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Thursday November 11, 4:01 pm Eastern Time
Company Press Release
Jacada Reports Record Revenue for Third Quarter
ATLANTA--(BUSINESS WIRE)--Nov. 11, 1999--Jacada Ltd. (Nasdaq/NM:JCDA - news), a leading provider of Internet infrastructure solutions that enable companies to utilize their existing host-centric applications over the web, today reported record quarterly revenue for the third quarter ended September 30, 1999.
Revenues for the period were $3.9 million, a 50% increase over those of the prior year. Net income for the quarter was $15,035 or $0.00 per share, as compared to a net loss of $581,644, or $0.05 per share, for the third quarter of 1998. For the first nine months of 1999, revenues totaled $10.2 million, up 54% from $6.6 million in the first nine months of 1998. The net loss for the first nine months of 1999 was $388,058, or $0.03 per share, versus a net loss of $2.7 million, or $0.24 per share, in the same period a year earlier.
Jacada indicated that the eBusiness portion of its revenues for the quarter was up 83% compared with the prior year and represented 84% of revenues for the quarter. For the first nine months of 1999, the eBusiness portion of its revenues increased 108% compared with the prior year.
''We are very pleased with our third quarter results that reflect solid growth in our corporate customer and software vendor base,'' said Gideon Hollander, founder and chief executive officer. ''We believe that effective execution, both in increasing revenues and controlling costs, and our comprehensive web-enablement solution have positioned us well to become the standard for extending mainframe and AS/400 applications to the web. We believe our strong growth in eBusiness sales reflects increasing market recognition of our industry-leading software solution. This growth is enabling us to continue aggressively investing in additional resources for product development, sales and marketing while still managing the bottom-line of our business.''
During the quarter, Jacada announced availability of Release 6.0 of Jacada for Java, introducing cross-platform load-balancing and fail-over support for the Jacada server and additional support for Solaris and OS/390 servers. Jacada also won significant new Jacada for Java contracts in the third quarter including Manpower, Porsche, Kubota and Larson Juhl.
The third quarter also included the first significant activity for Jacada's new e-commerce offering Jacada Connects, released in April of this year. Jacada, in conjunction with the new offering, announced a strategic alliance with Forte (Sun Microsystems), as well as new e-commerce partners with NetVendor Systems and BinaryTree. The first significant end user contract for Jacada Connects was executed with Lillian Vernon, which will use Jacada Connects to integrate its e-commerce storefront with its back office applications.
''Although we had not planned to report a profit for the quarter, we benefited from the strong revenue growth, which reflects our current balanced business model,'' said Ran Oz, chief financial officer. ''We are pleased with the results, but remain committed to investing very heavily to grow the business to capitalize on Jacada's outstanding market opportunity.''
Jacada recently completed an initial public offering of 5.2 million shares of common stock by the Company. Net proceeds to Jacada from the offering totaled approximately $53 million |
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