Canterbury Corporate Services, Inc.
1600 Medford Plaza, Medford, New Jersey 08055
(609) 953-0044 s FAX (609) 953-0062
For Immediate Release
CANTERBURY REPORTS 2ND QUARTER - SIX MONTH PROFITS
3RD QTR OPERATING PROFITS EXPECTED
TO BE SIGNIFICANTLY BETTER THAN 1995
CANTERBURY ANNOUNCES 1ST SALES FROM INTERNET MARKETING
CANTERBURY RECEIVES INITIAL $1,000,000
IN WINDOWS 95 TRAINING CONTRACTS
CANTERBURY COMPLETES ACQUISITION OF PROSOFT -
ENTERS CHARLOTTE, NORTH CAROLINA MARKET
CANTERBURY IN DISCUSSION WITH NUMEROUS
MERGER/ACQUISITION CANDIDATES
Medford, New Jersey: July 12, 1996
Canterbury Corporate Services, Inc. (NASDAQ - XCEL) - announced today that for
the six months ended May 31, 1996 revenues were $14,173,309 versus $13,910,512
for the same period in 1995. Net income was $917,930 versus $1,394,828.
Earnings per share was $.07 versus $.12. For the three months ended May 31,
1996 revenues were $7,820,698 versus $8,169,850 for the same period in 1995.
Net income was $184,820 versus $858,088. Earnings per share was $.01 versus
$.07. Lower comparative revenues and profits were attributed to the closing
of vocational schools in California, Pennsylvania and Florida in 1995, which
reduced revenues by $1,040,000. In addition, substantial funds were committed
in the second fiscal quarter to initiate an aggressive merger/acquisition
program and on research and development to prepare for Windows NT and related
software training in the fall and winter.
Canterbury repaid $1,037,500 of long-term debt as well as $389,000 of
short-term, revolving debt to its bank in the first six months of 1996. An
additional $518,750 of long-term debt was repaid in the first month of the
third quarter. Long-term bank debt has been reduced from $8,300,000 in June
of 1994 to $4,150,000 as of this date. Net worth has increased from
$13,112,806 as of November 30, 1995 to $15,185,296 on May 31, 1996.
July 12, 1996 Press Release, Page 2
CALC/Canterbury Corp. has received its first orders for computer software
training over the Canterbury Internet web site (http://www.canterburyxcel.com).
More than 100 enrollments have been booked thus far and Canterbury expects
this number to accelerate as the Company intensifies its marketing
over the Internet for CALC/Canterbury Corp. and MSI/Canterbury Corp. (the
Company's management, sales and communications subsidiary), as well as
Canterbury's recently acquired subsidiary, ProSoft/Canterbury Corp. of
Charlotte, North Carolina.
CALC/Canterbury Corp. has received its first $1,000,000 in orders for Windows
95 training. The bookings came from 12 major corporations and will comprise
at least 200 classes per month beginning in the third fiscal quarter. Stanton
M. Pikus was quoted as saying, "We are pleased that the spigot has finally
been turned on and many of our customers are beginning to migrate to Windows
95. We expect this trend to continue and to accelerate in the third and
fourth quarters of Fiscal 1996 and beyond. We also expect to see greatly
increased demand for Windows NT training this fall and winter. Microsoft has
completed production of its advanced Windows NT Version 4.0, which is being
positioned as a corporate operating system. CALC/Canterbury Corp. is a
Microsoft Solution Provider and an Authorized Technical Education
Center (ATEC) and should benefit significantly from this development."
Canterbury completed its acquisition of ProSoft Training, LLC., a computer
applications training company on July 1, 1996. ProSoft's name has been changed
to ProSoft/Canterbury Corp., and Canterbury will now begin work on the
expansion of ProSoft/Canterbury Corp. into adjacent markets in North and South
Carolina for both computer software training and technical training, and for
management, sales and communications training provided by MSI/Canterbury Corp.
Canterbury is actively discussing merger/acquisition with numerous information
technology companies. Since corporations accessing computer application or
technical training also need computer and software consulting, network and
systems development, systems integration, Internet development and
application, as well as Intranet conversions, the Canterbury family of
companies will be able to provide a fully integrated, comprehensive approach
to information technology. Canterbury's intent is to merge with/acquire
profitable companies across the information technology continuum as shown in
the chart that follows. Although there is no assurance that mergers or
acquisitions will take place, Canterbury has grown primarily by acquisition;
and its President was the President of a mergers and acquisitions firm for
sixteen years prior to his involvement with Canterbury. To the greatest
extent possible, Canterbury will attempt to acquire companies with restricted
common stock set at a price substantially higher than the present market price
and will provide appropriate adjustment guarantees. The purchases should not
be dilutive to earnings per share.
July 12, 1996 Press Release, Page 3
CANTERBURY'S
INFORMATION TECHNOLOGY
MERGER/ACQUISITION MODEL
Canterbury expects third and fourth quarter operating results in fiscal 1996
to be significantly better than for the same period in Fiscal 1995, for the
following reasons:
Windows 95 training revenue has begun and should accelerate.
Windows NT (Version 4.0) revenues should begin.
The new Wall Street training center is continuing to grow.
MSI/Canterbury Corp. revenues and profit margins are increasing.
The acquisition of ProSoft and the addition of the Charlotte market.
Additional sales over the Internet.
Potential acquisitions of other information technology companies.
This press release contains forward looking statements. The actual results
might differ materially from those projected in the forward looking
statements. Additional information concerning factors that could cause
actual results to materially differ from those in forward looking statements
is contained in Canterbury Corporate Services, Inc.'s SEC filings, including
periodic reports under the Securities Exchange Act of 1934, as amended, copies
of which are available upon request from the Canterbury investor relations
department.