BancTec Posts Q4 and YE '97 Results
BancTec (Dallas; NYSE: BTC) reports Q4 '97 revenue of $159.4 million, up 11% from Q4 '96. A net income of $10.7 million, after an extraordinary charge of $462,000, compares with a Q4 '96 net income of $9.9 million. For the year, BancTec reports revenue of $603.5 million and a net income of $42.2 million, compared with YE '96 figures of $554 million and $37.1 million, respectively. BancTec made "good progress in its markets in 1997," said chairman and CEO Grahame Clark, "with particular success in the rapidly expanding market for PC-based services." During the quarter BancTec acquired Electronics Strategies (Menomee, WI), an outsourcing center supporting financial institutions, and purchased $2 million in scanning software from Star Technologies (Sterling, VA) to include in a new microfilm-based digital capture product. BancTec also repurchased 200,000 of its common shares, and completed the redemption of $43.7 million of convertible debentures.