TENF .45 last - TenFold Announces First Quarter 2003 Financial Results
Wednesday May 7, 12:01 am ET
SALT LAKE CITY, May 7 /PRNewswire-FirstCall/ -- TenFold® Corporation (OTC Bulletin Board: TENF - News), provider of the Universal Application(TM) platform for building and implementing enterprise applications, today announced its financial results for its first quarter of 2003 ended March 31, 2003.
For the first quarter, TenFold reported revenues of $9.4 million, an operating profit of $4.7 million, and net income of $7.0 million. These financial results reflect sequential-quarter increases from TenFold's fourth quarter of 2002 financial results, of 13% over revenues of $8.3 million, of 124% over an operating profit of $2.1 million, and of 63% over net income of $4.3 million. Net income for the first quarter of 2003 includes a non- recurring, non-operating gain of $2.2 million, resulting from the retirement of substantial leasing debt at a significant discount. At March 31, 2003, TenFold's cash position was $4.3 million as compared to $3.8 million at the beginning of the first quarter, reflecting a modest cash increase during the quarter.
"We are pleased to have begun 2003 with a solid, profitable quarter," said Dr. Nancy Harvey, TenFold's President, CEO, and Chief Financial Officer. "Sequential quarter-to-quarter increases are affirmation of our far-reaching turnaround program and provide a sound foundation for our future growth. These results also demonstrate the value of focused execution by our staff and managers who are deeply committed to our technology, our customers, and our Company."
As compared to the first quarter of the prior year, TenFold reported first quarter revenues of $9.4 million, a 68% increase over revenues of $5.6 million for the same period of 2002. A first quarter operating profit of $4.7 million compares with an operating loss of $(3.5) million for the same period of 2002. Net income for the first quarter of 2003 of $7.0 million or $0.18 per diluted share, compares with a net loss of $(3.0) million, or $(0.08) per diluted share during the same period of 2002.
Q1 of 2003 was notable for a number of additional reasons:
-- TenFold completed and announced a licensing agreement with NtelliApp
Ltd., a developer of applications for small and mid-size manufacturing
companies. (See press release of February 11, 2003.)
-- TenFold announced and delivered support for both Sun and Microsoft
Java Virtual Machines. (See press release of January 30, 2003.)
-- TenFold released new technology features called HyperGrids and
TransposeGrids. (See press releases of February 13, 2003 and
March 18, 2003.)
-- TenFold published applications development speed comparisons that
explain the Universal Application development speed advantage over
other applications development technologies. (See press release of
February 20, 2003.)
-- TenFold appointed Tanner + Co. as its new auditors and completed its
2002 year-end audit and subsequent Form 10-K filing. (See press
releases of February 25, 2003 and March 31, 2003.)
-- TenFold CardioTrac, a TenFold application used by over 20 hospitals,
received high marks on a Vendor Data Quality Report from STS for data
submitted by hospitals that use TenFold CardioTrac to report outcomes
data to STS. (See press release of February 27, 2003.)
-- TenFold retired substantial equipment leasing debt at significant
savings to TenFold. (See press release of March 6, 2003.)
-- TenFold received cash from a common stock equity investment from
Robert Felton, a TenFold Director. (See press release of
March 11, 2003.)
-- TenFold completed the mutual termination of its financing agreement
with Fusion Capital and obtained back all TenFold shares previously
provided to Fusion Capital. (See press release of March 19, 2003.)
-- TenFold completed and some customers are already using a new Universal
Application release with many new features and other improvements.
(See press release of March 20, 2003.)
During the next week, TenFold anticipates filing its Form 10-Q for the quarter ended March 31, 2003 and hosting a conference call to discuss its financial results for the quarter.
About TenFold
TenFold (OTC Bulletin Board: TENF - News) licenses its breakthrough, patented technology for applications development, the Universal Application(TM), to organizations that face the daunting task of replacing obsolete applications or building complex applications systems. Unlike traditional approaches, where business and technology requirements create difficult IT bottlenecks, Universal Application technology lets a small, business team design, build, deploy, maintain, and upgrade new or replacement applications with extraordinary speed and limited demand on scarce IT resources. For more information, call (800) TENFOLD or visit www.10fold.com . |
