Embarcadero Technologies has turned in solid results for the first quarter ended 31 March 2003, with significantly enhanced net income and earnings per share.
Net income and diluted earnings per share were $896 000 and $0.03 compared to net income and diluted earnings per share of $653 000 and $0.02 for the first quarter ended 31 March 2002.
Both quarters` reporting was submitted under the principles of Generally Accepted Accounting Principles (GAAP).
Total revenues for the first quarter of 2003 were slightly down - $12.2 million as compared to $12.5 million for the same period in 2002.
These results were achieved despite the extremely challenging economic conditions worldwide, says Alan Raubenheimer, CEO of Embarcadero Africa.
"The company has maintained solid operating margins and profitability, generated healthy cash flow, and improved its performance on several key financial metrics, such as strengthening its balance sheet and raising its cash position."
Cash flow from operations in the quarter was $3.7 million or $0.13 per diluted share. This represents an 11% increase over the $3.4 million in cash flow from operations in the fourth quarter of 2002, and a 46% increase over the $2.5 million in cash flow from operations in the first quarter of 2002. Cash, cash equivalents and short-term investments grew by $1.9 million to reach $45.6 million at the end of the first quarter.
"In SA, we are achieving significant success, in line with that Embarcadero is experiencing," adds Raubenheimer. "The combination of low cost of acquisition and ownership and rich functionality across various business/IT domains is proving to be very attractive for our corporate clients.
"We signed a number of top South African corporate clients in this period, and we expect this success to continue into the second quarter."
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