Tava Technologies Expects Fiscal '99 Profit: Bloomberg Forum
New York, Oct. 1 (Bloomberg) -- Tava Technologies Inc., a developer of software for automation as well as Year 2000 diagnostics, expects to boost earnings and revenue as business grows and partnerships kick in, said Chairman John P. Jenkins. ''We expect to continue a significant up-trend,'' he told the Bloomberg Forum.
That means the Englewood, Colorado-based Tava expects to report a profitable fiscal 1999, building upon its performance in the year ended June 30, Jenkins said. Tava reported its net loss narrowed to $310,000, or 2 cents a share, from $2.75 million, or 31 cents, a year earlier. Revenue rose 31 percent to $48.4 million.
The second half was profitable, though, and Jenkins said performance in the fourth quarter provides a better barometer. Tava's fourth-quarter net income was $605,000, or 3 cents, compared to a loss of $3.24 million, or 28 cents. ''New orders are very strong, and the opportunities in front of us are tremendous,'' the chairman said.
The company, an amalgamation of five software companies including several in business more than 24 years, is better- focused now, said Jenkins, 48, who has a degree in mechanical engineering, joined the company as president in 1995 and was elected chairman last year.
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