million in the same period last year.
"Fiscal 1993 was our seventh consecutive year of record earnings, as well as a new record for revenues," said Michael J. Mellinger, president and CEO. Mellinger attributed Data Research's fourth quarter results to slower-than-expected contract negotiations with several customers. "The number of prospective customers in negotiation was very high at year end," said Mellinger. "The length of these negotiations is a typical characteristic of our business in the public and educational sectors and will continue to contribute to fluctuations in our quarterly results."
Data Research, based in St. Louis, is a leading systems integrator, providing its own proprietary information services software, as well as third party software and hardware, networking services and other related services to libraries and other information providers.