CIMdata PLM Industry Summary Online Archive
27 May 2004
Financial News
think3 Registers Strong First Quarter with 46% Revenue Growth
think3, Inc. ( http://www.think3.com/ ) announced today a 46 percent increase in revenues in the first quarter of its fiscal 2004 compared to the same period last year, reporting $9.7 million in total revenue for the quarter. The company's first-quarter results were fueled by attracting new customers, expanding its current customer base and enhancing its service and product offerings - leading to think3's eighth consecutive quarter of growth.
"We delivered another strong quarter, driven in large part by our conviction that product design and development is the pivotal business process for our customers to compete and win in the global marketplace," said Joseph B. Costello, chairman and CEO of think3. "think3's increases in both subscriptions and new customers prove that small and mid size companies find incredible value in a subscription-based delivery model developed for their unique needs." The company signed more than 80 new customers in the first quarter and added almost 1,900 new subscriptions. Subscriptions jumped more than 31 percent in the first quarter compared to the year-ago quarter.
Another growth driver in the first quarter involved the introduction of think3's professional services. Using a collaborative approach, think3 works with customers to connect the product development process to the rest of the business. "We're working side by side with customers to significantly improve their enterprise-wide product development process and the initial response has been tremendous," said Costello. Product development roadmaps created for customers include a mix of think3 products as well as new services, including outsourced contract engineering.
New customers and those expanding services included: US-based Rock Hard Designs, a manufacturer of gemstones and metalsmithing; United Kingdom-based Frazer Nash; Pernoud, French manufacturers of injection molds for the production of technical parts in thermoplastics and thermosettings; Gruppo Parpas, Italian designers and producers of milling machines and grinding machines. Other customers include: GE Medical Systems, Michael Graves Design Group; Audi; and Phoenix International, one of the leading manufacturers of aluminum dies.
"The company's outstanding performance during the quarter created effective momentum for the launch of think3's new 9.0 product suite in April," said Costello. "These next generation offerings will continue to meet the expanding needs of industrial designers and mid-sized manufacturers through more powerful tools and much greater user productivity."
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