TENF TenFold Files First Quarter 2003 Financial Results
Tuesday May 13, 4:23 pm ET
SALT LAKE CITY, May 13 /PRNewswire-FirstCall/ -- TenFold® Corporation (OTC Bulletin Board: TENF - News), provider of the Universal Application(TM) platform for building and implementing enterprise applications, today filed its Form 10-Q 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 that marks our fifth quarter of steady improvement in key financial metrics and our second consecutive quarter of profitable performance," said Dr. Nancy Harvey, TenFold's President, Chief Executive Officer, and Chief Financial Officer. "We are now keenly focused on achieving the potential of our breakthrough technology and building a growth technology company on this sound business and technology foundation."
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. |
