Enghouse Reports Record Annual Income
MARKHAM, ONTARIO--Enghouse Systems Limited (TSE - ESL) today announced its audited financial results for the fiscal year ended October 31, 2001. For the current fiscal year, net income increased 22 % from the prior year to $8.1 million.
Net income for the fourth quarter was $1.9 million ($0.18 per share) compared to $1.8 million ($0.17) for the prior year's fourth quarter. For the full year basic earnings per share were $0.76 vs. $0.67 in the previous year.
Revenue from the year was $18.6 million, down from the prior year's revenue of $27.6 million, reflecting an increased proportion of recurring revenue from maintenance and consulting vs. software licenses, as part of the Company's strategy to secure long-term maintenance support contracts with its key accounts in order to provide greater stability during these uncertain times.
Enghouse concluded the year with cash and short-term investments of $65.2 million and no debt. In the current year, the Company generated $7.0 million in cash from operations ($0.65 per share) which has been re-deployed in short-term investments which maximize yield while maintaining liquidity for potential acquisitions.
The Company continues to focus on scaling its operations to operate profitably in any economic environment. Enghouse remains committed to enhancing its product suite through new releases of its core products and applications, investing over $4.5 million in product development. The Company also focused its development efforts aimed at the expanding fibre market within the telecommunications and utilities sectors with the upcoming initial release of FibreWORKS TM in the new year.
Stephen J. Sadler, Chairman and Chief Executive Officer, said ``We continue to investigate many potential companies for acquisition in new sectors as well as in our current sector. Our strong cash position and profitable operations provide the necessary capital to implement this strategy.''
Enghouse is a publicly traded software company with its shares listed on the Toronto Stock Exchange under the symbol ``ESL''. Further information about Enghouse may be obtained from the company website at www.enghouse.com.
Enghouse Systems Limited
Financial Highlights
In millions of CDN dollars, except per share amounts
------------------------------------------------------------------------
4th Quarter YTD
2001 2000 2001 2000
------------------------------------------------------------------------
Revenue $3.0 $5.3 $18.6 $27.6
Net Income before write-down
of acquired software $1.9 $1.8 $8.1 $8.0
Write-down of acquired software $0.0 $0.0 $0.0 $1.4
Net Income $1.9 $1.8 $8.1 $6.6
Basic Earnings per Share $0.18 $0.17 $0.76 $0.67
Fully Diluted Earnings Per Share $0.16 $0.15 $0.68 $0.62
------------------------------------------------------------------------
--------------------------------------------------------------------------------
Contact:
Enghouse Systems Limited
Neil Shafran
Executive Vice President, Corporate Development
Phone: (905) 946-3200
nshafran@enghouse.com |
