AXS-One Inc, a leading provider of e-business solutions, today announced its financial results for the first quarter ended 31 March 2003.
Revenues for the quarter ended 31 March 2003 increased approximately 4% to $9.4 million from $9.1 million in the corresponding prior year period. Operating income was $520 000 compared to $627 000 in the first quarter of 2002. Net income for the three months increased 8% to $427 000, or $.02 per diluted share, in comparison to $397 000, or $.02 per diluted share, for the first quarter of 2002, marking the company`s seventh consecutive quarter of profitability.
The company had $2.3 million in cash as of 31 March 2003. Total debt has been reduced by $450 000 to $1.897 million.
Earnings for the quarter can be attributed to the company`s recognition of $1.2 million in licences of its AXS-One Enterprise solution, CRM solution, and upgrades to its AXSPoint Central and Exchange solutions. Fifty-eight percent of the licence revenue recognised was with customers inside the US, while 42% was recognised internationally. Customers who licensed software in the first quarter included major companies in the financial services and local and federal government sectors.
During the quarter, the company`s sales and marketing teams signed on three licensing deals with new customers and 17 deals with its existing customers. Notable contracts were signed to implement a revenue management solution with a global financial services firm, which is designed to speed up cash flow and shorten collection cycles while at the same time improving communications with customers and with a ministry of a foreign government designed to automate financial management globally within the ministry of foreign affairs.
"We are very pleased to announce our seventh consecutive quarter of profitability as we feel it further demonstrates that we have established a successful revenue model," stated John Rade, AXS-One Chief Executive Officer.
"Clearly we are maintaining our place in the market by continuing to offer premium solutions to global 2000 clients, which provide a solid recurring revenue stream, along with a meaningful base of upgrade opportunities to complement their supply chain needs. We have developed an excellent foundation for profitability, from which AXS-One can continue to cross-sell and explore additional revenue opportunities."
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