MINNEAPOLIS, July 21 /PRNewswire/ -- Fourth Shift Corporation (Nasdaq: FSFT - news) today reported earnings per share of $.04 and year over year revenue growth of 35% for the second quarter. Total revenues were $17.3M for the second quarter compared to $12.9M in the same quarter last year. This is the highest quarterly revenue in the company's history. For the six months ended June 30, 1998, the company has improved EPS by $.15 compared to the same period of 1997.
''Effective execution of our Tier 3 market strategy is fueling our growth,'' said CEO M.M. Stuckey. Tier 3 is defined as manufacturers with annual revenues up to $150 million and represents the fastest growing segment of the ERP marketplace. ''We continue to build on our solid foundation of product functionality and Services' expertise particularly in the industries of computers and electronics, machinery, automotive, fabricated and consumer products,'' said Stuckey.
Each geography of Fourth Shift's global operations had a strong quarter: The Americas and Europe had revenue increases over Q2 of 1997 of 44% and 50%, respectively. Asia revenue was 40% higher than Q1 of 1998, although down from 1997 levels. Fourth Shift also reported record revenues in Services in the second quarter, up 38% from the second quarter of last year.
Contributing to Fourth Shift's momentum in the first half of the year were several new product announcements and functionality enhancements. They include:
NET UI which made Fourth Shift, the only ''Internet Ready'' ERP system for Tier 3 manufacturers.
The ability to connect mid-size manufacturing facilities to larger corporate ERP systems like SAP and JD Edwards.
MSS for OBJECTS 6.1, released ahead of schedule in the second quarter, which added functionality, more database capacity, and increased network and Internet performance.
Managing Automation, a trade publication following the manufacturing and technology market wrote in its July 1998 issue that Fourth Shift has got its act together.
Fourth Shift Corporation
Unaudited Financial Highlights
(000s except Earnings per Common Share)
Three Months Ended Six Months Ended
June 30, 1998 June 30, 1997 June 30, 1998 June 30, 1997
Revenue From Continuing
Operations $17,328 $12,876 $31,758 $23,681
Income (Loss) From
Continuing Operations $671 $(61) $575 $(1,511)
Net Gain on Sale of
Discontinued Operations $66 $205 $134 $406
Net Income (Loss) $410 $60 $167 $(1,235)
Basic and Diluted
Earnings Per
Common Share $0.04 $0.01 $0.02 $(0.13)
Average Number of
Shares Outstanding
Basic 9,904 9,749 9,903 9,712
Diluted 9,980 9,749 9,950 9,712
About Fourth Shift
Fourth Shift Corporation is a global application software company that develops software for manufacturing and distribution enterprises worldwide. Fourth Shift is a leading provider of manufacturing software to the Tier 3 manufacturer. The company's software has been licensed by more than 3,300 customer sites in 60 countries.
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