-- $76 million in revenue YTD
-- $32.4 million in revenue reported for Q3 2008
-- $3.7 million in net income YTD
-- Potential management buyback
-- Q4 2008 sales update
-- Update on the current state and changing face of the PIPE Industry
-- FINRA limit order protection rule
-- SEC Forum on Small Business Capital Formation held November 20, 2008
A link to the Webcast archive is available on the Company's corporate
Website Investor Relations page at
www.newmarkettechnology.com/investor-relations.htm titled "NewMarket
Technology 3rd Quarter 2008 Financial Review" under "Current Events and
Communications."
Micros Report Research Update with Target Price of $0.24
NewMarket has been rated a Speculative Buy with a price target of $0.24 by
Micros Report in an updated research note. Michael Willingham, Micros
Report Director of Research, initiated research coverage on the company a
year ago, publishing his first report on NewMarket in November 2007. In
September, Micros Report issued an updated report and Friday has issued an
updated research note in conjunction with NewMarket's filing of its third
quarter SEC Form 10-Q.
In the updated research note, Willingham stated, "Our most recent research
report in September assigned a fair market value of $0.78 per share for
NewMarket Technology, however the share price has fallen significantly
since the publishing of that report. During this same period, prices of
other equity securities worldwide have fallen by notable margins as well.
The company has reiterated the quality of its business through its 3rd
quarter financial results featuring a total of $76 million in sales for the
first nine months of 2008 and profit of $3.7 million over the same period.
Those are increases of 20% and 36% respectively year over year.
Notwithstanding these record results, a reduction in our price target is
warranted, not due to a deterioration of company fundamentals but instead
due to the collapse of applicable industry market multiples. Upon a renewed
analysis of market comparables, we have found a more appropriate target
price to be $0.24 per share. However, we expect to update this price in the
future as the company continues to successfully operate its business and at
such time market fundamentals experience a reversion to the mean."
In the report, NewMarket is compared against other companies in the
technology sector to include: Affiliated Computer Services, Inc., Edgewater
Technology, Inc., TechTeam Global, Inc., Nci, Inc., Acxiom, iGATE Corp,
Computer Sciences Corp, Rightnow Technologies, Inc. and Perot Systems Corp.
Interested parties may contact ir@newmarkettechnology.com to receive a copy
of the report.
Corporate E-mail Updates
To be added to NewMarket Technology's e-mail database to receive company
updates or to obtain more information on the Company, please send an e-mail
to ir@newmarkettechnology.com or call 214-722-3065.
About NewMarket Technology, Inc. (www.newmarkettechnology.com)
NewMarket helps clients maintain the delicate balance between maintaining
legacy systems and gaining a competitive edge from the latest technology
innovations. NewMarket provides certified systems integration and
maintenance services to support the prevailing industry standard solutions
from companies such as Microsoft, Oracle, Infor, Cisco Systems, SAP, Siebel
and Sun Microsystems. Concurrently, NewMarket continuously seeks to acquire
emerging technology assets to incorporate into an overall product portfolio
carefully packaged to complement the prevailing industry standard
solutions.
NewMarket delivers its portfolio of products and services through its
network of Solution Integration subsidiaries in North America and the
leading emerging markets around the world to include Latin America, China
and Singapore.
NewMarket ranked Number One in Texas, Number Three in the United States and
Number Five in North America on Deloitte's 2006 Technology Fast 500, a
ranking of the 500 fastest growing technology, media, telecommunications
and life sciences companies in North America. Rankings are based on
percentage revenue growth over five years, from 2001-2005. The Company grew
from less than $1 million in revenue in 2001 to over $50 million in
profitable revenue in 2005.
The company has continued its rapid growth, reporting $77.6 million in
revenue with a net income of $5.8 million in 2006 and most recently $93.1
million in revenue with a net income of $7.3 million in 2007.
Contact Information: Contact: NewMarket Technology, Inc. Investor Relations 214-722-3065 ir@newmarkettechnology.com www.newmarkettechnology.com