Peritus Announces 32% Revenue Growth In Second Quarter Improved Results Due To Significant Rise In Services
BILLERICA, Mass., July 23 /PRNewswire/ -- Peritus Software Services,
Inc. (Nasdaq: PTUS - news), a leading provider of solutions for software maintenance, today announced improved results for the second quarter ended June 30, 1998, with revenues rising 32 percent over the comparable period in 1997. The Company attributed the revenue growth to increased demand for its service offerings.
For the three months ended June 30, 1998, revenue increased 32 percent
to $11.8 million from revenue of $9.0 million in the comparable period
of 1997, and net income, excluding a restructuring charge of
approximately $1.4 million, grew to $460,000 as compared to $438,000 in the comparable period in 1997. Including the restructuring charge, the Company had a net loss for the 1998 period of $979,000 or ($0.06) per share, as compared to net income of $438,000 or $(0.01) per share in the same period in 1997.
For the six months ended June 30, 1998, revenue increased 31 percent to $22 million from $16.8 million in the comparable period in 1997. The Company had a net loss for the six months ended June 30, 1998 of $3.5 million or $(0.22) per share, including the restructuring charge of approximately $1.4 million, as compared to net income of $844,000 or $0.01 per share in the same period in 1997. The one-time restructuring charge was the result of a reduction in work force and a refocusing of investments for the future, which intentions were announced at the end of the first quarter.
Commenting on the Company's results Douglas A. Catalano, CEO and
President, stated ''We are pleased that the steps we have taken to
refocus our business on services have begun to take effect. Our
technology backed renovation services business is up significantly and
we expect to further strengthen our focus on services.''
During the quarter the Company continued to add new accounts and made
several client announcements including First Union Bank, BankBoston,
Fulton County in Georgia, Hitachi Data Systems, Intermetrics and Raffles Software. Also during the quarter the Company launched a new Renovation Quality Evaluation(SM) (RQE) service to assist clients in evaluating the accuracy of their Year 2000 Renovations. And, for the second year in a row, the Company was named one of the 1998 New England Technology Fast 50 by Deloitte & Touche and Hale and Dorr LLP. |
