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EXHIBIT 99.1
[EMTEC, INC. LOGO]
Contacts:
Stanley Wunderlich John Howlett
Consulting For Strategic Growth, Ltd. Chief Executive Officer
Public Relations Emtec, Inc.
Corporate Development Consultants Tel: 856-235-8787
Tel: 800-625-2236 Fax: 856-235-2932
Fax: 212-697-0910 Email:john_howlett@emtecinc.com
Email: cfsg@consultant.com Website: www.emtecinc.com
EMTEC ANNOUNCES CORRECTION TO PREVIOUSLY REPORTED NET INCOME
FOR THE QUARTER ENDED JUNE 30, 2003
MT. LAUREL, N.J., August 18, 2003 - Emtec, Inc. (OTCBB:ETEC) announced
today that its net income for the quarter ended June 30, 2003 had increased by
213% to $357,891 or $0.05 per share, as contrasted with the comparable 2002
period. It had previously reported an increase of 364%, to $530,539 or $.07 per
share.
Emtec also announced that its sales, general and administrative expenses
increased by 7.78%, or $231,328, to $3.21 million for the quarter ended
June 30, 2003 rather than by 1.19%. or $35,343 to $3.01 million, as previously
reported. Without the acquisitions of certain assets of Acentra Technologies,
Inc. and Turnkey Computer Systems, Inc., the Company's sales, general and
administrative expenses would have been decreased by approximately 18.49%, or
$549,000, rather than the previously reported increase of 18.37% or $540,000.
Commenting on the foregoing, Sam Bhatt, Emtec's Vice President of Finance,
stated that these corrections were attributable to management's failure to take
into account increased
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EBITDA of Emtec's government division for this period, which augmented potential
bonus compensation for three prior owners of Acentra Technologies, Inc., one of
them is an employee of Emtec.
About Emtec
Emtec, Inc. established in 1981, provides high-end computer systems and services
to Fortune 1000 clients ranging in size from $50 million to $500 million in
revenues. The Company specializes in evaluating and providing solutions for data
management including Enterprise Management, Managed Services
(monitoring/maintenance/helpdesk), and Data Management (storage and protection
of data). With the recent acquisitions of Intellispan (Help Desk), Accentra
(systems and services) and Turnkey Computer Systems (managed building services),
Emtec has broadened its engineering and services capabilities. For additional
information please contact Consulting For Strategic Growth 1, Ltd, at
800-625-2236.
# # #
Certain statements in this document constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the actual results, performance or achievements
of Emtec, Inc. ("the Company"), or industry results, to be materially different
from any future results, performance, or achievements expressed or implied by
such forward-looking statements. The Company's future operating results are
dependent upon many factors, including but not limited to the Company's ability
to: (i) obtain sufficient capital or a strategic business arrangement to fund
its plan of operations when needed; (ii) build the management and human
resources and infrastructure necessary to support the growth of its business;
(iii) competitive factors and developments beyond the Company's control; and
(iv) other risk factors discussed in the Company's periodic filings with the
Securities and Exchange Commission which are available for review at www.sec.gov
under "Search for Company Filings." Consulting For Strategic Growth I, Ltd.
("CFSG") has a November 2002 agreement with Emtec, Inc. to provide consulting,
business advisory, investor relations, public relations and corporate
development services to the Company for a one-year period. In connection with
these services, CFSG prepares press releases, corporate profiles, and other
publications on behalf of and regarding the Company. In accordance with this
agreement, the Company is required to pay CFSG $3,500 per month for the duration
of the contract. Independent of CFSG's receipt of cash compensation from Emtec,
CFSG may choose to purchase the common stock of Emtec and thereafter liquidate
those securities at any time it deems appropriate to do so.
-FINANCIAL INFORMATION FOLLOWS-
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EMTEC, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
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<Caption>
Three Months Ended:
June 30, 2003 June 30, 2002
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Revenues
Procurement services $23,730,729 $15,980,546
Service and consulting $ 4,702,026 $ 3,683,209
Geothermal $ 47,585 $ 45,349
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Total Revenues $28,480,340 $19,709,104
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Cost of Sales
Cost of procurement services $21,691,493 $14,061,661
Service and consulting $ 3,067,780 $ 2,514,540
Geothermal $ 17,484 $ 17,598
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Total Cost of Sales $24,776,757 $16,593,799
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Gross Profit
Procurement services $ 2,039,236 $ 1,918,885
Service and consulting $ 1,634,246 $ 1,168,669
Geothermal $ 30,101 $ 27,751
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Total Gross Profit $ 3,703,583 $ 3,115,305
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Operating Expenses
Sales, General & Administrative Expenses $ 3,205,245 $ 2,973,914
Interest Expense $ 99,166 $ 27,136
Total Operating Expenses $ 3,304,411 $ 3,001,050
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Income Before Income Tax Expense $ 399,172 $ 114,255
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Income Tax Expense $ 41,281 $ --
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Net Income $ 357,891 $ 114,255
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Net Income Per Share {Basic and Diluted} $ 0.05 $ 0.02
Weighed Average Number of Shares Outstanding {Basic
and Diluted} 7,080,498 7,080,498
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