Timeline Clarifies Allocation of Recent Increase in Revenue
Friday February 13, 4:05 pm ET
BELLEVUE, Wash.--(BUSINESS WIRE)--Feb. 13, 2004--Timeline Inc. (OTCBB:TMLN - News), a data management and reporting technology firm, today provided clarification on how recent increases in revenue will be allocated. Increased revenue will primarily be allocated to working capital and the company's contingent bonus program, implemented two years ago in connection with salary rollbacks and reduced schedules.
"After satisfying the contingent fee for our attorneys, funds will provide much needed working capital," said Charles R. Osenbaugh, President and CEO. "In addition, during the last few years many of our employees have worked on reduced schedules or have accepted lower fixed compensation with contingent bonuses based on our profitability. A substantial amount will be paid under the bonus program this quarter, to honor the commitments management made to those who have faithfully continued to work with the company despite personal sacrifice. Nevertheless, Timeline expects to report a profitable fourth quarter and offset the losses reported in the first nine months of our fiscal year, which ends March 31st. We are optimistic about fiscal 2004; however, it is too early in the quarter to predict results at this time."
In Q3 2004, Timeline posted a loss of $201,000, or $0.05 per share, compared to a loss of $272,000, or $0.07 per share, in Q3 2003. Year-to-date the company's loss was $471,000, or $0.11 per share, compared to $97,000, or $0.02 per share, in the first nine months of fiscal 2003.
About Timeline
Timeline develops, markets and supports proven, Microsoft Windows-based financial management reporting software suitable for complex applications such as those found in medium to large, multinational corporations. Timeline Analyst was developed for Windows and Office and takes full advantage of Microsoft's latest operating systems. Timeline can be reached at 800-342-3365 or on the web at www.timeline.com. WorkWise Software, Inc., a subsidiary of Timeline, is the leading provider of event-based notifications, application integration and process automation systems to the mid-market. The WorkWise solutions are exclusively available through authorized OEM and Reseller Business Partners. For more information on WorkWise Software, Inc., visit its website at www.workwise.com. Analyst Financials Ltd., a London-based subsidiary of Timeline, markets, licenses and provides consulting for Timeline Analyst products in Europe and Africa.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release looking forward in time involve risks and uncertainties, including the level of sales from OEM partners, foreign tax liabilities, the company's ability to realize value from patented technology, and other risk factors detailed in the Company's Securities and Exchange Commission filings. Use of words such as "expects" in this news release is intended to identify these forward-looking statements, although it is not the exclusive means of doing so.
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Contact:
Timeline, Inc., Bellevue
Charlie Osenbaugh, President and CEO
Paula McGee, Investor Relations
425-822-3140 |
