12 Oct ARI reports record net income for FY 2005
MILWAUKEE – ARI Network Services, Inc., a provider of electronic parts catalogs and related technology and services for equipment dealers, on Wednesday reported increased revenues and record net income for the fiscal year ended July 31, 2005.
Revenues for fiscal 2005 were $13.7 million, a 2% increase from revenues of $13.4 million in fiscal 2004. Operating income increased 67% to $2.1 million or $0.32 per diluted share, from operating income of $1.3 million or $0.21 per diluted share in fiscal 2004. Net income was $2.8 million or $0.42 per diluted share in fiscal 2005, compared to net income of $1.1 million or $0.17 per diluted share in fiscal 2004.
“Fiscal 2005 was the best year in ARI’s history,” said Brian E. Dearing, chairman and chief executive officer of ARI, in a statement on the report.
Dearing said revenues grew in both the company’s core catalog business overall and in the North American segment of the worldwide equipment industry.
“In addition to reporting increased revenues and earnings, we also ended fiscal 2005 in a sound financial position. Our cash balance at the end of the year continued to exceed our debt. We paid down $1 million in principal on our loans during the year. We are now half-way through the amortization schedule for these debt payments; our final payments are in December 2007,” said Dearing.
Dearing said the company would focus on several growth initiatives in 2006, including acquisitions and enhanced customer service.
ARI currently provides approximately 88 parts catalogs for approximately 70 equipment manufacturers in the U.S. and Europe. The company builds and supports a suite of multi-media electronic catalog publishing and viewing software for the Web or CD.