1981 was a good year for Keane and one of change. We entered the year in the process of restructuring our Information Services Division, having closed several branch offices located in markets affected by the automobile industry. We ended the year with the second best performance in our history. Revenues for the year were $16,397,533, down 5% from 1980's $17,322,107. Net income was $533,461, or 63 per share, up 115% from 1980's $246,099, or 29 per share. Despite recessionary conditions during most of 1981, demand for computer services remained high. Keane concentrated on strengthening its management structure and increasing its market share.The strong demand for the improved productivity obtained from computer systems is generating a continuing shortage of qualified technical people. Such people are Keane's primary assets, and it is important that we attract, develop and retain the best in the industry. To do this Keane created a Human Resources Department during 1981 to focus the highest levels of professional excellence on the functions of recruiting, personnel selection, training, development and retention.We strengthened the management structure of our Information Services Division during the year by reducing the number of levels of management and adding experienced people to our sales organization. We also introduced sales training and field certification programs to assure a high level of professional excellence. The division opened a new office in downtown Philadelphia to serve that growing market.Keane's Professional Services Group, launched early in the year, continued to meet the growing need for consultants with broad experience. This group has been key to developing a broad range of client relationships and has furthered Keane's professional reputation.KeaMed, our hospital services division, installed more on-line patient care systems and added new financial systems. One of these is our DRG System (Diagnostic Related Group) installed in a New Jersey hospital to compute rates for third-party reimburse-ment according to type of illness. KeaMed also implemented changes to ease the delivery of its hospital systems. By putting the knowledge and experience of our senior people in more reproducible form, the division can offer its services to more hospitals with less effort and cost.Keane enters the new year with confidence. We are continuing to build excellent management teams sup-ported by programs which will nurture our growth in the future. I want to thank the dedicated employees of Keane for a job well done and extend our appreciation to the many client companies that make our success possible.
Annual Report