SEDONA Corporation Announces First Quarter 2000 Performance; Company Exceeds its Revenue Plan
LIMERICK, Pa--(BUSINESS WIRE)--April 26, 2000--SEDONA Corporation (Nasdaq: SDNA) (www.sedonacorp.com) announced today its results of operations for the first quarter ended March 31, 2000.
The Company reported revenues from continuing operations of $718,000 in the three months ended March 31, 2000, versus nominal revenues for the same period a year ago. The loss from continuing operations for the three months ended March 31, 2000 was $1,529,000, or $.06 per share, as compared to a loss of $765,000, or $.04 per share, for the same period a year ago. Including the discontinued operations, the loss was $1,530,000, or $.06 per share, for the three months ended March 31, 2000 versus $1,632,000, or $.08 per share, for the same period a year ago.
Marco Emrich, President and Chief Executive Officer of SEDONA, said that, "The results of the first quarter mark a significant turning point for SEDONA as significant sales were registered as a result of the strong market opportunity created by the operating agreement with Acxiom(R) Corporation's Customer Information Management Systems (CIMS) business unit which became effective on February 1st. Further, we were happy to announce in early April the closing of the acquisition in which the CIMS business became a permanent part of SEDONA. The CIMS unit added over 80 new client accounts and jumpstarts SEDONA's entry into the Customer Relationship Management (CRM) market for small to mid-sized financial services and e-tailing organizations with a comprehensive CRM solution.
Mr. Emrich added, "During the first quarter we have had several other significant accomplishments. We were awarded an important CRM software contract from Sherwood Credit Union of Regina, Saskatchewan; dramatically expanded our sales and field service forces; and added to the SEDONA leadership with the hiring of Alyssa Dver as our Vice President of Marketing. Since we have developed a very robust backlog, we enter the second quarter with confidence and an accelerating pace of business development."
Bill Williams, Vice President and Chief Financial Officer, added, "We are also pleased that SEDONA ended the quarter with $7.9 million in cash on hand, thanks to the confidence of shareholders who exercised warrants and options as well as the completion of a $3 million first leg of our agreement with the investment bank of Ladenburg Thalmann. With these resources in hand, we can move to implement our aggressive plans." |
