CIMdata PLM Industry Summary Online Archive
12 August 2004
Financial News
Spescom Software Announces Profitable Third Quarter
Spescom Software Inc. reported results of operations for its fiscal third quarter and nine months ended June 30, 2004.
Total revenue for the third quarter of 2004 was $2.9 million, an increase of 52% versus revenue of $1.9 million in the year earlier quarter. Net income for the third quarter of 2004 was $443,000, or $0.01 per diluted share, compared with a net loss of $390,000, or ($0.01) per share, for the three months ended June 30, 2003. After the effect of cumulative dividends of $66,000 to preferred shareholders in the third quarter of 2004, the net income available to common shareholders was $377,000 or $0.01 per share.
For the nine months ended June 30, 2004, total revenue was $6.6 million, an increase of 10% versus $6.0 million in the prior year's comparable period. The net loss for the 2004 nine-month period was $119,000, or ($0.01) per share, compared with a net loss of $830,000, or ($0.01) per share, for the 2003 nine-month period. After the effect of cumulative dividends of $198,000 to preferred shareholders for the first nine months of 2004, the net loss to common shareholders was $317,000 or ($0.01) per share.
"The substantial growth in revenue was driven by strong growth in sales of software licenses during the quarter." said Carl Mostert, Spescom Software's CEO. "Our recently announced significant customer wins are the result of a highly focused strategy of targeting select vertical markets. Our increase in marketing activities and attendance at a number of industry events is beginning to generate tangible results. During the quarter, we announced million-dollar deals with the City of Las Vegas and Network Rail. The City of Las Vegas project is currently being implemented and provides significant momentum for our fourth quarter."
"The increasing level of acceptance of the eB solutions by our customer base has positioned the Company well for continued growth. With this customer driven momentum, we believe the Company has turned the corner and has embarked on a new phase of its performance and growth."
eB comprises an extensive set of software components that together form the foundation for a flexible information management platform. eB's components include: document management; requirements management; records management; item management; change management; configuration management and workflow components.
Key customers include Constellation Energy, Continental Express, AmerenUE, Cities of Las Vegas and Dayton, Lloyds Register of Shipping, United Space Alliance, Entergy, Northeast Utilities, London Underground, Network Rail, and many others.
Except for historical information contained herein, the matters set forth in this release include forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, the effect of the company's accounting policies, potential seasonality and other risk factors detailed in the company's SEC filings.
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