AGent Information Software (AIFS) Publishes 2021 First Quarter Financials

Rhea-AI Summary

RANCHO CUCAMONGA, Calif., June 09, 2021 (GLOBE NEWSWIRE) -- AGent Information Software (AIFS) announced a first-quarter net income of $120,398, increasing by $40,000 from the previous year. Recurring revenue reached $1,290,874, solely from its library division after terminating its publishing business. Earnings per share were $0.03 with a weighted average of 4,484,577 shares outstanding. The company is enhancing its product offerings by hiring new developers to better serve libraries in the ongoing COVID-19 pandemic.

Positive

• Net income increased by $40,000 compared to Q1 2020.
• Recurring revenue rose to $1,290,874, showing strong growth.
• Earnings per share were $0.03, indicating profitability.
• The company is investing in product development to enhance market position.

Negative

• None.

RANCHO CUCAMONGA, Calif., June 09, 2021 (GLOBE NEWSWIRE) -- AGent Information Software (AIFS), the parent company of Auto-Graphics, Inc. (A-G), released first quarter 2021 financials today.

AIFS reported a net income of $120,398, a $40,000 increase from the same period in 2020. Continued growth of the recurring revenue base resulted in an increase from 2020 to $1,290,874. This growth is entirely in the company’s library division, as it has terminated their publishing business to focus on their library sector.   AIFS reported EPS of $0.03 on weighted average shares outstanding of 4,484,577. Cash flow continued to be strong into the first quarter of 2021.

The company is making investments in new/improved product features by hiring additional developers and programmers, with the intention of bolstering its market position.

Auto-Graphics has continued to evolve and address unique demands from libraries in light of the COVID-19 pandemic. By adapting smart workflows and implementing more automated functionality to its products, they have been able to assist libraries in maintaining daily administration and serving their communities with minimal interruption.

Auto-Graphics, Inc. has been an industry leader in library management and resource sharing software for over 50 years. A-G was the first to provide Cloud-based library resource sharing solutions to library consortia. All A-G products meet ISO and NISO standards and are available through a cloud-based delivery model (SaaS – “Software as a Service.”) For more information, visit A-G on their website at www.auto-graphics.com, or on Facebook and LinkedIn.

FAQ

What were the first-quarter 2021 financial results for AIFS?

AIFS reported a net income of $120,398, a $40,000 increase from Q1 2020, with recurring revenue at $1,290,874.

What is the significance of AIFS terminating its publishing business?

The termination allows AIFS to focus solely on its library division, which has driven recent revenue growth.

How many shares were outstanding for AIFS in Q1 2021?

AIFS had a weighted average of 4,484,577 shares outstanding in the first quarter of 2021.

What investments is AIFS making to support its business?

AIFS is hiring additional developers and programmers to improve product features and enhance its market position.

How has AIFS adapted its services during the COVID-19 pandemic?

AIFS has implemented smart workflows and automation in its products to help libraries serve their communities effectively.