Cysive Reports Second Quarter Results
RESTON, Va., July 26 /PRNewswire/ -- Cysive, Inc. (Nasdaq: CYSV - news), a Web, wireless and voice-activated software solutions builder, today announced results for the second quarter ended June 30, 2001.
For the three months ended June 30, 2001, revenue totaled $5.1 million, compared to revenue of $15.2 million in the same period a year ago and $5.5 million for the three months ended March 31, 2001. Pro forma net loss for the three months ended June 30, 2001 was ($2.3) million, or ($.08) per share. This is compared to pro forma net income of $2.8 million or $0.07 per diluted share for the same period a year ago, and pro forma net loss of ($6.4) million, or ($0.22) per share, for the three months ended March 31, 2001.(1,2)
``While demand for technology and services remains weak, Cysive continues to make solid progress in transitioning the business to a product solutions model,'' said Nelson A. Carbonell, Jr., president and chief executive officer of Cysive. ``This progress is assisted by Cysive's core assets, including the expertise we've gained building large scale, complex software systems for Global 2000 customers. Cysive is financially strong -- with approximately $160 million in cash, cash equivalents and long-term liquid investments -- we have a highly experienced engineering team, and we are leveraging our assets to position Cysive ahead of the next technology wave.''
For the six months ended June 30, 2001, Cysive's revenue of $10.7 million decreased from $27.5 million for the six months ended June 30, 2000. Pro forma net loss for the six months ended June 30, 2001 was ($8.7) million, or ($0.30) per diluted share. This is compared to pro forma net income for the six months ended June 30, 2000 of $4.1 million, or $0.10 per diluted share.(1,2)
Cysive will hold a conference call to discuss this announcement at 9 a.m. EDT today. To participate in the conference call, please dial 781-482-0081, password ``Cysive'', approximately five minutes prior to the call. A replay of the call will be available through August 2, at 11:59 p.m. EDT. To access the replay, please dial 703-326-3020, access code 5398672. The call will also be available via webcast at www.cysive.com. |
