St. Louis, Missouri, November 17, 1994 -- Data Research Associates, Inc. (NASDAQ: DRAI) announced today that earnings per share for its fourth quarter of 1994, which ended September 30, were a fourth-quarter record of 42 cents, compared with 22 cents in the same period in fiscal 1993. Earnings per share for fiscal year 1994 were a record 80 cents, compared to 67 cents for fiscal year 1993.
Revenues for fiscal 1994 were $25.3 million, an increase of 7% compared to $23.7 million for fiscal 1993. For the fourth quarter, revenues were $8.2 million, an increase of 39% compared to $5.9 million in the same period last year.
Michael J. Mellinger, president and CEO, attributed the record earnings to strong performance by the company's Australian and Singapore subsidiaries; to profitability from the company's Inlex product line, which was acquired at the beginning of FY 1994; and to growth in sales of the company's software lines and in sales of support services to its customers. "Growth through acquisition combined with growth in sales of our software and services to result in great success for our company," said Mellinger. "In addition, the realignment of our senior management staff has resulted in a team that is stronger, nimbler, and more economically efficient, positioning us to continue to achieve competitive advantage as we move forward."
Data Research, headquartered 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.
Summary of Quarterly Results (in thousands, except per-share data)
| Three Months Ended September 30 | Fiscal Year Ended September 30 | |||
| (unaudited) | (audited) | |||
| 1994 | 1993 | 1994 | 1993 | |
| Revenues: | ||||
| Hardware | $2,680 | $1,726 | $7,295 | $10,650 |
| Software | 2,696 | 2,412 | 9,949 | 6,105 |
| Services and other | 2,812 | 2,200 | 10,056 | 6,960 |
| Total revenues | $8,188 | $5,866 | $25,316 | $23,715 |
| Net income | $1,533 | $802 | $2,941 | $2,454 |
| Earnings per share | $.42 | $.22 | $.80 | $.67 |
| Weighted average number of common shares |
3,658 | 3,662 | 3,658 | 3,662 |