I'm awake, Now what?????
Luminant Reports Third Quarter Results
DALLAS, Nov 14, 2001 /PRNewswire via COMTEX/ -- Luminant Worldwide Corporation (Nasdaq: LUMT chart, msgs), a provider of technology- enabled business solutions, today announced results for the quarter ended September 30, 2001.
Revenue for the third quarter was $14.9 million, compared with $38.0 million reported in the third quarter of 2000. The Company's third quarter revenue represents a decline of 27% from $20.6 million reported in the second quarter of this year. On a cash basis, the Company reported a net loss of $457,000 or a cash loss of $0.01 per share for the quarter, compared to a net loss of $5.3 million or a cash loss of $0.19 per share for the same period in 2000. During the third quarter, employees of the Company voluntarily waived over $2.4 million in year 2000 bonuses and the management team continued their 10% pay cut instituted in June of this year.
"In the third quarter, we experienced weak demand for our services, as did most firms in the professional services industry," noted Jim Corey, president and chief executive officer. "Following the events of September 11, this weakness was amplified and had a negative impact on our third quarter performance and our outlook for the fourth quarter. During this period of market weakness, we retained our key clients and continued to win business with important new clients, however, overall technology spending levels at most companies are lower than in prior quarters. In response, we continued to reduce our headcount which currently stands at 313 people."
Other quarterly highlights include:
-- Gross margins of 45%, versus 40% in the previous quarter
-- Revenue per professional decreased by 16% to $152,000
-- Utilization remained level at 57%
-- Days Sales Outstanding (DSO) increased to 80 days from 71 days last
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