Integral Systems Revises Fiscal Year 2009 Sales and Earnings Guidance
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Management Expects Softness to Continue Through End of Fiscal Year
LANHAM, Md., April 29 /PRNewswire-FirstCall/ -- Integral Systems, Inc.
(Nasdaq: ISYS) ("Company") today revised its previous financial guidance for
its fiscal year ending September 30, 2009.
Due to recent schedule delays on several large government contracts, the loss
or cancellation of three government programs within the past two weeks, and
continued weakness in the aerospace market, the Company is now projecting
full-year revenue of approximately $170 million and net earnings of
approximately $0.45 per share. Previous guidance called for revenue of
approximately $176 million and net earnings of approximately $1.01 per share.
The Company expects gross margin to decline compared to fiscal 2008 due to
projected changes in the mix of lower margin services revenue versus higher
margin product sales.
"Similar to others in our industry, including our customers, we are affected
by the current recession. As a result, we are experiencing longer marketing
and sales cycles and delays in government and commercial procurements," said
John Higginbotham, Chief Executive Officer of Integral Systems.
"Given the unpredictable current economic environment, we are carefully
controlling our discretionary spending while continuing to invest in business
development and compliance infrastructure to create future growth
opportunities for the Company. Despite these challenges, Integral Systems is
well positioned for growth and we expect to maintain overall profitability and
cash positive operating results supported by a healthy balance sheet."
Mr. Higginbotham, Chief Executive Officer, and Mr. Bambarger, Chief Financial
Officer, will host the Company's second quarter earnings results conference
call on Monday, May 4, 2009, at 11:00 AM EDT. Interested parties are invited
to join the call by calling 800-920-9723, ID number 21421850. A replay of the
conference call can be heard from 1:00 PM ET Monday, May 4, 2009 through 1:00
PM ET Wednesday, May 6, 2009 by dialing 800-633-8284 or 402-977-9140. Ask for
reservation number 21421850.
About Integral Systems
Integral Systems, Inc., applies more than 25 years experience to provide
integrated technology solutions for SATCOM-interfaced networks. Customers have
relied on the Integral Systems family of companies (Integral Systems Europe,
Lumistar, Inc., Newpoint Technologies, Inc., RT Logic, and SAT Corporation) to
deliver on time and on budget for more than 250 satellite missions. Our
dedication to customer service has solidified long-term relationships with the
U.S. Air Force, NASA, NOAA, and nearly every satellite operator in the world.
Integral Systems is listed in Forbes' Top 200 Small Companies in America for
2008. For more information visit www.integ.com.
Except for statements of historical facts, this news release contains
forward-looking statements about the Company, including but not necessarily
limited to the Company's financial projections, all of which are based on the
Company's current expectations. There can be no assurance that the Company's
projections will in fact be achieved and these projections do not reflect any
acquisitions or divestitures that may occur in the future. The forward-looking
statements contained in this news release are subject to additional risks and
uncertainties, including the Company's reliance on contracts and subcontracts
funded by the U.S. government, intense competition in the ground systems
industry, the competitive bidding process to which the Company's government
and commercial contracts are subject, the Company's dependence on the
satellite industry for most of its revenues, rapid technological changes in
the satellite industry, the Company's acquisition strategy and those other
risks noted in the Company's SEC filings. The Company assumes no obligation
to update or revise any forward-looking statements appearing in this news
release.
SOURCE Integral Systems, Inc.
Bill Bambarger, Chief Financial Officer, Ext. 1244, Media: Kathryn Herr, Vice
President, Marketing and Communications, Ext. 1104, kherr@integ.com, both of
Integral Systems, Inc., +1-301-731-4233
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