DATEQ Information Network Reports Financial Results for 1994 and First Quarter 1995

Strategic Insights -

DateQ Information Network, Inc. reported a significant decline in revenues and net loss for 1994 compared to the previous year, attributing the decrease to lost business from customers and increased expenses. For the first quarter of 1995, the company experienced a further decline in revenues and net loss, primarily due to a decrease in transactions processed from a key customer. Despite this, the company notes an increase in database revenues from new and existing customers, as well as efforts to support its proprietary software products.

Key Takeaways:

  • Revenues for 1994 decreased by 24% to $44,952,000 compared to $58,852,000 in 1993.
  • Net loss for 1994 increased to $3,202,000 or 95 cents per share compared to $1,203,000 or 36 cents per share in 1993.
  • The company reported a net loss of $1,054,000 or 31 cents per share for the fourth quarter of 1994, compared to a net loss of $495,000 or 15 cents per share in 1993.
  • Revenues for the first quarter of 1995 decreased to $10,107,000 compared to $12,855,000 in the 1994 period, a 21% decline.
  • Net loss for the first quarter of 1995 was $854,000 or 25 cents per share, compared to a net loss of $784,000 or 24 cents per share in the 1994 period.
  • The company attributes the decline in revenues and net loss to lost business from customers and increased expenses, but notes an increase in database revenues from new and existing customers.
  • Richard Hunter Cross III, President and Chief Executive Officer, stated that the company is actively negotiating a proposed business combination where shareholders would receive a one-time cash payment of $5.35 to $5.45 per share.

Statistics:

  • Revenues for 1994: $44,952,000 (24% decrease from 1993)
  • Net loss for 1994: $3,202,000 (or 95 cents per share)
  • Revenues for the fourth quarter of 1994: $9,363,000 (decrease from 1993)
  • Net loss for the fourth quarter of 1994: $1,054,000 (or 31 cents per share)
  • Revenues for the first quarter of 1995: $10,107,000 (21% decrease from 1994 period)
  • Net loss for the first quarter of 1995: $854,000 (or 25 cents per share)
  • Proposed business combination payment per share: $5.35 to $5.45

Sources:

  • Business Wire, May 15, 1995
  • DATEQ Information Network, Inc. press release, May 15, 1995