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Helios And Matheson Reports Preliminary Unaudited Results - Expects To Report $422,000 Profit For FY 2012

Stocks in this article: HMNY

NEW YORK, Jan. 25, 2013 (GLOBE NEWSWIRE) -- Helios and Matheson Information Technology Inc (Nasdaq:HMNY) (or the "Company"), a 30 year old IT services organization focused on banking, financial services, insurance, automotive and healthcare sectors, is providing the following preliminary (unaudited) information regarding the results of its operations for the fourth quarter of the year ended December 31, 2012:

For 2012, the Company expects to report a profit of $422,000 or $0.18 per diluted share as compared to $203,000 or $0.09 per diluted share for 2011. This represents a 108% increase in profits. The Company expects to close 2012 with profits for each quarter during the year ended December 31, 2012.

The Company expects to end 2012 with cash of approximately $2.9 million, up from $2 million at the onset of the year. The Company is debt free. The Company expects to end 2012 with a strong balance sheet, with current assets and security deposits at about $5.3 million.

The table below represents a summary of the consolidated statements of Operations for the periods indicated:

  Three Months Ended Twelve Months Ended
(In 000s except per share amounts) 12/31/12 12/31/11 09/30/12 12/31/12 12/31/11
  (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Revenue  $ 3,325  $ 2,830  $ 3,404  $ 12,369  $ 12,204
Gross Profit  $ 695  $ 731  $ 750  $ 2,787  $ 2,526
Income from operations  $ 156  $ 236  $ 146  $ 506  $ 211
Net Income  $ 164  $ 239  $ 143  $ 422  $ 203
EPS per basic share  $ 0.07  $ 0.10  $ 0.06  $ 0.18  $ 0.09
EPS per diluted share  $ 0.07  $ 0.10  $ 0.06  $ 0.18  $ 0.09

Helios and Matheson expects to report net earnings of $164,000 or $0.07 per diluted share for the fourth quarter compared to $143,000 or $0.06 per diluted share for the third quarter in 2012. The Company expects to report revenue of $3.3 million for the fourth quarter, as compared to third quarter revenue of $3.4 million.

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