Thursday July 16, 7:55 am Eastern Time
Company Press Release
SOURCE: TREEV, Inc.
TREEV Announces Record Revenues for the Second
Quarter of 1998
CEO Cites 58% Sales Growth as 'Validation of Market Potential' At
Technology Investor Conference
HERNDON, Va., July 16 /PRNewswire/ -- TREEV, Inc. (Nasdaq: TREV - news) today announced
preliminary financial results for the quarter ended June 30, 1998. The Company expects that sales for
the second quarter of 1998 will be the highest in its history -- $7.9 million versus $5.0 million for the
same quarter of 1997. This represents an increase of 58 percent.
The Company expects that its operating loss will be $995,000 and its net loss per share will be $0.10
for the second quarter of 1998, compared to an operating loss of $3.4 million and a net loss per share
of $0.17 for the same quarter last year. The 1998 second quarter EPS figure includes the one-time
$1.5 million charge that was taken in association with the restructuring announced in May, which
represents $0.05, or one half of the second quarter's per share loss. TREEV had announced that the
restructuring would generate approximately $4.8 million in annual cost savings.
Jim Leto, chairman and CEO, attributed the revenue growth to the Company's continued success in
closing small- and mid-sized contracts, along with its booking of a three-year, multi-million-dollar
contract with a large telecommunications provider in the second quarter.
Leto is making a presentation this morning at the Technology Investor Conference in Washington, D.C.
''The second quarter has traditionally been our weakest period, so we're extremely pleased with these
results,'' notes Leto. ''The 58-percent revenue growth demonstrates the success of our product and
sales strategy, as well as the potential of the market.''
The Company plans to issue its complete financial results on Wednesday, July 22, with a conference
call scheduled for Thursday, July 23, at 11 a.m. (EDT). The conference call phone number is
703-925-2511. |
