Reynolds & Reynolds Announces Quarterly Results
Reynolds & Reynolds (Dayton, OH; Nyse: REY) announces Q1 '98 financial results. Revenue of $369,740 represents an 18% increase from Q1 '97 revenue. A net income of $23,748 compares with a Q1 '97 net income of $25,500. "We expect double digit revenue and earnings growth for fiscal 1998 with return on equity above 20 percent," said chairman, president and CEO David Holmes. During the quarter the company repurchased 500,000 shares, with an option to purchase 2.7 million additional shares. The company also signed an agreement with Arthur Andersen (New York) to provide practice and clinical management information systems and healthcare IT consulting services, and was awarded a document management contract from The American Red Cross (ARC) Biomedical Services. Reynolds & Reynolds also signed on as a VAR for Cardiff Software's (San Marcos, CA) TELEform automated data collection software.