Front Porch Digital Achieves Record Software Sales for 2003 Monthly Sales Average $514,000 in Fourth Quarter
Tuesday January 6, 5:00 am ET
MT. LAUREL, N.J., Jan. 6 /PRNewswire-FirstCall/ -- Front Porch Digital, Inc. (OTC Bulletin Board: FPDI - News) today announced that its DIVArchive and Bitscream software sales for 2003 to the broadcast, media and entertainment markets achieved record levels, closing out the twelve months at $4.4 million in contract value. DIVArchive and Bitscream software sales for the fourth quarter also achieved record levels with signed contracts for future delivery totaling over $1.5 million, or $514,000 on average closed per month.
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The fourth quarter monthly average sales of $514,000 represented a 62 percent increase compared to the monthly average for the previous nine-months of $318,000. Excluding sales of support and maintenance contracts, average contract values approximated $167,000 per transaction for contracts signed in the fourth quarter. As of October 31, 2003, the Company reported that it had a backlog of contract value to be recognized as future revenue in excess of $2 million. During the months of November and December alone, new broadcast sales totaled just under $1.3 million.
"Higher fourth quarter sales and increasing backlog are evidence of the growing competitive strength of our company, products, partnerships and sales strategies," said Front Porch CEO Mike Knaisch. "Our European and Asian channels have been particularly strong, and significant U.S. market opportunities are beginning to emerge. We are winning hotly contested contracts with leading media companies around the world, and global storage hardware and systems integration companies are establishing partnering arrangements to sell our products. As a result of these trends, and the completion of our restructuring efforts, we believe Front Porch is well positioned to carry this momentum into 2004. We look forward to the opportunities of the New Year." |
