Embarcadero Technologies has reported 9% growth in revenue for its third quarter ended 30 September. Total revenues for the third quarter increased sequentially to $13.2 million, as against 2002 third-quarter results of $12.1 million. Net income and GAAP diluted earnings per share were $1.5 million and $0.05, respectively. This compares to GAAP net income and diluted earnings per share of $681 000 and $0.02, respectively, in the year-ago quarter.
"Our results for the third quarter were ahead of target and we achieved sequentially higher revenues and profitability," says Stephen Wong, chairman and CEO of Embarcadero Technologies. "We saw our average licence transaction size grow significantly and we continued to generate strong cash flow from operations. We were encouraged by customer activity in the summer and the reception to some of our new products."
Cash flow from operations was $2.7 million in the third quarter and $9.3 million for the nine months ended 30 September 2003. Cash, cash equivalents and short-term investments grew by $2.7 million in the quarter to reach $50.9 million.
Embarcadero continues to grow market share in SA, says local CEO Alan Raubenheimer. "We have found the local market to be particularly receptive to our data integration, software application modelling and database monitoring tools. Their combination of advanced functionality and lower costs has struck a chord with corporate clients in SA, leading to a rapid take-up, which I expect to continue."
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