SOURCE: PlanGraphics, Inc.

December 03, 2007 13:23 ET

PlanGraphics, Inc. Files Quarterly Reports

FRANKFORT, KY--(Marketwire - December 3, 2007) - PlanGraphics Inc. (PINKSHEETS: PGRA) announced today that it has filed its quarterly reports on Form 10-QSB for the quarterly reports ended March 31 and June 30, 2007.

While the six-month period ended March 31, 2007 reflected a small net loss of $16,087 on revenues of $2.3 million, the Company achieved net income of $71,077 for the nine-month period on revenues of $3.3 million. Revenues increased 8% over the $3.1 million reported over the same period in 2006.

Operating income for the nine-month period was $103,079 as compared to an operating loss of $1,270,205 for the same period of 2006. The improvement resulted primarily from significant reductions in direct contract costs, compensation expense and general and administrative costs as well as the absence of goodwill impairment that had been recorded in the prior year. These operating income and loss amounts include amortization and depreciation expenses of $74,697 and $173,435 respectively as well as $240,000 of goodwill impairment expenses in 2006; after removing these expenses, the adjusted operating results would have been operating income of $177,776 and an operating loss of $857,090 for 2007 and 2006, respectively.

After accounting for other income and interest expense, the company reported net income of $71,077 net income versus a net loss of $1,276,254 in 2006.

The Company's backlog of work as of August 24, 2007 was $3.7 million. The decrease in backlog and assignments from the $7.2 million at June 30, 2006 is attributable to the drawdown of multi-year contracts. Delays in the completion of several competitive awards also hindered backlog replacement with new contracts.

The Company has a working capital deficit of $2,719,666 at June 30, 2007 and continues to experience liquidity issues. Operations provided net cash of $203,347 and $7,910 for the nine-month periods ended June 30, 2007 and 2006, respectively. During the nine months ended June 30, 2007, it has received new work including extensions to the San Francisco DTIS, Fairfax, Va., and the New York City Department of Environmental Protection projects as well as new work for the cities of Joliet, Illinois and Columbus, Ohio. It has also released Xmarc versions 7.0 and beta 7.1, and extended maintenance and usage agreements with all current customers and Value Added Resellers of Xmarc and STEPs

For a complete discussion of PlanGraphics' results, see the financial statements and quarterly reports filed on Forms 10-QSB filed with the Securities and Exchange Commission.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including among other things, levels of backlog and contract awards in 2007. These forward-looking statements involve risks and uncertainties and actual results could differ materially from those predicted in any such forward-looking statements. Factors that could cause actual results to differ materially from those contained in forward-looking statements include, without limitation, the company's ability to continue as a going concern, the company's liquidity constraints and ability to obtain financing and working capital on favorable terms, the continued acceptance of the company's work products, increased levels of competition, technological changes, the company's dependence upon subcontractors, intellectual property rights, and other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission. The Company assumes no obligation to, and does not currently intend to, update these forward-looking statements.

PlanGraphics, Inc. is a full life-cycle systems integration and implementation firm providing a broad range of services in the design and implementation of information technology in the public and commercial sectors. PlanGraphics' experience with spatial information systems and e-services capabilities provides a critical discriminator among other IT consulting and integration firms. PlanGraphics has headquarters in Frankfort, Kentucky, and regional offices in Maryland and Colorado. On the Web:

Contact Information

  • Contact:
    Fred Beisser
    Senior Vice President -Finance
    Tel: (720) 851-0716
    email: Email Contact