<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k8k51305.txt
<DESCRIPTION>1ST QUARTER 2005 PRESS RELEASE
<TEXT>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
--------------------------
May 13, 2005
(Date of Earliest Event Reported)
United Systems Technology, Inc.
(Exact name of registrant as specified in its charter)
Iowa 0-9574 42-110279
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) file number) Identification Number)
1850 Crown Road, Suite 1109
Dallas, Texas 75234
(Address of principal executive offices)
(972) 402-8600
(Registrant's telephone number, including area code)
<PAGE>
Item 2.02. Report of Operations and Financial Condition
On May 13, 2005, United Systems Technology, Inc. issued a press release to
announce its financial results for the quarter ended March 31, 2005. The press
release is attached as Exhibit 99.1 to this Form 8-K, which is incorporated
herein by reference.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release dated May 13, 2005
This Report and the Exhibit are furnished to and not filed with the Commission.
2
<PAGE>
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
United Systems Technology, Inc.
Date: May 13, 2005 By: /s/ Randall L. McGee
--------------------
Randall L. McGee, Secretary
and Treasurer (Principal Financial
and Accounting Officer)
3
<PAGE>
Exhibit 99.1
PRESS RELEASE
For Immediate Release May 13, 2005
Contact Mr. Randy McGee
Vice President - Finance
(972) 402-8600
UNITED SYSTEMS TECHNOLOGY, INC. ANNOUNCES FIRST QUARTER 2005 RESULTS
Dallas, TX: United Systems Technology, Inc. (OTC - USTI) announced today
that revenues for the quarter ended March 31, 2005 were $975,805, as compared to
revenues of $962,927 for the same period in 2004. The Company had net income of
$76,882 for the quarter ended March 31, 2005 as compared to net income of
$116,284 during the comparable quarter in 2004.
The Company has completed the development of several new software products,
which enhances the competitiveness of its comprehensive software offering. These
products are marketed under the asyst(R) brand name, were developed as Windows
applications to "look and work like Microsoft Office", and include a Fund
Accounting product line, a Utility Billing product line, a General Government
product line and a Public Safety product line. The Fund Accounting product line
includes General Ledger, Budget XLence, Report XLence, Accounts Payable,
Accounts Receivable, Purchase Orders, Cash Receipts, Payroll and Fixed Assets
modules. The Utility Billing product line includes Utility Billing, Service
Orders, Meter Reader Interface, Bank Drafts and Budget Billing modules. The
General Government product line includes Master and Land Directories, Business
and Animal Licenses, Code Enforcement, Building Permits and Property Tax
modules. The Public Safety product line includes Master Name Index, Calls for
Service, Offense Reports, Citations, State Interface, Computer Aided Dispatch,
Jail Management, Alarm Billing and UCR Reports modules. The Company has recently
developed additional modules for its asyst(R) product line to add to its
existing asyst(R) offerings including a municipal court package and additions to
its asyst(R) Dealer Management product line. The asyst(R) Dealer Management
product line includes the core asyst(R) accounting modules and will have the
additional functionality of point of sale, inventory, repair orders, finance and
insurance and fiche interface. The Company believes its asyst(R) product line
will continue to offer its current and prospective customers an attractive
software solution, both from a financial and functionality standpoint and
follows the trend of clients moving to Windows based PC networks.
<PAGE>
This Press Release contains forward-looking statements, other than
historical facts, which reflect the view of Company's management with respect to
future events. Such forward-looking statements are based on assumptions made by
and information currently available to the Company's management. Although
management believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such expectations will
prove to have been correct. Important factors that could cause actual results to
differ materially from such expectations include, without limitation, the
ability of the Company i) to generate levels of revenue and adequate cash flows
from its operations to support and maintain its current cost structure and ii)
to develop and deliver products that are competitive, accepted by its markets
and are not rendered obsolete by changing technology. The forward-looking
statements contained herein reflect the current views of the Company's
management with respect to future events and are subject to these factors and
other risks, uncertainties and assumptions relating to the operations, results
of operations and financial position of the Company. The Company assumes no
obligation to update the forward-looking statements or to update the reasons
actual results could differ from those contemplated by such forward-looking
statements.
About the Company:
USTI develops, markets and supports application software for select
vertical markets in both the for profit and not for profit sectors. The software
applications operate in IBM midrange, network and single user PC platforms. USTI
and its subsidiaries have over 2,100 installations in the United States and
Canada.
<PAGE>
United Systems Technology, Inc.
Summarized Financial Information
(In Thousands Except Per Share Data)
Three Months Ended
March 31,
2005 2004
---- ----
Revenue $ 976 $ 963
Total Costs and Expense $ 904 $ 853
Operating Income $ 72 $ 110
Net Income $ 77 $ 116
Earning Per Common Share $ NIL $ NIL
Weighted Average Shares Outstanding 56,179 56,179
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