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Helios And Matheson Expects To Report $101,000 Net Income For Q1 2013

Stock quotes in this article: HMNY

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

For Q1 2013, the Company expects to report net income of $101,000 or $0.04 per diluted share (EPS) for the first quarter of 2013 compared to net income of $14,000 or $0.01 per diluted share for the first quarter of 2012. Income from operations remains stable at approximately $103,000 for Q1 2013 and Q1 2012. Q1 2012 net income had non recurring expenses of about $84,000.

The Company continues to be debt free. The Company expects to close the first quarter of 2013 with total assets of $5.3 million and total liabilities of $1.1 million.

 
  Three Months Ended
(In 000s except per share amounts) 03/31/13 03/31/12
  (Unaudited) (Unaudited)
Revenue  $ 3,203  $ 2,679
Gross Profit  $ 674  $ 640
Income from operations  $ 103  $ 102
Net Income  $ 101  $ 14
EPS per basic share  $ 0.04  $ 0.01
Dividend Per share  $ 0.09 $ 0.00
Cash and Cash Equivalent  $ 2.04  $ 1.95

The Company expects that gross margin will be at 21% for the first quarter of 2013 as compared to 24% in the first quarter of 2012 due to a change in revenue mix with increase in revenue. Selling, general and administrative costs are expected to be $571,000 in the first quarter of 2013, which would be an increase of 6% from the first quarter in 2012 due to an investment in additional personnel to strengthen the team.

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